ITC Infotech to buy Blazeclan for Rs 485 crore

(20 second reading) ITC Infotech, the technology arm of the eponymous tobacco major said it has agreed to acquire 100% shareholding of cloud services provider Blazeclan Technologies for a consideration of Rs 485 crore.
The Pune-headquartered Blazeclan offers cloud services to global clients on AWS, Azure and GCP and claims to an AWS premier partner, an elite partner with Snowflake and offers services such as cloud migration, digital cloud consulting and data analytics which help speed up digital transformation with native cloud services and migration accelerators.
The company intends to further deepen its global presence through cloud competency centres in Australia, Singapore, Malaysia, and India.

Man Industries gets nod from Shell Global.

(20 second reading) Man Industries has received approval from Shell Global for external, internal, and concrete coating of steel pipelines at Anjar, Gujarat after undergoing stringent technical assessment of coating mill. Even on February 29, Man Industries received orders worth Rs 555 crore. The total unexecuted order book as of today stands at approximately Rs 2,000 crore to be executed in the next six months.
The company, which was founded in 1988, is a manufacturer of large-diameter carbon steel pipes used in industries such as oil and gas, petrochemicals, water, dredging, and fertilisers.

Premier Explosives approves Rs.400 crore fund raise

,(20 second reading) Premier Explosives has approved splitting one equity share of Rs.10 into five equity shares of Rs. 2 apiece. The company also approved raising of funds worth up to Rs.400 crore through issuance of instruments or security including equity shares.

Premier Explosives manufactures explosives and & accessories which includes Emulsion and Slurry explosives, LD cartridge explosives, Bulk Explosives, Small-dia non-permitted explosives, Permitted explosives, Cast Boosters, Pillow-packs for secondary blasting. The company produces solid propellants for India's missile programs.

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Hindustan Zinc Q4’24 net profit down 21%

(20 second reading) Hindustan Zinc, a Vedanta group firm, reported a Q4 net profit of Rs 2,040, down 21% YoY from Rs 2583 crore in Q4 FY23. Sequentially, the net profit grew 0.5% to Rs 2,038 crore in Q4 from Rs 2,028 in the previous quarter.
The company’s revenue from operations fell 12% year on year to Rs 7,285 crore against Rs 8,281 crore it recorded in the same quarter the previous year. The revenue of Hindustan Zinc increased by 3% quarter-on-quarter from Rs 7,067 crore it reported in Q3.
The company’s EBITDA came in at Rs 3,641 crore, up 2% sequentially. It saw a fall of 14% on year as it stood at Rs 4,208 crore in the same period a year ago.

RVNL bags Rs 440 crore order

(20 second reading) RVNL emerged as the Lowest Bidder (L1) for an order from South Central Railway.

The company announced that it emerged as the Lowest Bidder (L1) from South Central Railway for EPC tender for proposed doubling of track between Ankai station and Karanjgaon stations, including electrification and signalling works in connection with Aurangabad-Ankai doubling project in Nanded division of South Central Railway.
Shares of Rail Vikas Nigam Ltd (RVNL) on Friday briefly entered the positive terrain before slipping in to the red

Gokaldas Exports launches Rs 600 crore QIP

(20 second reading) Bengaluru-based apparel manufacturer Gokaldas Exports Ltd. initiated its QIP aiming to raise Rs 600 crore. The issue price has been set at Rs 775 per share, representing a 4.05% discount to the last closing price, with a floor price at Rs 789.99.
Gokaldas Exports specializes in the design, manufacture, and sale of a diverse range of garments for men, women, and children. Additionally, it exports apparels to fashion brands and retailers across continents.
Gokaldas Exports reported an 8% decline in revenue year-on-year, totaling Rs 1,566 crore, along with a 46% drop in net profit to Rs 86 crore.

Endurance announced capacity addition

(20 second reading) Endurance Technologies announced that it will enhance its production for aluminium die casting and machining of automotive components with an investment of Rs.63.1 crore.
The upcoming expansion will see the installation of new high-end technology machines, primarily focusing on the production of machined clutch housing and transmission housing for four-wheelers, the company said.
These advancements will take place at the company's existing manufacturing facilities at Chakan, Pune.
The shares gained nearly 3% on Thursday, April 18, after the announcement.

Bajaj To Launch Affordable E-Scooter In May

(20 second reading) To encourage the ongoing adoption of electric vehicles despite decreasing government subsidies, Bajaj Auto plans to introduce more affordable electric scooters under its Chetak brand. The company is set to launch a new electric scooter targeting the mass market in May. Additionally, Bajaj Auto aims to expand its retail presence by threefold within the next few months.
The upcoming Bajaj Chetak electric scooter model is expected to be equipped with a smaller battery and a hub motor. A test mule of the upcoming Chetak electric scooter was spotted last year.

Motilal Oswal plans to issue bonus shares

(20 second reading) Motilal Oswal Financial Services announced plans to consider a proposal to issue bonus shares at a board meeting on April 26.

At 1.51 pm, Motilal Oswal Financial Services was trading at Rs 2,248.55 on the National Stock Exchange after hitting a 52-week high of Rs 2,269.50. The stock has been on a tear, having doubled its value in the past month. The company bought back shares worth Rs 160 crore between June and July 2022 through the tender offer route.

