Tag: zydus lifesciences

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IRCTC Posts 30% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

IRCTC Q2 Results: Net profit rises 30% YoY to ₹295 crore

Indian Railway Catering and Tourism Corporation (IRCTC) reported a 30% YoY rise in net profit to ₹295 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 23% YoY to ₹995 crore during the same period. EBITDA stood at ₹366 crore, up 20% YoY in Q2. The company’s board approved a dividend of ₹2.5 per share.

Read more here.

L&T arm secures significant orders in Odisha, MP

Larsen and Toubro’s (L&T) subsidiary, L&T Construction, has secured orders in the range of ₹1000-2500 crore from the Governments of Odisha and Madhya Pradesh. The order from the Water Resources Department, Government of Odisha, is to execute mega lift irrigation projects. L&T will also execute Pressurized Piped Lift Irrigation Projects to irrigate about 34,942 hectares of culturable command area in Dewas, Madhya Pradesh.

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Devyani International Q2 Results: Net profit falls 43% YoY to ₹33 crore

Devyani International Ltd reported a 43% YoY fall in consolidated net profit to ₹33.35 crore for the quarter ended September (Q2 FY24). Its revenue from operations rose 9.64% YoY to ₹819.47 crore during the same period. EBITDA stood at ₹158.8 crore in Q2. Devyani International operates KFC outlets in India.

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Voltas denies report on considering sale of home appliance biz

Voltas denied reports claiming that the Tata Group is considering selling its home appliance business. Earlier today, Bloomberg reported that Tata Group is considering selling the home appliance operation of Voltas Ltd. Voltas is separately taking up the matter with Bloomberg to issue a necessary clarification.

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Zydus Lifesciences Q2 Results: Net profit rises 53% YoY to ₹801 crore

Zydus Lifesciences Ltd reported a 53% YoY increase in net profit to ₹801 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 9.1% YoY to ₹4,369 crore during the same period. EBITDA stood at ₹1,146 crore, up 40.6% YoY.  The pharma company’s India sales rose 4.8% YoY to ₹1,769 crore in Q2 FY24.

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JSW, Vedanta’s ₹10,000 cr investment in cement plants in Punjab stuck in red tape

JSW Group and Vedanta’s joint investment in Talwandi Sabo Power Plant (TSPL) to set up cement plants in Punjab are awaiting approval from the state government. TSPL plans to set up cement manufacturing plants in Punjab with an overall investment of around ₹10,000 crore. TSPL has plans to set up multiple cement plants next to its existing power plant in the Mansa district of Punjab. One of these plants will be set up by the JSW group.

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Power Grid Q2 Results: Net profit rises 5% YoY to ₹3,834 crore

Power Grid Ltd reported a 5% YoY rise in net profit of ₹3,834 crore for the quarter ended September (Q2 FY24). Its revenue from operations fell marginally by 0.5% YoY to ₹10,419.41 crore during the same period. EBITDA stood at ₹9,207.32 crore, up 4% YoY. Its board recommended a dividend of ₹4 per equity share.

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Glenmark gets USFDA approval for generic drug used to treat mental disorder

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its generic Fluphenazine Hydrochloride tablets. The drug is used to treat certain types of mental disorders. According to IQVIA data, the drug’s equivalent had annual sales of approximately $18.1 million in the 12 months ended September 2023.

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Trent Q2 Results: Net profit jumps 3x YoY to ₹228 crore

Trent Ltd reported an 189% YoY jump in consolidated net profit of ₹228.06 crore for the quarter ended September (Q2 FY24). Its total income rose 51.4% YoY to ₹3,062.47 crore during the same period. Total expenses stood at ₹2,773.52 crore in Q2 FY24, compared to 1,899.49 crore in Q2 FY23.

Read more here.

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Zomato Posts Rs 36Cr Net Profit in Q2- Top Indian Market Updates

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

Zomato Q2 Results: Net profit at ₹36 crore

Zomato Ltd reported a net profit of ₹36 crore for the quarter ended September (Q2 FY24). The food delivery platform posted a net loss of ₹251 crore in the same period a year ago. Its revenue from operations rose 71% YoY to ₹2,848 crore in Q2 FY24. EBITDA stood at ₹41 crore against a loss of ₹192 crore in Q2 last year.

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Reliance Retail to acquire beauty business of Arvind Fashions

Reliance Retail will acquire Arvind Fashions Ltd’s (AFL) wholly-owned subsidiary, Arvind Beauty Brand Retail Ltd (ABBRL), in an all-cash transaction. Reliance Beauty & Personal Care Ltd will run the Sephora India business after the deal. The transaction has been done at an enterprise value of ₹216 crore towards the sale of the entire equity stake and repayment of loans.

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RBI imposes monetary penalty on PNB, Federal Bank, others

The Reserve Bank of India (RBI) imposed monetary penalties on Punjab National Bank, Federal Bank, Kosamattam Finance, and Mercedes-Benz Financial Services India for rule violations. The central bank has imposed a penalty of ₹72 lakh on Punjab National Bank, ₹30 lakh on Federal Bank, ₹13.38 lakh on Kosamattam Finance, and ₹10 lakh on Mercedes-Benz Financial Services.

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Titan Q2 Results: Net profit rises 10% YoY to ₹940 crore

Titan Company Ltd reported a 10% YoY increase in net profit to ₹940 crore for the quarter ended September 2023 (Q2 FY24); beating estimates. Its revenue from operations increased 34% YoY to ₹11,660 crore during the same period. EBIT rose 13% YoY to ₹1,367 crore in Q2. The jewellery segment recorded a 19% YoY growth in revenue to ₹8,575 crore.

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L&T to divest 100% stake in subsidiary LTIEL

Larsen & Toubro (L&T) will sell its entire stake in L&T Infrastructure Engineering Ltd (LTIEL) to STUP Consultants Pvt Ltd, a subsidiary of France-based Assystem SA. This transaction aligns with L&T’s commitment to focus on its core businesses and assets. LTIEL provides standalone engineering consultancy services for the infrastructure sector. The transaction is expected to be finalized before January 15, 2023, pending certain conditions.

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MRF Q2 Results: Net profit jumps 361% YoY to ₹572 crore

MRF Ltd reported a 361% YoY jump in net profit to ₹571.9 crore for the quarter ended September 2023 (Q2 FY24). Its revenue rose 6% YoY to ₹5,719 crore during the same period. EBITDA stood at ₹1,129 crore, up two-fold YoY. The company’s board declared a dividend of ₹3 per equity share.

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Raymond picks stake in MPPL

The Raymond Group will foray into the aerospace, defence and electric vehicles (EV) components business with the acquisition of a 59.25% stake (worth ₹682 Cr) in Maini Precision Products Ltd (MPPL). The company expects the transaction to be completed in the ongoing financial year. The acquisition will be funded by a mix of debt and internal accruals. Raymond also expects the acquisition to strengthen its existing engineering business.

