WPI inflation eases to 13.56% in December
India’s wholesale price index (WPI)-based inflation eased to 13.56% in December, compared to 14.23% in November. The fall in the prices of manufactured products and fuel & power offset costlier vegetable prices. Inflation in manufactured goods stood at 10.62%, compared to 11.92% in November. Fuel & power inflation stood at 32.3% in December, against 39.8 in November. The inflation in vegetables surged to 31.56% in Dec, compared to 3.9% in Nov.
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HCL Tech Q3 Results: Net profit falls 13% YoY to Rs 3,442 crore
HCL Technologies Ltd reported a 13.6% YoY decline in consolidated net profit to Rs 3,442 crore for the quarter ended December (Q3 FY22). Net profit increased 6% when compared to the previous quarter. Its revenue from operations rose 15.7% YoY (or 8% QoQ) to Rs 22,331 crore during the same period. The IT major secured deals worth $2,135 million in Q3, up 64% YoY. HCL Tech has declared a dividend of Rs 10 per share.
In other news, HCL Tech has agreed to acquire Budapest-based Starscheme for $42.5 million (~Rs 315 crore). With this acquisition, the IT company aims to strengthen its data engineering services and presence in Central and Eastern Europe.
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Oberoi Realty acquires 4.2-acre land parcel in Mumbai
Oberoi Realty has acquired a 4.2-acre land parcel on LBS Marg in Mumbai’s central suburb Bhandup for Rs 115 crore. The developer acquired the property through one of its subsidiaries, Oberoi Constructions. The plot has a total residential development potential of around 8-9 lakh sq. ft. Based on the current property rates, the project can fetch a revenue of around Rs 900-1,000 crore.
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Glenmark Pharma gets USFDA approval for nasal spray to treat rhinitis
Glenmark Specialty SA (Switzerland), a subsidiary of Glenmark Pharmaceuticals Ltd, has received approval from the US Food & Drug Administration (USFDA) to market Ryaltris in the US. Ryaltris is a nasal spray used for the treatment of seasonal allergic rhinitis (irritation and inflammation of the mucous membrane inside the nose). The product is currently under review by Health Canada.
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Aditya Birla Fashion to acquire 51% stake in House of Masaba
Aditya Birla Fashion & Retail Ltd (ABFRL) will acquire a 51% stake in House of Masaba Lifestyle for Rs 90 crore. Founded by Masaba Gupta in 2009, House of Masaba Lifestyle sells under the brand name Masaba and offers a wide array of products ranging from cosmetics to clothes. It is targeting annual revenues of around Rs 500 crore in the next five years and will be scaled primarily through its online platform.
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Ashoka Buildcon emerges lowest bidder for NHAI road project worth Rs 829.5 crore
Ashoka Buildcon Ltd has emerged as the lowest (L-1) bidder for a road project of the National Highways Authority of India (NHAI). The project consists of six-laning the Belgaum-Sankeshwar Bypass (NH-48) in Karnataka on an engineering, procurement, construction (EPC) mode. The quoted bid price of the project is Rs 829.49 crore.
Passenger vehicle sales fall 13% YoY in December: SIAM
Passenger vehicle (PV) dispatches from factories to dealers declined 13% YoY to the lowest level in five years in December. As per the Society of Indian Automobile Manufacturers (SIAM), PV dispatches stood at 2,19,421 units in December 2021, compared to 2,52,998 units in December 2020. Two-wheeler wholesales fell 11% YoY to 10.06 lakh units in December 2021. The automobile industry continues to face production issues due to the semiconductor shortage.
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Hero MotoCorp expands operations in El Salvador
Hero MotoCorp Ltd has expanded operations in El Salvador with the commencement of retail sales at a newly opened flagship outlet in the country’s capital city of San Salvador. The two-wheeler manufacturer has a distribution network of over 200 touchpoints in El Salvador. This includes five company-owned showrooms, 15 dealerships, 85 retail & 26 spare part outlets, and service centres across 14 cities.
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Delhivery gets SEBI approval for Rs 7,640 crore IPO
The Securities and Exchange Board of India (SEBI) has approved new-age logistics startup Delhivery’s Rs 7,460 crore initial public offering (IPO). The IPO includes a fresh issue of shares worth Rs 5,000 crore and an offer for sale (OFS) of up to Rs 2,460 crore. Early investors Softbank and Carlyle Group will offload shares worth Rs 750 crore and Rs 920 crore, respectively.
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Reliance, Mahindra bid for incentives under India’s $2.4 billion battery scheme: Report
As per a report from Reuters, Reliance Industries, Hyundai Motor Co, and Mahindra & Mahindra are among the companies that have submitted bids under India’s $2.4 billion battery scheme. Last year, the Centre had finalised a Production Linked Incentive (PLI) scheme to encourage companies to invest in the local manufacturing of batteries. Ola Electric, Larsen & Toubro, Amara Raja Batteries, and Exide Industries have also reportedly submitted bids.
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