Inox Wind gets order from Hero Future Energies

(20 second reading) Inox Wind has received a repeat order for the supply of 210MW of wind turbine generators (WTGs) from Hero Future Energies, which is one of the leading renewable energy players in the country.
The company bagged the order for its 3 MW Wind Turbine Generators (WTGs). The WTGs will be supplied from the third quarter of FY25 onwards and will be installed in South India.
As per the order, the company will supply equipment and provide certain add-on services. Inox Wind will also provide post-commissioning multi-year operations and maintenance (O&M) services.
Inox Wind is a part of the $8-billion INOXGFL Group, which is into chemicals and renewable energy businesses.

Aditya Birla to invest Rs. 5000 Crore in Jewellery Business

(20 second reading) Aditya Birla Group has announced its grand entrance into the branded jewellery retail sector with a whopping Rs 5,000 crore investment. This marks the conglomerate’s third major venture in two years following successful expansions into paints and B2B e-commerce for building materials. Aditya Birla Group Chairman Kumar Mangalam Birla confirmed this during the launch of Aditya Birla Capital Digital’s new direct-to-customer app platform. Birla has set an ambitious target for the group's financial services arm, aiming to place it among the top three players in lending, asset management, insurance, and payments.

Mastek bags the £1.2 bn digital contract in UK

(20 second reading) Mastek Ltd is being named as a supplier on the UK Ministry of Defence's £1.2 billion digital and IT professional services framework. The budget is over a period of four years.
Mastek has been placed on Lot 1: Solution, Enterprise & Tech Architecture, Data, Innovation, Tech Assurance and Knowledge & Information Management of the UK Ministry of Defence's (MOD) digital and professional services framework.
Mastek has been a supplier to the UK Ministry of Defence since 2017
Shares of the company, surged as much as 17% on Thursday.

Ramkrishna Forgings enters US EV segment

(20 second reading) Without naming the partnering firm, Ramkrishna Forgings said that the partnership marks its entry into the electric passenger vehicle segment, based on its comprehensive portfolio of cutting-edge solutions. Milesh Gandhi, executive director of Ramkrishna Forgings Limited, highlighted the company's ongoing commitment to innovation and its capabilities to meet the demands of the EV industry. "This collaboration speaks volumes about our ongoing commitment to innovate and our capabilities to meet the demands of the EV industry. As of 11.45am, Ramkrishna Forgings was quoting Rs 753.9, up 3.99 percent from the last closing price.

Infosys buys German tech firm for Rs 450 million

(20 second reading) Infosys announced that it is acquiring in-tech, an engineering R&D services provider focused on the German automotive industry. The acquisition is pegged at Rs.450million (about $480 million), and the consideration includes upfront and earnouts, excluding management incentives, and retention bonus. Infosys in 2012 acquired Swiss technology consulting firm Lodestone Holding for $350 million. And in 2019, it acquired Irish contact centre Eishtec for an undisclosed amount.

Indian IT companies have been acquisition shy as compared with their global peers,

Bajaj Auto Q4 profit at Rs 2011.43 crore

(20 second reading) Bajaj Auto Ltd reported a net profit of Rs 2,011.43 crore for the fourth quarter of FY24. The company posted revenue of Rs 11,554.95 crore in the three months ended March 31.

The automaker's board also approved a dividend at the rate Rs 80 per share (800%) of face value of Rs 10 each on equity shares for the financial year ended 31 March 2024.

Analysts projected a profit of Rs 1,816 crore on revenue of Rs 11,096 crore, according to an average estimate of eight brokerages.

The shares of Bajaj Auto rose 1.61 percent to Rs 9,062 on BSE today. The earnings were announced after the close of trading.

Infosys Q4 Net profit at Rs 7969 crore

(20 second reading) Infosys Ltd, India's second-largest IT services company, reported a net profit of Rs 7,969 crore for the fiscal fourth quarter, beating Street estimates. The company reported revenue of Rs 37,923 crore in the three months ended March 31, according to an exchange filing on April 18.

Analysts projected a profit of Rs 6,128 crore on revenue of Rs 38,413 crore, based on an average of 13 brokerage estimates. Infosys also declared a final dividend of Rs 20 per equity share and a one-time dividend of Rs 8 per share.

Infosys stock rose 0.34 percent today to end at Rs 1,419.25, ahead of the quarterly earnings report.

100% FDI for satellites ahead of Elon Musk’s visit

(20 second reading) The Ministry of Finance has notified new FDI regulations for satellites with the aim to increase investment in satellite-related activities by foreign entities.
Under these new guidelines, foreign investors can now invest up to 100 per cent of FDI into the sector, with 74 per cent being under the automatic route. This includes investments in satellite manufacturing and operations, the ground segment, user segment, as well as satellite data products.
Notably, this notification arrives just days ahead of the anticipated visit of Elon Musk.
Concurrently, approvals for Musk's satellite internet project, Starlink, are nearing finalization.

Adani-EdgeConneX aims big on data centers

(20 second reading) Adani Enterprises, the flagship firm of billionaire Gautam Adani, is seeking to aggressively expand its data centre business. AdaniConneX, the equal joint venture between AEL and Sweden’s EQT-owned EdgeConneX, is looking to invest $5 billion in the next five years, of which more than half could be ploughed in this year itself.
Of the $5 billion investment plan, promoter equity infusions would account for around a quarter.
AdaniConneX plans to develop 1 GW of data centre capacity before 2030. It is in talks with several international banks to raise $1.2-1.4 billion in an offshore loan to ramp up growth plans that should be closed in the next couple of weeks.