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IndiGo Q2 Results: Net profit at ₹188 crore

InterGlobe Aviation Ltd (IndiGo) reported a consolidated net profit of ₹188 crore for the quarter ended September (Q2 FY24). The airline posted a net loss of ₹1,583 crore in Q2 last year. Its consolidated revenue from operations grew 20% YoY to ₹14,944 crore in Q2 FY24. Earnings before interest tax depreciation, amortisation and restructuring or rent costs (EBITDAR) stood at ₹2,446 crore, up 968% YoY.

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Lupin, Zydus Lifesciences signs licensing, supply pact for Saroglitazar Mg

Lupin Ltd and Zydus Lifesciences Ltd have entered into a licensing and supply agreement to co-market Saroglitazar Mg. The drug is used to treat non-alcoholic fatty liver disease and nonalcoholic steatohepatitis in India. Lupin will have semi-exclusive rights to co-market the product in India under the brand name LINVAS. Zydus launched the drug under the brand names Lipaglyn and Bilypsa and will continue to market them.

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Sterlite Power Transmission to demerge its transmission infra business

Sterlite Power Transmission (SPTL) will demerge its electricity transmission infrastructure business spread across India and Brazil. The demerged entity will continue to hold the global products and specialised engineering, procurement and construction (EPC) services business and the convergence – fiberco business. Through this demerger, SPTL intends to create ‘pure play’ business verticals based on end-customer base, investor class and returns.

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MOIL ore production grew 45% to 9.26 LT in April-October

MOIL reported a 45% YoY rise in manganese ore production to 9.26 lakh tonnes (LT) during April-October 2023. It had produced 6.38 LT manganese ore during the year-ago period. The cumulative sales were 8.44 LT, up 57% from 5.37 LT in the first seven months of the previous fiscal. MOIL meets about 46% of the total requirement of dioxide ore in India.

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Adani Ports delivers record cargo volumes in October

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 37 million metric tonnes (MMT_ of total cargo in October 2023, a growth of 48% YoY. The Haifa Port in Israel handled over 1.1 MMT of cargo in October, marginally better than the average cargo volume run rate of the last six months.

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IOCL Posts Net Profit of Rs 12,967Cr in Q2 – Top Indian Market Updates

Indian Oil

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

IOCL Q2 Results: Net profit at ₹12,967 crore

Indian Oil Corporation Ltd (IOCL) reported a net profit of ₹12,967 crore for the quarter ended September (Q2 FY24). IOCL posted a net loss of ₹272 crore in the same quarter last year. Its revenue from operations fell 11% YoY to ₹2.02 lakh crore in Q2 FY24. EBITDA stood at ₹21,313 crore. The company’s board has declared a dividend of ₹5 per equity share.

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India’s fiscal deficit for April-Sept at ₹7.02 lakh crore

According to Government data, India’s fiscal deficit for the first six months of this financial year (FY24) stood at ₹7.02 lakh crore, or 39.3% of annual estimates. It was ₹6.19 lakh crore during the corresponding period of last year (FY23). The fiscal deficit for April-September 2022 was 37.3% of the target for 2022-23.

A fiscal deficit is the difference between the government’s income and expenditure. It is an indication of the total borrowings needed by the Centre.

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L&T Q2 Results: Net profit rises 45% YoY to ₹3,223 crore

Larsen & Toubro Ltd (L&T) reported a 45% YoY increase in net profit to ₹3,223 crore for the quarter ended September (Q2 FY24). Its consolidated revenue grew 19% YoY to ₹51,024 crore during the same period. EBITDA stood at ₹5,632 crore. Total expenses for the quarter rose marginally to ₹1,012 crore. The company received orders worth ₹89,153 crore at the group level during the quarter, up 72% YoY.

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Zee, Sony merger energised as SAT lifts ban on Punit Goenka

The Securities Appellate Tribunal (SAT) overturned a regulatory ban on Punit Goenka that prevented him from holding a directorship or top managerial role in a listed entity. Punit Goenka is the managing director and chief executive of Zee Entertainment Enterprises Ltd (ZEEL). SAT’s ruling has potentially hastened ZEEL’s proposed merger with Culver Max Entertainment (Sony Pictures).

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GAIL Q2 Results: Net profit rises 56% YoY to ₹2,404 crore

GAIL Ltd reported a 56% YoY increase in standalone net profit to ₹2,404.89 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined 1.25% YoY to ₹31,822 crore during the same period. EBITDA stood at ₹3,492 crore, up 43.5% YoY. The company’s petrochemical segment reported a loss of ₹161 crore in the quarter, compared to a loss of ₹346 crore last year.

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L&T wins ultra-mega contract in the Middle East

Larsen & Toubro Ltd (L&T) has secured the Letter of Intent (LoI) for an “ultra-mega” onshore project (worth more than ₹15,000 crores) from a prestigious client in the Middle East. The company also secured LoI for another “ultra-mega” project in the Middle East for a gas compression plant. L&T will engineer, procure and construct the gas processing plant consisting of inlet separation facilities, booster compression system and other works.

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Tata Consumer Q2 Results: Net profit rises 3% YoY to ₹338 crore

Tata Consumer Products Ltd reported a 3% YoY increase in net profit to ₹338 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 11% YoY to ₹3,734 crore during the same period. Consolidated EBITDA stood at ₹569 crore, up 30% YoY. 

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SBI Card, Reliance to launch lifestyle-focused credit card

SBI Card has partnered with Reliance Retail to launch the Reliance SBI Card credit card. Customers shopping at Reliance Retail’s fashion & lifestyle, grocery, consumer electronics, pharma, furniture, and jewellery stores will get rewards and benefits by using the Reliance SBI Card. The card is made out of recycled plastic and has been introduced on the RuPay platform.

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Zydus Lifesciences acquires LiqMeds Group for ₹690 crore

Zydus Lifesciences has acquired UK-based LiqMeds Group, which specialises in oral liquid products, for GBP 68 million (₹690 crores) in an all-cash deal. The pharma company will pay an upfront consideration of GBP 68 million and yearly earn-outs until 2026 depending on the achievement of certain agreed milestones towards the acquisition of the LiqMeds Group of companies. The acquisition is expected to be completed within a period of 10 working days from the date of execution.

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Adani Total Gas Q2 Results: Net profit rises 8% YoY to ₹173 crore

Adani Total Gas Ltd (ATGL) reported an 8% YoY rise in net profit of ₹173 crore for the quarter ended September (Q2 FY24). Its revenue from operations fell 1% YoY to ₹1,179 crore during the same period. The share of profit from joint ventures reduced considerably to ₹5.7 crore in Q2, compared with ₹21 crore a year ago. 