Global demand for Indian iron ore exploding

(20 second reading) India's exports of iron ore fines and lump hit a three-year high of 36.5 million tonne (mt) in FY24 compared with around 15 mt in FY23, an increase of about 145 percent year on year,. Exports of iron ore pellets, likewise, increased nearly 80 percent y-o-y to 11.3 mt in FY24 as against 6.3 mt in FY23. Over 90 percent of the exports are made to China.
The surge in Indian iron ore fines exports to China was driven by robust pre-Chinese New Year restocking and encouraging economic signals in China.
This trend will boost the performance of NMDC and its share price.

Capacite Infra bags Rs.549 crore projects

(20 second reading) Capacite Infra has received orders worth Rs.549 crore.Of these, one order worth Rs. 256 crore is from Macrotech Developers for a luxury residential project in Worli, Mumbai. The other order worth Rs.293 crore is from Raymond for an additional building in Thane and scope enhancement for an existing building.
Earlier this year, its ED and CFO Subir Malhotra told that the company was confident of achieving its order inflow guidance of Rs.2,000 crore in FY24.
In January, the company had also concluded a Rs200 crore QIP issue. It approved the allotment of 79.47 lakh equity shares to eligible qualified institutional buyers at the issue price of ?251.65 apiece.

Bigbloc Building to install rooftop solar project

(20 second reading) Bigbloc Building Elements Pvt Ltd, wholly owned subsidiary of BigBloc Construction Ltd, one of the largest manufacturers of Aerated Autoclaved Concrete (AAC) Blocks, Bricks, and Panels in India is planning to install a rooftop solar power project of 625 Kilo Watts (KW) at is Wada Plant in Palghar, Maharashtra. Company will be investing around Rs. 2.5 crore in this initiative that underscores company’s commitment to environmental stewardship and renewable energy solutions with a commitment towards keeping the carbon footprints to the lowest possible.
The Company will be able to replace approximately 33% of its power requirement at its plant with renewable green energy – solar power.

Tata Com Q4 PAT jumps over seven times

(20 second reading) Tata Communications reported a whopping increase in its net profit to Rs 321.52 crore, from Rs45.1 crore in the third quarter. However, this figure was down by 1.5% from Rs326.42 crore for the same quarter a year ago. At the same time Tata Com also reported consolidated Q4 revenue rising 24.6% year-on-year to Rs5,692 crore; Ebitda increased by 2% to Rs 1,056 crore. Margins on the other hand, declined to 18.6% from 22.6% a year ago and profit margins slipped 156 basis points to 5.6% for the quarter.
Margin pressures are likely to continue due to its efforts to integrate its global acquisitions as well as spending to turn around some overseas operations. He also indicated that costs may stay on the higher side as Tata Com is looking to increase its reach in the foreign markets.

Mahindra Launched Metal-Body Treo Plus E-Auto

(20 second reading) India’s leading electric 3-wheeler company, Mahindra Last Mile Mobility Limited (MLMML), has introduced the Treo Plus with a sturdy metal body.
Responding to customer feedback, MLMML has enhanced its popular product, the Treo Plus, with a metal body, now available at an attractive price of Rs 3.58 Lakh, ex-showroom.
The Treo Plus boasts exceptional performance with a 10.24 kWh battery capacity, 8 kW power, 42 Nm torque, and a remarkable driving range of over 150 km on a single charge. With features like a 2073 mm wheelbase and Hill Hold Assist, it promises an outstanding driving experience.

Talbros Automotive won Rs 1000-crore order

(20 second reading) Talbros Automotive Components announced order win from a large European OEM for a multi-year contract valued at approximately Rs 1,000 crore.

The order will be executed over the next 8 years commencing from Q4FY25. The order win is by TACL's Joint Venture Company, Marelli Talbros Chassis Systems Private Limited (MTCS). The order is centered on the supply of Suspension Arms tailored for both conventional Internal Combustion Engine (ICE) vehicles and new age EV platforms.
Talbros Automotive shares opened 5% higehr at Rs 293.30 against the previous close

IIFL Finance plans Rs 1272-crore rights issue

(20 second reading) IIFL Finance plans to raise 1,272 crore through a rights issue, at 300 per share, offering a near-30% discount to the market price. The issue opens April 30 and ends May 14.
IIFL Finance shareholders will get one share for every nine they hold. This move comes after the Reserve Bank of India (RBI) banned IIFL Finance from issuing gold loans in March.
Nearly a third of IIFL Finance’s book consists of gold loans, with assets under management of more than 20,000 crore.
On April 16, shares of the company declined 2.35% to 421.7 apiece.

Power Grid Corp to raise Rs 12000 crore

(20 second reading) The directors of Leading PSU Power Grid Corporation approved a proposal to raise up to Rs 12,000 through the issuance of bonds in one or more tranches in 2024-25.
Power Grid Corporation is the country's largest electric power transmission utility. It operates 86 per cent of Inter-Regional networks. It is engaged in the bulk transmission of power across states in the country.
Meanwhile, shares of Power Grid Corporation last traded at Rs 274.35 apiece, up 0.07 per cent on Tuesday, April 16.

Cochin Shipyard sets sights on green shipping

(20 second reading) Leading shipbuilder, Cochin Shipyard carried out the steel cutting of the first zero-emission feeder container vessel in the world using green hydrogen as the fuel for Samskip, a leading logistics company headquartered in the Netherlands. The feeder container project is among the latest bagged by the CSL as part of its plan to turn green vessel construction into a key earning source in the next couple of years. Europe is set to become a major market for green vessels and CSL is already flooded with queries from companies primarily from Western Europe looking to transition to green shipping as part of their commitment to reduce carbon emissions. Average age of the fleet of these vessels (around 2,500 in numbers) could be getting close to 20 years.

Zomato Launches Large Order Fleet For Events

(20 second reading) Zomato CEO Deepinder Goyal announced the launch of India’s first large order fleet designed specifically for handling group, party, and event orders.
Goyal highlighted previous challenges with delivering large orders, noting that they often led to less-than-optimal customer experiences when managed by multiple regular fleet partners. This specialized fleet also promises to streamline the delivery process by ensuring that all aspects of service adhere to Zomato’s standards
This led his team to launch a new, all-electric fleet that can cater to gatherings of up to 50 people, marking a move towards more sustainable and efficient food delivery services.

Bajaj Is gearing Up to launch first CNG motorcycle

(20 second reading) CNG-powered vehicles pose lower costs and improved efficiency versus their gasoline-powered siblings.
Ever-tightening emissions restrictions are forcing vehicle manufacturers to explore all sorts of alternative power options. Of course, electric power is fast becoming a ubiquitous alternative to internal combustion. But within the realm of the ICE, there are quite a few innovations.
This is something Indian motorcycle manufacturer Bajaj has its sights set on, with company CEO Rajiv Bajaj announcing accelerated development of the company’s new CNG platform.
Bajaj’s CNG bikes hope to provide users with twice the mileage (effectively halving the cost) with every tank of gas

GQG increases stake in Patanjali Foods by 4T

(20 second reading) Rajiv Jain-led GQG Partners, which had shot to limelight after making contra bets on Adani stocks in the peak of the Hindenburg crisis, has increased stake in Baba Ramdev’s Patanjali Foods by nearly 4 times to 11.5% in the March quarter.
Earlier, GQG had invested around Rs 2,400 crore for acquiring a 5.96% stake in the offer for sale (OFS) of Patanjali in July 2023.
It holds positions in companies including ITC and Sun Pharmaceutical Industries along with lenders ranging from the State Bank of India to ICICI Bank and HDFC Bank.

FIIs increase stake in 6 Adani stocks

(20 second reading) With the Ahmedabad-based Indian conglomerate being seen as becoming "too big to ignore", foreign institutional investors or FIIs increased stake in 6 out of 10 Adani stocks in the March quarter.
During the quarter, FII ownership went up by 26 bps to 14.98% in Adani Ports. Adani Green Energy and Adani Wilmar also saw a rise of 12 bps each in FII holding. Other stocks in which foreign ownership rose quarter-on-quarter are Adani Power, Adani Total Gas and NDTV, shows data pulled from ACE Equity.
Mutual funds were seen raising bets on ACC, Adani Enterprises, Adani Green Energy and Adani Power. Retail investors, on the other hand, seemed to have booked profits in all stocks of the conglomerate barring Adani Energy.

Savita Oil is first in India to manufacture Ester molecule

(20 second reading) Savita Oil Technologies has become the first Indian lubricant company to manufacture Ester molecule, which is used in biodegradable applications and also acts as a cooling agent in two- and three-wheeler electric vehicles.
The company is also looking at the possibility of using the molecule for immersion cooling of data centres. Immersion cooling is a rising technology for cooling data centres and its market is currently worth $400 million and is expected to surge to $2 billion by 2031.

The firm's stock price zoom 5.45 percent to Rs 516.50 on BSE at 13:26 pm on April 16.

Power Grid bags 3 inter-state transmission projects

(20 second reading) Power Grid Corp. of India Ltd has bagged three inter-state transmission projects under tariff-based competitive bidding
The first project is the Transmission System for the evacuation of power from Rajasthan.
The second project, Transmission System for Evacuation of Power from potential renewable energy zone at Khavda in Gujarat, comprises augmentation works at an existing substation in the state.
The third project is a transmission system for the evacuation of power from Rajasthan, involving the establishment of a new 765 kV sub-station at Rishabhdeo, 765 kV D/C transmission lines and the extension of associated bays at other substations in Rajasthan and Madhya Pradesh.

Asian Paints launches Neo Bharat Latex Paint

(20 second reading) Asian Paints launched Neo Bharat Latex Paint on April 15, venturing into a new category of paint as robust growth in the sector driven by increasing urbanization, rising disposable incomes, encouraged existing players to tap into the booming demand and lap in more market share.
The company, which is the leading player in India, touts the new segment to being affordable, offering over 1,000 shades for consumers.
The company also onboarded cricket player Virat Kohli as the brand ambassador for new launch.
Neo Bharat Latex Paint marks one of Asian Paints' most significant launches to date.

VI Raises Rs 5,400 Crore anchor Investors

(20 second reading) Vodafone Idea has concluded its anchor book allocation just before the commencement of its highly anticipated Follow-on Public Offering (FPO), garnering approximately Rs 5,400 crore from both global and domestic heavyweight investors. The list of investors subscribing to the anchor book boasts distinguished names including GQG Partners, UBS, Morgan Stanley India Investment Fund, Citigroup Global Markets Mauritius, Goldman Sachs, and Fidelity, among others.

Crisil Q1 profit slips 5 pc to Rs 138 crore

(20 second reading) Ratings firms Crisil reported a 5.4 per cent drop in consolidated net profit to Rs 138 crore for the Q1 ended March 31. The company had posted a net profit of Rs 146 crore in the same period last year.
Crisil's consolidated total income rose to Rs 751 crore for the quarter ended March 31, 2024, from Rs 732 crore a year ago.
Its board has also approved the payment of an interim dividend of Rs 7 per equity share of face value of Re 1 each, for the financial year ending December 31, 2024, which will be paid on May 14, 2024, it said.
The rating agency expects India's GDP growth to moderate to 6.8 per cent in fiscal 2025 due to high-interest rates, fiscal consolidation and uneven global growth.