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Adani Green Posts 149% YoY Jump in Net Profit in Q2 – Top Indian Market Updates

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

Adani Green Q2 Results: Net profit jumps 149% YoY to ₹372 crore

Adani Green Energy Ltd (AGEL) reported a 149% year-on-year (YoY) jump in net profit to ₹372 crore for the quarter ended September (Q2 FY24). AGEL’s consolidated net revenue rose 40% YoY to ₹2,220 crore during the same period. EBITDA stood at ₹1,699 crore, up 96.2% YoY.

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Sun Pharma to market Zydus’ novel anti-CKD drug Desidustat

Sun Pharmaceutical Industries Ltd has entered into a licensing agreement with Zydus Lifesciences to co-market the latter’s drug Desidustat in India. The drug is used to treat anaemia associated with Chronic Kidney Disease (CKD). Zydus has granted Sun Pharma semi-exclusive rights to co-market the product in India. Sun Pharma will market the drug under the brand name RYTSTAT.

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Marico Q2 Results: Net profit rises 17% YoY to ₹353 crore

Marico Ltd reported a 17% YoY increase in consolidated net profit to ₹353 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations declined marginally to ₹2,476 crore during the same period. EBITDA stood at ₹497 crore, up 14.7% YoY. The company’s board declared a dividend of ₹3 per equity share.

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Tata Motors wins Singur plant arbitration

Tata Motors Ltd secured an arbitral award amounting to ₹765.78 crores and interest as compensation for their investment in the now-defunct Singur plant. The automaker won the arbitrations against the West Bengal Industrial Development Corporation Ltd (WBIDC), the nodal agency of the West Bengal government’s Industry, Commerce & Enterprises Department. The scrapped Singur plant was initially intended for the production of the Tata Nano. 

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DLF Q2 Results: Net profit rises 31% YoY to ₹623 crore

DLF Ltd reported a 31% YoY increase in net profit to ₹623 crore for the quarter ended September (Q2 FY24). Its revenue from operations grew 4% YoY to ₹1,348 crore during the same period. EBITDA stood at ₹462 crore, up 6% YoY. Total expenses for the quarter rose marginally to ₹1,012 crore.

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No payments pending for Russian oil imports: BPCL

According to Bharat Petroleum Corp’s (BPCL) head of finance, Ramakrishna Gupta, said the company has cleared all payments for Russian oil purchases. The Indian government has expressed discomfort over settling payment for Russian oil in Chinese yuan. He also added that BPCL was processing Russian oil at the maximum “potential level” at its three plants, averaging about 30-40% of overall crude intake.

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TVS Motor Q2 Results: Net profit rises 32% YoY to ₹537 crore

TVS Motor Company reported a 32% YoY increase in net profit to ₹536.5 crore for the quarter ended September 2023 (Q2 FY24). Its revenue from operations rose 13% YoY to ₹8,145 crore during the same period. EBITDA stood at ₹900 crore, up 22% YoY. The overall two-wheeler and three-wheeler sales (including exports) grew by 5% YoY to 10.74 lakh units in Q2.

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DGGI probes GCPL’s acquisition of Raymond’s consumer goods business

The Directorate General of GST Intelligence (DGGI) is probing Godrej Consumer Products Ltd’s (GCPL)  acquisition of Raymond’s consumer goods business. GST authorities have asked Raymond Consumer Care Ltd (RCCL) to explain why GST should not be levied on the transaction amount. GCPL acquired the FMCG business, along with the Park Avenue, KS, KamaSutra and Premium trademarks, through a slump sale in April 2023 for ₹2,825 crore.

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AU Small Finance Bank to acquire Fincare Small Finance Bank 

AU Small Finance Bank (SFB) is all set to acquire Fincare Small Finance Bank in an all-share deal and merge it with itself, subject to regulatory approvals. As per the agreement between the two, shareholders of Fincare SFB shall receive 579 equity shares of AU SFB for every 2,000 shares held. The merger would be effective from February 1, 2024.

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Sri Lankan government renews Lanka IOC’s petroleum licence for 20 years

The Sri Lankan government has renewed the petroleum products licence granted to Lanka IOC for another 20 years. Lanka IOC is a subsidiary of Indian Oil Corporation Ltd (IOCL). The licence originally issued in 2003 was to expire in January 2024. The renewed license will allow Lanka IOC to continue its retail operations on the debt-trapped island nation until January 22, 2044.

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Macrotech Developers to launch housing projects worth ₹12,000Cr by March

Macrotech Developers Ltd (Lodha) plans to launch housing projects worth ₹12,000 crore by March 2024 to tap strong consumer demand for quality homes from branded players. The company also said it would easily achieve the ₹14,500 crore sales booking target fixed for the current financial year as against ₹12,070 crore in the previous year. Lodha has already achieved sales bookings of ₹6,890 crore during the first six months of FY24.

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HDFC Life Posts 15% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

HDFC Life Q2 Results: Net profit rises 15% YoY to ₹378 crore

HDFCL Life Insurance Company Ltd reported a 15% YoY increase in net profit to ₹378 crore for the quarter ended September 2023 (Q2 FY24). Its net premium rose 13% YoY to ₹14,797 crore during the same period. Revenue remained almost unchanged at ₹23,018 crore. Total assets under management (AUM) stood at ₹2.64 lakh crore, a rise of 18% YoY.

Read more here.

India’s trade deficit eases in September

India’s merchandise deficit eased amidst a sharper decline in imports. According to data released by the Ministry of Commerce & Industry, the merchandise trade deficit fell to $19.4 billion in September, compared to $24.2 billion in August. Exports fell by 2.6% YoY to $34.5 billion. Imports fell by 15% annually to $53.8 billion.

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Ashok Leyland bags order for 1,666 buses from Tamil Nadu STU

Ashok Leyland Ltd has secured an order for 1,666 diesel buses from Tamil Nadu State Transport Undertakings (STU). The order is for the procurement of BS VI bus chassis. This is the single-largest order received from the state transport undertaking. Currently, Tamil Nadu’s STU has more than 18,000 Ashok Leyland buses operational in its fleet.

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Glenmark Pharma’s biotech arm licences its immunology portfolio

Glenmark Pharmaceuticals Ltd.’s wholly owned clinical-stage biotechnology subsidiary, Ichnos Sciences Inc., has entered into an exclusive worldwide licensing agreement with Astria Therapeutics for its immunology portfolio. Astria Therapeutics will pay Ichnos up to $320 million (~₹2,700 crore) in upfront, development, regulatory and sales milestone payments in addition to up to low double-digit royalties.