Jefferies retains ‘buy’ rating on HDFC Bank

(20 second reading) Global brokerage firm Jefferies maintained a 'buy' rating on India's biggest private lender, HDFC Bank, saying that its margin improvement will be key to increase the RoA and re-rating valuations. The brokerage firm assigned a target price of Rs 1,800 per share, signalling an upside of 20 percent from current levels.
Analysts at Jefferies believe that HDFC Bank's potential for credit growth over the next five years would build sensitivity to deposit market share gains.
The analysts at Macquarie had assigned a 'buy' rating on HDFC Bank, with a target price of Rs 2,000 per share

LTIMindtree sees spate of senior-level exits

(20 second reading) LTIMindtree, India’s fifth largest IT company, witnessed a spate of senior-level exits with the latest resignations of Pankaj Chugh and Gregory Dietrich, both executive vice-presidents of global sales..
Chugh and Dietrich’s exit follows that of Vinit Teredesai who resigned as the chief financial officer in 2024. Before that, Dilip Panjwani, then head of cyber security practice, exited the firm in January 2024.
Since the merger of Larsen & Toubro Infotech and Mindtree was announced in May 2022, which became operational in November of that year, there have been several high-profile exits from the merged entity.
Following the development, LTIMindtree shares lost more than 2% to become the top Nifty 50 loser.

Mahindra unveils new nine-seater Bolero Neo+

(20 second reading) Leading SUV manufacturer Mahindra & Mahindra todat unveiled the 9-seater 'Bolero Neo+' in two variants -- the P4 and the P10, at a starting price of Rs 11.39 lakh (ex-showroom). According to the company, the P4 serves as the entry-level option, while the P10 represents a more premium trim.
It also comes with advanced safety features such as an anti-lock braking system (ABS), dual airbags, child seats, engine immobiliser, and automatic door locks.

In addition, the new SUV features a 22.8 cm touchscreen infotainment system which includes Bluetooth, USB, and Aux connectivity.

Brigade Group to invest Rs400 crore in Chennai

(20 second reading) Brigade Enterprises Limited will be investing Rs.400 crore to develop a commercial project in Chennai,

The company has entered into a Joint Development Agreement with Agni Estates & Foundations Pvt Ltd to develop Brigade Tech Boulevard, a ‘Grade A’ office space on Pallavaram-Thoraipakkam Radial Road, in Chennai.
The project will have a leasable area of 8.36 lakh sq ft spread across two towers. This will be the next commercial launch by Brigade Group after the successful completion of the landmark ‘World Trade Center’ on OMR.Brigade Tech Boulevard will be of world-class quality, with significant focus on sustainability,

Thermax opens factory for wastewater solutions

(20 second reading) Energy and environment solutions company Thermax opened a new manufacturing facility in Chinchwad, Pune, for water and wastewater treatment solutions.
Ashish Bhandari, MD and CEO of Thermax, said their water and wastewater business had grown 3x in the last four years and continues to grow, driven by regulations, better enforcement of those regulations, transition to sustainable technologies and shortage of water.
“The country will need 2x water by 2047 and there will be no more fresh water available. This business was growing by 20-30% annually, and the company’s aspiration is to make this a Rs 1,000 crore business in FY25,” Bhandari said.

TVS starts export of BMW EV

(20 second reading) TVS Motor has kicked off export of its BMW electric-two wheeler. TVS exported 924 units of both its iQube Electric as well as what it classified as “BMW EV” in March 2024.
The company produced 15,246 units of the two EVs in March 2024, showed the SIAM stats. 
TVS exported 113 units of the iQube electric in February and 249 units in the April 2023 to February 2024 period. The 924 units tally in March took its total e-two wheeler exports to 1173 units at the end of FY24.
Last October, TVS and BMW Motorrad jointly unveiled the CE-02 which is the first EV two-wheeler jointly developed by the two companies. Production of the product began at Hosur late last year.

Eicher set to Launch New Royal Enfield Motorcycles

(20 second reading) The top player in the two-wheeler segment, Eicher Motors soon to give a big boost to its Royal Enfield fleet in India. The company is gearing up to launch new motorcycles in multiple segments, catering to a wider audience in the country.
The report suggested that the company has lined up 6 motorcycles, which are likely to arrive in the current fiscal. As per the details shared by Autocar, Royal Enfield has lined up 6 models, out of which four will be introduced under 350cc, 440cc, and 450cc, while the remaining ones will be released under 650cc.

MFs cut stakes in PSUs

(20 second reading) Domestic mutual funds reduced their exposure to many public sector stocks in the March quarter following a sharp rally in the pack over the past year. The BSE PSU index rallied 96% in the last year and is currently trading at a 40% premium to the five-year average.

Of the 25 public sector undertakings (PSUs) that published their shareholding for the March quarter, 11 saw a decline in mutual fund holdings, while only three stocks saw an increase in stakes.
Asset managers reduced their stakes in state-owned companies like SJVN, Punjab Nationa bank, RITES, Hindustan Copper, Mishra Dhatu Nigam, BHEL, Bharat Electronics, and Life Insurance Corporation, among others.