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Zydus unit recalls 7,248 bottles of Oxybutynin Chloride tablets in US

A unit of Zydus Lifesciences is recalling over 7,000 bottles of Oxybutynin Chloride tablets in the US due to manufacturing issues. The drug is used to treat overactive bladder and urinary conditions. The lot was produced in Ahmedabad and distributed in the US by Zydus Pharmaceuticals (USA) Inc.

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Tata Steel plans to meet 25% of energy needs via green sources

Tata Steel plans to meet at least a fourth of its energy requirements through green energy by FY30 on its path to becoming net neutral on carbon emissions by 2045. It plans to do so using a mix of hydrogen injections and renewable energy (including solar and wind) at its plants across India. Tata Steel is also exploring the use of syngas as a replacement for coke in blast furnaces.

IndiGo co-founder in talks to buy ‘sizable’ stake in SpiceJet

As per reports, IndiGo co-founder Rakesh Gangwal is in talks to buy a “sizable” stake in troubled domestic airline SpiceJet. Gangwal and his wife Shobha Gangwal hold 13.23% and 2.99%, respectively, in IndiGo operator InterGlobe Aviation. Cash-strapped SpiceJet has been struggling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in the sector.  

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Bajaj Electricals secures ₹564 crore order from Power Grid

Bajaj Electricals Ltd. has secured an order worth ₹564.2 crore from Power Grid Corp. for new transmission lines in Andhra Pradesh. The scope of work includes a 400kV new transmission line for 83.1 km in Ananthapur and another 400kV transmission line for 183 km in Kurnool. The projects will be completed within 21 months. 

Read more here.

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India’s GDP Growth Accelerates to 7.8% in Q1 FY24 – Top Indian Market Updates

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

India’s GDP accelerates to a four-quarter high of 7.8% in Q1

According to the data from the National Statistical Office (NSO), India’s Gross Domestic Product (GDP) surged to a four-quarter high of 7.8% on an annual basis in the June quarter (Q1) of FY24. The growth can be attributed to central and state governments increasing capital expenditure (capex), stronger consumption demand and higher activities in the services sector. Meanwhile, the Reserve Bank of India (RBI) had predicted a growth rate of 8%.

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Jio Fin Services to be removed from Sensex tomorrow

S&P BSE indices (including Sensex) will remove Jio Financial Services (JFSL) from its indices with effect from tomorrow, September 1. Jio Financial Services Ltd (JFSL) is a demerged non-banking financial services (NBFC) unit of Reliance Industries Ltd. The exchanges twice extended the removal of JFSL shares from the indices after the shares hit a lower circuit for four consecutive sessions post-listing.

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Viacom 18 bags TV and digital rights for Indian cricket team’s home matches

Viacom18 has won BCCI media rights for ₹67.8 crore per match, outbidding Sony Pictures Networks India and Disney Star. The total value of the deal is ₹5,966 crore. The e-auction for the bilateral cricket media rights was held on Thursday. As per the tender released by the BCCI on August 2, the board had set a base price of ₹20 crore per match for Package A, which comprises the TV rights for the Indian subcontinent.

Read more here.

India’s Q1 fiscal deficit widens to Rs 6.06 lakh crore

According to Govt data, India’s fiscal deficit for Q1 FY24 has soared to ₹6.06 lakh crore, a significant increase from the ₹3.41 lakh crore recorded in the same period the previous year. The deficit stood at 20.5% of the Budget Estimates (BE) in the corresponding period of the financial year 2022-23. The fiscal deficit for Q1 now stands at approximately 33.9% of the projected ₹17.87 lakh crore target for the entire fiscal year.

Read more here.

Jupiter Wagons to enter EV market with electric commercial vehicles in early 2024

Jupiter Wagons’ entry into the electric vehicle (EV) market is set for early next year, marking a significant milestone in their diversification journey. Recognising the huge interest and demand for electric mobility solutions, the company is poised to leverage this opportunity by introducing electric commercial vehicles. Jupiter Wagons is engaged in the production of railway freight wagons, passenger coaches, wagon components, and cast manganese steel crossings & castings. 

Read more here.

Kotak Mahindra adds UPI interoperability feature to its Digital Rupee app

Kotak Mahindra Bank announced the introduction of a UPI interoperability feature on its Digital Rupee (e₹) application as a part of the RBI’s CBDC pilot project. Users will now be able to scan any QR code at merchants to make payments for groceries and daily expenses. As of today, the feature is live for Android users. It will empower customers to make payments on the existing UPI QR codes available at merchants.

Read more here.

Tata Power RE signs pact with Sanyo Special Steel Manufacturing to set up 28-MW solar plant

Tata Power Renewable Energy Limited (TPREL) has partnered with Sanyo Special Steel Manufacturing India Pvt Ltd (SSMI) to set up a 28.12-megawatt green energy plant in Maharashtra. TPREL an arm of Tata Power. The plant is expected to produce 61.875 million units (MUs) of electricity annually, which would meet the energy requirement of the steel manufacturing unit of SSMI.

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JSW Group in talks with Chinese carmaker Leapmotor for EV tech: Report

JSW Group is in early talks with Chinese automaker Leapmotor to license technology to build electric vehicles in India. Under the technology licensing agreement, JSW would use Leapmotor’s platform to manufacture EVs in India under its own brand name. JSW is likely to use a single platform on which it can build at least three mid-sized sport-utility vehicles (SUVs).

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Zydus Lifesciences gets USFDA approval for acne drug

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) for Isotretinoin Tablets. The drug is used in the treatment of severe cystic acne. As per IQVIA MAT data for July 2023, the Isotretinoin Capsules USP had annual sales worth $165 million in the United States.

Read more here.

TCS extends contract with Athora Netherlands

Tata Consultancy Services (TCS) has expanded its long-standing partnership with Athora Netherlands (formerly VIVAT). The partnership is to help the Dutch life insurance and pension provider with a better IT operating model to enhance customer experience, operational resilience and business agility. This will be a multi-year deal for TCS. The company didn’t disclose the size or the tenure of the deal. 

Read more here.

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Daily Market Feed Pre Market Report

Trend Setting Day for Next Week of Trading! – Pre-Market Analysis Report

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

Stocks

PNB, TVS Motors, Shriram Finance, Trent and Zydus Life will be included in Nifty Next 50, with effect from September 29. ACC, FSN E-Commerce Ventures(Nykaa), HDFC AMC, Indus Towers, and Page Industries will be excluded.

NLC India has entered into a long-term power usage agreement with Rajasthan Urja Vikas Nigam for the supply of 300 MW of solar power.

Adani Group is said to have taken a group of local bond arrangers on a site visit last week, getting ready to sell Rs 1,500 crores worth of debt.

Zydus Lifesciences got final approval from the USFDA for Doxepin tablets used to treat insomnia. 

What Happened Yesterday?

NIFTY started the day at 19,450 at Monday’s high. From opening itself, the index was falling, and it fell 120 points. No major supports were broken, and NIFTY closed at 19,365, down by 99 points or 0.51% 

BANK NIFTY started the day flat at 43,897. While Nifty was weaker, Bank Nifty went down and then shot back up to create a new day-high. From there, the day-low was broken and after that consolidation was seen. BANK NIFTY closed at 43,891, down by 55 points or 0.13%. 

U.S. markets closed in the red. The European markets closed in the red.

What to Expect Today?

The Asian markets are trading mostly in the red.

The U.S. Futures are trading flat.

GIFT NIFTY is trading flat at 19,300.

All the factors combined indicate a flat to gap-down opening in the market.

NIFTY has supports at 19,360, 19,300 and 19,240 and 19,200. We can expect resistances at 19,438, 19,560 and 19,620.

BANK NIFTY has supports at 43,840, 43,750 and 43,680 and 43,540. Resistances are at 43,960, 44,100, 44,277 and 44,520.

NIFTY has the highest call OI build-up at 19,400, with decent put OI build-up being seen here as well. The highest put OI build-up is at 19,300. PCR is at 0.83.

BANK NIFTY has the high call OI build-up at 44,000The highest put OI build-up is also at 44,000. PCR is at 0.75.

Foreign Institutional Investors net-sold shares worth Rs -1,510 crores. Domestic Institutional Investors net-bought worth Rs -314 crores.

INDIA VIX is at 12.24, slightly moving up again. 

I am looking eagerly into how the international markets will perform today, and if it will give NIFTY some direction next week. The U.S. market is seeing more and more falls per day along with a rise in volatility.

NIFTY and BANK NIFTY are near crucial supports, and it is important to note that they are at their worst closing levels in more than 40 days.

This does not mean that the market has to fall from here. But the combined factors including India VIX increasing 20% in the last 2 weeks and the markets reaching key supports, indicate that a fall is probable.

If the market shows strength today with FII buying, it would be a positive indication for the upcoming week.

So just like last week, this Friday could turn out to be a trendsetting day for the week ahead. Do watch out for the major supports ahead. If you are a bull in the market, keep watching 19,650 on the upper side to confirm the strength.

Hope you all had a good expiry yesterday. Let’s hope for more weeks of profitability going deeper into August.

Follow along with Smart Money (NIFTY) and Piggy Bank (BANK NIFTY) trades. Follow along on the marketfeed app, or our website for trades!

Make sure that you tune in to The Stock Market Show at 7 PM on our YouTube channel. All the best for the day!

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Adani Enterprises’ Net Profit Rises 44% YoY to Rs 674Cr in Q1- Top Indian Market Updates

adani

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

Adani Ent Q1 Results: Net profit rises 44% YoY to ₹674 crore

Adani Enterprises reported a 44% YoY rise in consolidated net profit to ₹674 crore for the quarter ended June (Q1 FY24). However, its revenue from operations fell 38% YoY to ₹25,438 crore during the same period. The company’s EBITDA stood at ₹2,896 crore in Q1, up 47% YoY. The revenue fall is attributed to the correction in coal prices.

Read more here.

Zydus Lifesciences gets USFDA nod for generic arthritis treatment drug

Zydus Lifesciences Ltd has received the final approval from the US Food & Drug Administration (USFDA) for its generic Indomethacin suppositories. The approved drug is indicated for moderate to severe rheumatoid arthritis. According to IQVIA MAT April 2023 data, generic versions of the drug had annual sales of approximately USD 95 million in the US.

Read more here.

Zomato Q1 Results: Net profit at ₹2 crore

Zomato reported a consolidated net profit of ₹2 crore for Q1 FY24. The company posted a net loss of ₹186 crore in Q1 last year. Its revenue from operations rose 71% YoY to ₹2,416 crore during the same period. The consolidated adjusted EBITDA stood at ₹12 crore, versus a loss of ₹152 crore in Q1FY23.

Read more here.

Ambuja-ACC reaches agreement to buy Sanghi Cements

Adani Group’s Ambuja-ACC has reached an agreement to acquire Sanghi Cements after deal negotiations moved forward over the course of the past week and the Adani group companies proposed better acquisition terms and speedy deal closure. Ambuja Cements will acquire 56.74% shares of Sanghi Industries Limited at an enterprise value of ₹5000 crore.

Read more here.

Sun Pharma Q1 Results: Net profit falls 2% YoY to ₹2,023 crore

Sun Pharma reported a 2% YoY fall in consolidated net profit to ₹2,023 crore in Q1 FY24, missing estimates. However, its operating revenue increased 11% YoY to ₹11,941 crore. EBITDA stood at ₹3,332 crore, up 15.5% YoY. The fall in the net profit was partly due to certain one-time charges totalling ₹323 crore. The company also incurred a one-time transitional cost of ₹51 crore on the relocation of Alchemee operations from California to New York.

Read more here.

Oil India is now Maharatna, OVL is Navratna

The central government has upgraded the petroleum sector central public sector enterprise (CPSE) Oil India Ltd (OIL) to Maharatna, taking the number of Maharatnas to 13. OIL has an annual turnover of ₹41,039 crore and a net profit of ₹9,854 crore. The government has also upgraded ONGC Videsh Ltd (OVL) as Navratra, taking the number of Navratnas to 14.

Read more here.

Bharti Airtel Q1 Results: Net profit at ₹216 crore

Bharti Airtel reported a net profit of ₹1,612.5 crore for the quarter ended June (Q1 FY24). Net profit stood at ₹1,607 crore in Q1 FY23. Total revenue rose 14.1% YoY to ₹37,440 crore during the same period. EBITDA rose 18.9% YoY to ₹19,746 crore in Q1. Average Revenue Per User (ARPU) for the quarter stood at ₹200, compared to ₹183 in Q1 of FY23.

Read more here.

Eicher Motors Q1 Results: Net profit jumps 50% YoY to ₹918 crore

Eicher Motors reported a 50.38% YoY increase in net profit to ₹918 crore for Q1 FY24; beating street estimates. Its revenue from operations rose 17.33% YoY to ₹3,986.37 crore during the same period. EBITDA stood at ₹1,021 crore, up 22.8% YoY. Earlier, the company had reported a 32% YoY rise in its monthly sales in July at 55,555 units of motorcycles. The international business recorded a de-growth of 22%.

Read more here.

LT Foods’ organic business arm starts new facility in Uganda

LT Foods’ subsidiary Nature Bio Foods has started a new facility in Uganda, Africa. The new facility will procure and process soyabean meals and help in the expansion of the product portfolio, including chia seeds, sesame seeds and sorghum. The plant will have a production capacity of 10,000 tonnes in the first year and aims to scale it up to 18,000 tonnes by 2024.