Vedanta gets 11-yr Rs 3900 crore loan from PFC

(20 second reading) Mining conglomerate Vedanta Ltd has secured an 11-year term loan of Rs 3,918 crore from Power Finance Corporation Ltd. The financial closure will enable Vedanta to expedite completion of its power projects.

The latest financing follows Vedanta group's takeover of Meenakshi Energy Ltd on December 28 in an NCLT-driven insolvency process. The group plans to increase the operating capacity of its power business in India to 4.8 GW by FY27.
It will primarily use the funds for these two of its key power plants.

Fairfax infuses Rs 500 crore into IIFL Finance

(20 second reading) The subsidiary of Fairfax Financial Holdings provided a Rs 500-crore lifeline to IIFL Finance, which is banned by the Reserve Bank of India from offering gold loans due to irregularities in its lending process.
Odyssey Reinsurance, a subsidiary of the Prem Watsa-promoted company, provided three-year debt in the form of secured, rated, listed bonds at a 9.5% coupon, payable semi-annually, they added.
IIFL Finance's total loan AUM is Rs 77,444 crore, of which gold loans account for about 32%, or Rs 24,692 crore, as of December 31, 2023.
A day after the banking regulator curbed IIFL from giving new gold loans, Canadian billionaire Watsa announced liquidity support of $200 million to if the company faces a funding crunch.

Sun Pharma’s Dadra unit tagged ‘OAI’ by US FDA

(20 second reading) Regulatory troubles continue for Sun Pharma as the drug manufacturer’s Mumbai unit has been issued an "official action indicated" (OAI) tag by the US Food and Drug Administration, which may affect new launches.
The OAI classification for Sun’s Dadra unit follows recent regulatory trouble for Halol and Mohali facilities in the recent past, which had an impact on Sun Pharma's generic sales.
HSBC expects the drugmaker's US generic sales, excluding cancer drug Revlimid, to remain range-bound due to regulatory issues.
Analysts at HSBC expect the FDA move to add to the regulatory overhang for the drugmaker, while those at Nomura see it as a negative surprise.

Indigo Aircraft landed with just 1-2 minutes of fuel left, airline apologises

(20 minute reading) An IndiGo flight traveling from Ayodhya to Delhi on Saturday, April 13, was forced to make an unscheduled landing in Chandigarh due to low fuel, raising concerns about passenger safety and potential violations of aviation protocols.
Satish Kumar, a passenger on the flight and Deputy Commissioner of Police, shared his harrowing experience on social media. "The plane finally managed to land at Chandigarh Airport at 6:10 PM, 115 minutes after the announcement about having 45 minutes of holding fuel. Got to know after landing that we landed in the nick of time, with only 1 or 2 minutes of fuel left, from the crew staff," he claimed.

Ambuja to acquire cement grinding unit for Rs 413 crore

(20 second reading) Ambuja Cements of the Adani Group, has signed an agreement to acquire My Home Group's 1.5 MTPA cement grinding unit in Tuticorin, Tamil Nadu for Rs 413.75 crore.
The acquisition is expected to enhance the company's footprint across the southern markets of Tamil Nadu and Kerala.
The facility is spread across 61 acres and is conveniently located near the Tuticorin Port with a long-term fly ash agreement will be value accretive from the beginning.
Ambuja, with its subsidiaries ACC Ltd and Sanghi Industries has taken the Adani Group’s cement capacity to 78.9 MTPA with 18 integrated plants and 19 cement grinding units.

Shares of Indian Hotels has a upside of 19%

(20 second reading) UBS reiterated its ‘buy’ for hotels giant Indian Hotels Company raising the target price to Rs.715, up 43% from its previous target of Rs. 500 per share. The revised target implies a potential upside of around 19% from the stock’s current market price of around Rs.600.
The analysts believe that the acceleration in earnings will be driven by operating and financial leverage. The brokerage firm also mentioned various growth drivers that could enhance revenue and profitability.
The brokerage added that “both earnings upgrades and embedded value of optionality should support the re-rating.

Real estate sector to grow 3X to $1.5 trillion by 2034

(20 second reading) The real estate sector is seen reaching $1.5 trillion by 2034, more than trebling from $482 billion, constituting 10.5% of the total economic output, up from 7.3%last year, over the next decade, says an industry report. Of the $1.5 trillion valuation, the residential market is expected to lead with a value of $906 billion, followed by the office sector contributing $125 billion, according to a weekend note by realty consultancy Knight Frank and industry lobby CII. Land for manufacturing activities is estimated to be $28 billion, while warehousing is projected to yield revenues of $8.9 billion, the report adds.

M&M plans a Rs 1200 crore RE project

(20 second reading) The Mahindra Group will foray into the hybrid renewable energy segment with an investment of Rs 1,200 in a solar and wind project.

Mahindra Susten, its renewable energy platform, will develop the project along with Ontario Teachers' Pension Plan Board as a strategic partner. As a part of this project, the group will install ˜101 MW wind capacity and ˜52 MW solar capacity.The project will be one of the largest co-located solar + wind hybrid projects in Maharashtra to deliver clean energy to Commercial and Industrial (C&I) customers, it said.

The company expects to commission the plant in the next years, built using 80 per cent locally manufactured components.

Jefferies expects 47% upside for ONGC

(20 second reading) Global brokerage firm Jefferies has initiated coverage on the stock with a 'Buy' recommendation, saying reforms in crude and gas pricing have improved the company's profitability above past decade averages.

Jefferies' price target of ?390 per share on the ONGC stock implies a potential upside of nearly 47% over the next 12 months.

Augmented by profitable production growth over FY24-26, the foreign brokerage sees strong free cash flow (FCF) generation and consolidated net debt reduction.

Tata-Tesla Partnership for making semiconductor chips

Tesla has agreed upon on deal with Indian behemoth Tata for making semiconductor chips for the former, globally. Tata's subsidiary, Tata Electronics is said to have entered into an understanding with the American company.
This comes at the back of another development, when the carmaker dispatched a tranche of its associates to India, to visit the potential site for a future plant. The team is said to have visited the state of Gujarat for the same.

Tesla, arguably one of the most consequential players in the business has upped its efforts to set up its much talked about manufacturing plant in India.

Granules India has zero observation from US FDA

(20 second reading) The US FDA issued no section 483 observation on completion of an audit on the Visakhapatnam facility of Granules India.The company’s Unit V facility at Anakapally in Visakhapatnam, Andhra Pradesh, underwent an inspection by the US drug regulator from April 8 to 12. This audit was a pre-approval inspection (PAI) and cGMP audit for active pharmaceutical ingredients (APIs) and formulations (FDs); oncology and non-oncology, which resulted in Zero 483's.
This facility manufactures APIs and formulations of oncology and non-oncology products.

The shares of Granules India traded down 1.5 percent in early trade on April 15 even after NIL observations.

Ramkrishna Forgings bags order for Vande Bharat train

(20 second reading) Ramkrishna Forgings announced that it has won a Rs 270 crore order from BHEL-TRSL consortium for 32 Vande Bharat train sets.
The scope of the project involves the development and validation of the bogie frame for the sleeper version of the Vande Bharat trainset. The order encompasses 32 train sets, each comprising 16 coaches. The company will produce a total of 1,024 bogie frames.
Ramkrishna Forgings recorded a profit of Rs 86.86 crore in Q3FY24 an increase of 42.3 percent compared to Rs 61.04 crore

Zomato shares may go up to Rs.250, says UBS

(20 second reading) Brokerage firm UBS expects shares of food delivery giant Zomato Ltd. to rise up to as high as Rs.250 per share over the next 12 months. However, this isn't the highest target for the stock on the street. Brokerages like ICICI Securities (Rs.300) and JM Financial (Rs.260) have targets higher than UBS for Zomato's shares.
Out of the 28 analysts that track Zomato, 24 of them maintain a "buy" recommendation on the stock, while four of them have a "sell" rating. UBS believes that Zomato's quick commerce growth and margin potential are under appreciated by the street.
The brokerage expects Zomato's Gross Merchandise Value (GMV) to reach $10.2 billion by financial year 2029 or over the next five years,

ISMT wins two contracts from ONGC

(20 second reading) ISMT is awarded two contracts from ONGC. The contracts, which were received on April 12th, are for the supply of regular casing pipes and have a total value of approximately Rs 343.72 crore. The contracts are expected to be executed between April 11, 2024 and February 13, 2025. As of 9:49 am, ISMT was quoting at Rs 99.25, up by Rs 2.98 or 3.10% on the BSE.
Currently, the stock is trading 11.57 percent below its 52-week high and 45.74 percent above its 52-week low.

TCS reports decline in headcount in 19 years

(20 second reading) For the first time in 19 years, the headcount in TCS has declined, ever since the company was listed in 2004, the company reported.
TCS revealed on April 12 that its headcount has declined by 13,249, bringing down the number of the employee base to 601,546 in the financial year 2023-24.

Headcount refers to the number of people working in a company or in a particular department over a given period of time.
The net addition of new employees was just 22,600 in the whole year.

Israel-Iran War & crude prices can impact rupee

(20 second reading) Since the Iran-Israel War has escalated, worries over India’s current account deficit have re-emerged with crude oil prices expected to touch $100 per barrel soon . Being the world’s third largest consumer of crude oil with around 80 percent of the crude being imported, India is particularly vulnerable to any price fluctuations in this commodity.
Historical data shows that there is a high correlation between oil prices and the current account deficit (CAD). As the average oil price increases, the current account deficit widens. When the oil price was between $100 and $120 per barrel in the past, India saw its current account deficit burgeoning to -3.6 percent of GDP. Given that India settles its oil imports in dollars, a surge in oil import expenses can drive up demand for dollars, potentially depreciating the rupee vis-à-vis the dollar.

Gold headed to $3000?

(20 second reading) Gold climbed past $2,410 per ounce, marking a new record high, posting 3 percent gains for the week as Middle East tensions flair. Gold has been taking support from safe-haven buying on the back of higher inflation, expectation of interest rate cuts and global geopolitics tensions.
The latest reports suggest Israel Israel says that around 300 drones and missiles were fired by Iran and that some of the launches also came from Iraq and Yemen.
The other factor that would support gold is the rising crude oil prices. Crude is up 18 percent in 2024 till time on the back of supply disruptions at the Red Sea, Russian oil facilities attacked by Ukraine drones and the OPEC output cuts. higher crude means higher inflation, adding buying support to Gold.

DLF To Invest Rs 2,200 Crore In New Gurugram Mall

(20 second reading) Realty giant DLF has embarked on the construction of a new 26-27 lakh square feet shopping mall in Gurugram, reflecting its strategic expansion efforts amidst a resurgence in retail activity following the COVID-19 pandemic. With an estimated investment of approximately Rs 2,200 crore, this development underscores DLF's commitment to bolstering its retail presence.
DLF currently boasts a retail footprint of approximately 42 lakh square feet, comprising nine properties, including malls and shopping centers, predominantly located across Delhi-NCR. Notably, around 3.4 lakh square feet of this retail portfolio falls under DLF Ltd, while the remainder is under the joint venture entity DLF Cyber City Developers Ltd (DCCDL), in partnership with Singapore sovereign wealth fund GIC.