Read more here.

Dabur Q1 Results: Net profit rises 5% YoY to ₹464 crore

Dabur India reported a 5% YoY increase in net profit to ₹464 crore for the quarter ended June. Its revenue from operations rose 11% YoY to ₹3,130 crore during the same period. Consolidated EBITDA stood at ₹600 crore with margins at 19.3%. Dabur’s international business reported 20.6% growth in constant currency terms.

Read more here.

Kalyan Jewellers to open 11 new stores in August

Kalyan Jewellers will launch 11 new stores across the country in August. This will expand its footprint across destinations while India is seeing an increased shift towards the organised jewellery market. With this expansion, the company will surpass 200 stores globally. The upcoming showrooms will be launched in Patna, Nawada, Sitamarhi, and Arrah in Bihar, Faridabad and Panipat in Haryana, Anand in Gujarat, Dehradun in Uttarakhand, Jabalpur in Madhya Pradesh, and Chembur in Mumbai.

Read more here.

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India’s Manufacturing PMI Falls to 57.8 in June – Top Indian Market Updates

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

India’s manufacturing PMI slips to 57.8 in June

India’s manufacturing PMI (Purchasing Manager’s Index) for June stood at 57.8, compared to 58.87 in May. The PMI of 57.8 is higher than 50 indicating an expansion in activities. Anything below 50 indicates contraction. India’s May manufacturing sector activity was at a 31-month high.

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

Read more here.

Adani Ports registers record cargo volume of over 100 MMT in June quarter

Adani Ports and Special Economic Zone Ltd (APSEZ) has reported an 11.5% YoY increase in cargo volume handled at 101.4 million metric tonnes (MMT) in the quarter ending June 2023. This is the highest-ever quarterly cargo volume handled by the company. The company witnessed growth across most ports and all three broad cargo segments. The container segment grew 19% YoY, while liquids and gas and dry bulk segments grew 8% and 7% YoY respectively.

Read more here.

Edelweiss Financial Services to raise Rs 300 crore from NCDs 

Edelweiss Financial Services has announced the public issue of secured redeemable non-convertible debentures (NCDs). The NCDs have a face value of ₹1,000 each, amounting to ₹150 crores (base issue size). The issue also has the option to retain over-subscription up to ₹150 crores aggregating to ₹300 crores. Effective annual yield for NCDs ranges from 8.94% to 10.46%.

Read more here.

USFDA closes inspection at Zydus’ Ahmedabad unit with VAI recommendation

Zydus Lifesciences Ltd’s Ahmedabad unit received an ‘Establishment Inspection Report’ (EIR) from the United States Food and Drug Administration (USFDA). The inspection has been closed with a ‘voluntary action indicated’ (VAI) recommendation in the EIR. A VAI is generally issued when a plant receives observations and responds to them, and the regulator believes the response by the company is satisfactory.

Read more here.

Kansai Nerolac sells Thane land parcel for Rs 671 crore to Hiranandani Group

Kansai Nerolac Paints Ltd sold its land parcel in Thane to the Hiranandani Group. The sale was for a total consideration of ₹671 crore. The company entered into a deed of conveyance last Friday for the sale of a total area of 97,090 square metres together with the transfer of rights in land admeasuring 6,300 square metres.

Read more here.

SpiceJet repays Rs 100 crore to City Union Bank, releasing all securities pledged

SpiceJet completed the ₹100 crore settlement payment to City Union Bank a little over a decade after it took the loan. The airline said it paid the last Rs 25 crore tranche on June 30, 2023, thereby shutting the loan account opened in 2012. With this, all the securities of the airline that had been pledged with the bank now get released. 

Read more here.

Lupin gets USFDA nod for cyanocobalamin nasal spray

Lupin Ltd has received approval from the United States Food and Drug Administration (US FDA) for its Abbreviated New Drug Application (ANDA) for cyanocobalamin nasal spray. The cyanocobalamin nasal spray is a generic equivalent of Nascobal nasal spray. According to IQVIA MAT, Cyanocobalamin nasal spray (RLD Nascobal) had estimated annual sales of $69 million in the US.

Read more here.

IIFL Finance raises $175 million from HSBC, Union Bank & Bank of Baroda

IIFL Finance raised $175 million through the external commercial borrowing (ECB) route in June 2023. The NBFC has raised $75 million from HSBC, $50 million from Union Bank (Sydney), and $50 million from Bank of Baroda. The company raised funds at SOFR (Secured Overnight Financing Rate) plus 200 basis points. With this, the company’s total borrowing since March 2023 aggregates to $275 million.

Read more here.

Zee and IndusInd Bank announce a settlement of all dues

The National Company Law Appellate Tribunal (NCLAT) has closed the insolvency proceedings against Zeel after payment to creditors. NCLAT recorded that all payments were made to IndusInd Bank by June 30 as per the agreed-upon terms. As per IndusInd Bank’s plea, Zee paid nearly ₹84 crores in the case related to Siti Networks.

Read more here.

Bank of Maharashtra clocks 25% loan growth

Bank of Maharashtra has posted a credit growth of 24.93% at ₹1.75 lakh crore in the June quarter. The outstanding credit was ₹1.40 lakh crore at the end of June 30, 2022. The bank registered a 24.82% growth in the total business (total advances and total deposits) to ₹4.19 lakh crore at the end of June 2023 compared to ₹3.36 lakh crore in the June quarter of 2022.

Read more here.

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HPCL Bags Long-Term Contract From OPaL – Top Indian Market Updates

HPCL

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

HPCL secures long-term contract from OPaL to supply 13.53 trillion Btu of Natural Gas

Hindustan Petroleum Corporation Ltd (HPCL) has secured a significant long-term contract from ONGC Petro Additions Ltd (OPaL) for the supply of Natural Gas. HPCL will supply 13.53 trillion Btu of natural gas to OPaL’s Mega Petrochemical Complex at Dahej from October 23 to May 26. OPaL, a joint venture of ONGC, GAIL, and GSPC, requires natural gas for its Captive Power Plant (CPP) to meet its power and steam requirements.

Read more here.

Ipca labs under pressure after USFDA closes inspection at Madhya Pradesh unit with 11 observations

Ipca Labs’ API manufacturing facility in Ratlam received 11 observations from the US Food & Drug Administration (USFDA) during an inspection from June 5 to June 13. The facility has been under a USFDA import alert since 2015, which means its products do not meet US standards and are prohibited from being sold in the US. Additionally, two other plants in SEZ Indore and Silvassa, manufacturing formulations, have also been under import alert since 2015.

Read more here.

Laurus Labs to launch novel gene therapy assets in India and other markets

Laurus Labs Ltd has entered into a Memorandum of Association (MoA) with the Indian Institute of Technology (IIT), Kanpur, to introduce innovative gene therapy assets in India and other markets. The company plans to license gene therapy assets and offer research grants for pre-clinical development. It will also provide funding for clinical trials and launch products in India and emerging markets. Additionally, Laurus Labs will establish a plant at IIT Kanpur’s Techno Park facility.

Read more here.

Grasim to begin construction of 1 lakh MT CPVC resin facility in Gujarat by late-2023

Grasim Industries has announced that the construction of a 1 lakh metric tonne Chlorinated Polyvinyl Chloride (CPVC) resin facility in Vilayat, Gujarat, will begin in late 2023. The company had previously agreed with Lubrizol Manufacturing India Pvt Ltd. to establish the plant, with the first phase scheduled for production in 2022. However, the project was delayed due to the Covid-19 pandemic and subsequent supply chain disruptions.

Read more here.

Reliance Industries resumes vessel operations at Sikka port

Reliance Industries has resumed vessel operations at the port of Sikka in Jamnagar, Gujarat, following the impact of cyclone Biparjoy. According to industry sources, any vessel can now enter the Gulf of Kutch and call the Sikka Ports & Terminals Ltd (STPL). Last week, the company restricted vessel entry at the port due to a lack of anchorage positions. Ship-tracking data showed that around 13-21 tankers were waiting to discharge crude oil at the port.

Read more here.

Tata Power lays out a capex of ₹12,000 crore this fiscal

Tata Power has announced plans to invest ₹12,000 crore in capital expenditure for the current financial year (FY23). This investment is double the amount spent in the previous year and will support the company’s growth targets. The funds will be allocated to various projects, including a 4 GW manufacturing plant, renewable energy projects, and transmission & distribution businesses in Odisha, Delhi, and Mumbai. Tata Power intends to finance these initiatives primarily through internal accruals and existing cash reserves.

Read more here.

Zydus Lifesciences gets USFDA nod for generic acne-treating drug

Zydus Lifesciences has received final approval from the USFDA for its generic antibiotic Minocycline Hydrochloride extended-release tablets. These tablets help treat moderate to severe acne in individuals aged 12 years and above. Zydus Lifesciences will manufacture the product at its formulation manufacturing facility in Moraiya, Ahmedabad. This approval allows the company to bring an affordable generic version of the medication to the market.

Read more here.

Government to sell 0.15% stake in Coal India to employees via OFS

The Government of India has announced its plan to sell a 0.15% stake (~92.44 lakh shares) in Coal India to eligible employees via Offer For Sale (OFS). The offer will be made at a price of ₹226.10 per share and will be open for subscription from June 21 to June 23, 2023. The government currently holds a 66.13% stake in Coal India, while the remaining shares are held publicly. 

Read more here.

IndiGo places order for 500 Airbus aircraft

IndiGo has received board approval to order 500 Airbus A320 Neo family aircraft. This makes it the single largest purchase agreement in commercial aviation history. With this order, IndiGo now has a total of 1,330 Airbus aircraft on order, solidifying its position as the world’s largest customer for the A320 Family. The deal is estimated to be valued at approximately $50 billion based on the most recent Airbus list prices.

Read more here.

SEBI bans IIFL Securities from taking new clients for 2 years

The Securities and Exchange Board of India (SEBI) has imposed a two-year ban on IIFL Securities Ltd from taking new clients as a stockbroker. The action was taken after a thematic inspection revealed that IIFL did not comply with the code of conduct for stockbrokers and violated regulations. SEBI found that IIFL failed to separate its funds from clients’ funds, misused credit balances, and wrongly designated client bank accounts.

Read more here.

NSE plans derivatives based on bond indexes

According to a CNBC-TV18 report, the National Stock Exchange is planning to offer derivatives based on its bond indexes. The NSE has already applied to the Securities Exchange Board of India (SEBI) for approval. It aims to launch the corporate debt product by September. It is also reportedly planning futures for government bond indexes.

Read more here.

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WPI Inflation Eases to -3.48% in May – Top Indian Market Updates

market updates | marketfeed

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

May WPI inflation falls to -3.48%, lowest since November 2015

According to the Ministry of Commerce, India’s wholesale price index (WPI)-based inflation fell from -0.92% in April to -3.48% in May. WPI is at its lowest level since November 2015, marking the second consecutive month of negative wholesale inflation in India. Food wholesale inflation declined to -1.59%, while inflation in the fuel and power category reached -9.17%. Additionally, inflation in manufactured products decreased from -2.42% to -2.97% in May.

Read more here.

Indian Oil Corp to set up aviation fuel plant with LanzaJet in Haryana

Indian Oil Corp Ltd (IOCL) plans to establish an 80,000 tonnes sustainable aviation fuel plant in partnership with LanzaJet in Haryana. The project is estimated to require an investment of approximately $280.1 million (~Rs 2,300 crore). IOCL is currently undertaking a pilot project for green fuel in collaboration with Praj Industries in Maharashtra.

Read more here.

Ipca Labs receives 11 observations from USFDA for MP facility

The US Food and Drug Administration (USFDA) has raised concerns about Ipca Laboratories’ manufacturing facility in Ratlam, Madhya Pradesh. During an inspection conducted from June 5 to June 13, the USFDA issued 11 observations about the facility. These observations pertain to compliance with cGMP (Current Good Manufacturing Practices) regulations. This is crucial for ensuring the quality and safety of pharmaceutical products.

Read more here.

Gujarat Pollution Control Board revokes closure order to Heranba Industries

Heranba Industries announced that the Gujarat Pollution Control Board (GPCB) has lifted the order for the closure of its Vapi’s Pant units. The company had previously received an order from the GPCB instructing the prohibition and closure of operations at Unit-I and Unit-II located in Vapi. This development allows the company to resume its operations at the Vapi’s Pant units.

Read more here.

SpiceJet’s financial woes deepen with $15 million judgment in UK court

SpiceJet is facing new troubles as two aircraft leasing companies, GASL Ireland and VS MSN, have obtained a summary judgment of $15 million against the airline in the London High Court. This judgment adds to the existing legal challenges faced by SpiceJet, as three more cases have been filed against the airline in the commercial courts in London. GASL Ireland and VS MSN are expected to seek enforcement of the UK court’s judgment through the National Company Law Tribunal (NCLT) in India.

Read more here.

Ramkrishna Forgings bags order worth 4.5 million euros in Europe

Ramkrishna Forgings has secured a contract worth 4.5 million euros from a well-known European passenger rail coach manufacturer. The contract entails supplying undercarriage parts, and the company expects the contract to be completed within a two-year timeframe. Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed-die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel forgings.

Read more here.

KEC International secures orders worth Rs 1,373 crore

KEC International Ltd has secured orders worth Rs 1,373 crore across multiple business segments. The orders include projects in the railways vertical, transmission and distribution (T&D), cable, and civil businesses. In the T&D segment, the company received orders for transmission projects in India and the United States, including a 400 KV transmission line order in India and the supply of towers, hardware, and poles in the US through its subsidiary, SAE Towers.

Read more here.

USFDA concludes inspection at Ahmedabad facility of Zydus Lifesciences with zero observation

Zydus Lifesciences Ltd has received a “Nil observation” from the US Food and Drug Administration (USFDA) for its Zydus Biotech Park in Ahmedabad. This indicates that the facility complies with the current Good Manufacturing Practices (GMP), ensuring the production of safe and effective products. In addition, Zydus Lifesciences has obtained final approval from the USFDA for Varenicline tablets, used to treat smoking addiction.

Read more here.

Anupam Rasayan secures Rs 2,195 crore supply deal from Japanese firm

Anupam Rasayan has secured a supply contract worth Rs 2,186 crore from a prominent Japanese specialty chemical company. The contract involves the supply of a life science active ingredient for five years. The supply is scheduled to begin in 2025. It is subject to successful product validation, which is expected to take place over the next 18 months. Anupam Rasayan will produce the active ingredient in its existing multipurpose manufacturing facilities.

Read more here.

Maruti Suzuki to launch its most expensive car in India

Maruti Suzuki is preparing to launch its most expensive car, ‘Invicto,’ with a starting price of over Rs 20 lakh. The three-row, seven-seater MPV is considered a twin of Toyota’s Hycross. Maruti Suzuki aims to capture a significant portion of the market with the Invicto, which will be available in petrol and hybrid variants. The three-row SUV/MPV segment stood at around 2.58 lakh units in FY22, with vehicles priced over Rs 20 lakh accounting for approximately 1.2-1.25 lakh units.

Read more here.

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PV Wholesales Rise 13.54% in May – Top Indian Market Updates

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

Passenger vehicle wholesales rise 13.54% in May at 3.3 lakh units

According to the Society of Indian Automobile Manufacturers (SIAM), wholesale domestic passenger vehicle (PV) sales in May increased by 13.54% YoY to 3,34,247 units, compared to 2,94,392 units in May FY22. Domestic two-wheeler sales rose 17.42% YoY to 14,71,550 units in May FY23. Overall, total vehicle dispatches across categories in May were recorded at 18,08,686 units, up from 15,32,861 units in May 2022.

Read more here.

MRF hits Rs 1 lakh per share

Tyre major MRF Ltd. saw its share price climb above the ₹1 lakh mark in intraday trading on the BSE and NSE today, making it the first Indian stock to trade above the six-figure mark. On the NSE, MRF touched an intraday peak of ₹1,00,439.95. As of Tuesday, the market capitalisation of MRF stood at ₹42,390 crore.

Read more here.

Adani Group’s wind power project in Sri Lanka to be ready by Dec 2024

Adani Group is set to complete its renewable energy project in Sri Lanka, generating 500 MW in the north and eastern regions by December 2024. Energy Minister Kanchana Wijesekara discussed the project’s progress with Adani Group’s MD & CEO and project management team, focusing on challenges, roadmaps, and timelines. The Adani Group received approval in August last year to commence wind power projects in Pooneryn.

Read more here.

India set to start mega hydropower project near China border

India is all set to commence the Subansiri Lower hydropower project in July. NHPC Ltd will conduct trial runs, with the first unit expected to be commissioned in December. By the end of 2024, all eight units will be operational. This 2-gigawatt project is crucial for grid stability as solar and wind power generation increases. Despite facing environmental concerns and protests, the project will help India tap into its significant hydropower potential.

Read more here.

Granules India gets USFDA approval for hypertension drug

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its Metoprolol Succinate Extended-Release Tablets. These tablets are bioequivalent to Toprol-XL Tablets and are used for the treatment of hypertension to reduce blood pressure. According to IQVIA, the present annual market for Metoprolol Succinate ER Tablets in the US is around $321 million.

Read more here.

L&T secures orders for hydrocarbon business

Larsen & Toubro’s subsidiary L&T Energy Hydrocarbon (LTEH) has secured contracts worth Rs 1,000-2,500 crore. The contracts involve engineering, procurement, construction, and installation of new offshore structures. LTEH focuses on executing offshore projects domestically and internationally with a commitment to strengthening regional presence through investments in local skills, procurement from local vendors, and collaboration with local contractors for sustainable growth.

Read more here.

Adani Group in talks for major debt refinancing: Report

According to a CNBC-TV18 report, Adani Group is planning to refinance a loan facility of up to $3.8 billion taken for the acquisition of Ambuja Cements Ltd. The group is considering converting the original loan into longer-term debt and has initiated individual discussions with banks. Adani expects to conclude the process within 3-4 months, and most of the existing lenders are expected to participate.

Read more here.

Zydus Lifesciences gets USFDA approval to manufacture generic version of Varenicline

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market the generic version of Varenicline tablets, used to treat smoking addiction. The company plans to manufacture the product at its formulation manufacturing facility in Ahmedabad SEZ, India. According to IQVIA MAT data 2023, Varenicline tablets had annual sales of $501 million in the US.

Read more here.

HFCL receives Rs 80 crore order from DMRC for three priority corridors

HFCL Ltd has secured a new order worth Rs 80.92 crore from Delhi Metro Rail Corporation (DMRC). The order is for the implementation of a fibre optics transmission system in three priority corridors of Phase IV of the Delhi metro rail project. The contract includes the design, manufacturing, supply, installation, testing, and commissioning of the system. The project timeline is 156 weeks from the date of notice to proceed (NTP).

Read more here.

Aircastle files fresh plea against SpiceJet

Aircraft lessor Aircastle has escalated its legal battle against SpiceJet by filing a new plea on June 13. The plea accuses SpiceJet of unpaid dues and seeks insolvency proceedings. This comes after Aircastle’s earlier attempt to initiate insolvency proceedings against SpiceJet. The NCLT has scheduled a hearing on July 17 to assess the validity of the new plea. Aircastle persists in its efforts to recover the unpaid dues from the struggling airline.

Read more here.

IndiGo gets DGCA nod to operate flight services to Nairobi

IndiGo has received permission from the Directorate General of Civil Aviation (DGCA) to operate flights to Nairobi in Kenya. This marks IndiGo’s entry into the African region. The airline had previously announced its plans to expand internationally, including destinations like Nairobi and Jakarta. According to a DGCA official, the approval for IndiGo’s operations in Nairobi will be effective from July 24.

Read more here.