Anand Rathi Buyback 2024

(20 second reading) Anand Rathi Wealth aims to repurchase approximately 370,000 fully paid-up equity shares, each with a nominal value of Rs 5, accounting for 0.88% of the company's total issued shares.
The buyback offer is priced at Rs 4,450 per share, representing a 9.9% premium over the closing price on Friday. The aggregate buyback amount is capped at Rs 164.65 crore. The shares will be bought back via a "tender offer" method, ensuring a fixed buyback price.
This marks the company's inaugural share buyback since its December 2021 listing. Since then, Anand Rathi Wealth has distributed dividends totaling Rs 28 per share. The board has sanctioned a Rs 9 per share dividend for the March quarter, culminating in a total distribution of Rs 37 per share since its public offering.
The record date for the buyback has not been announced yet.

Lemon Tree to Expand Hotels In 150 Cities

(20 second reading) Patanjali Keswani, CMD, Lemon Tree, shares how tourism sector currently at 6.8% of the GDP holds promise for huge growth over the next decade and once it reaches the global average of 10% of the GDP, it can turn to be the biggest employment generator. He also talks about Lemon Tree's expansion plans amid government's focus on spiritual tourism. To tap this fast-growing business, Lemon Tree is planning to expand Hotels In 150 Cities Over Next 2 Years from Current 65 Cities.

Varun Beverages Gorakhpur plant starts commercial production

(20 second reading) Varun Beverages, leading bottler of beverage major PepsiCo has started commercial production of soft drinks and energy drinks from its production facility at Gorakhpur, Uttar Pradesh.
The Jaipuria family-promoted firm will also start juices, energy drinks and value-added dairy products from the Gorakhpur facility.
VBL said it is investing about Rs 1,100 crore for the greenfield project.
VBL operates across six countries. Three markets of the Indian Subcontinent -- India, Sri Lanka, and Nepal contributed 83 per cent of its net revenues, while three African countries -- Morocco, Zambia, and Zimbabwe -- contributed the remaining 17 per cent in 2023.

Ami Organics to raise up to Rs.500 crore via QIP

(20 second reading) Speciality chemicals maker Ami Organics Ltd informed it plans to raise Rs.500 crore through a qualified institutional placement (QIP).

The company's board of directors has approved the proposal for raising funds in one or more tranches by issuing equity shares and/or other convertible securities.

Shares of Ami Organics Ltd ended at Rs.1,220.95, down by ?54.70, or 4.29%, on the BSE.

Engineers India MOU for AI-based construction site monitoring

(20 second reading) Engineers India Ltd and Detect Technologies Pvt Ltd signed a MoU for Artificial Intelligence (AI) based monitoring, to ensure safe practices at construction sites and monitor project progress in India and abroad.
This partnership aims to implement and maintain AI-based solutions employing cameras, drones, and cloud computing infrastructure to uphold a safe working environment, thereby minimising accidents and injuries, while concurrently overseeing project advancement.
This MoU underscores EIL's commitment to ensuring the utmost safety standards across projects.

Federal bank share price target 2024

(20 second reading) Kotak Institutional Equities has been bullish on Federal Bank stock in its April 12 report with a 'buy' rating at the CMP of Rs 159 apiece. It sets Rs 185 as a target price with an upside of 16%.

Federal Bank has a consistent track record of issuing dividends over the years.

Federal Bank is a popular option among the big investors. As per trendlyne, Rekha Jhunjhunwala portfolio holds shares of Federal bank worth Rs 759.1 crore. Moreover, SBI life, LIC and HDFC bank have some stakes in the stock.

Inflation Slips Below 5%

(20 second reading) Retail inflation eased to a 10-month low of 4.85% in March while industrial output hit a four-month high of 5.7% in February, data released Friday showed.
With inflation maintaining its downward trajectory, the print — which was below 5% for the first time in five months — moved closer to the Reserve Bank of India’s target level of 4%.

Experts said the central bank is not likely to cut rates in a hurry and will possibly watch for the June-September monsoon

Japan’s MUFG, SMBC weigh buyout in Yes Bank

(20 second reading) The State Bank of India-led consortium, which rescued Yes Bank in 2020, is now considering selling its stake.
Japan’s Mitsubishi UFJ Financial Group (MUFJ) and Sumitomo Mitsui Banking Corp. (SMBC) have expressed interest and are considering a bid to acquire a majority stake in Yes Bank
Another company from the Middle East has also shown interest. SBI is the largest shareholder with a 26.13 percent stake. These are very early days in the deal.

India’s Forex Reserves at New High Of $ 648 Billion

(20 second reading) India’s forex reserves jumped by USD 2.98 billion to a fresh peak of USD 648.562 billion for the week ended April 5, the RBI said on Friday. In the previous reporting week, the forex kitty had increased by USD 2.951 billion to USD 645.583 billion, which was an all-time high. In September 2021, the country’s forex kitty reached an all-time high of USD 642.453 billion, a level that was breached in March this year. For the week ended April 5, the foreign currency assets, a major component of the reserves, increased by USD 549 million to USD 571.166 billion, the data released on Friday showed.

JM Financial raised the target price of Zomato

(20 second reading) The share price of Zomato gained rose over one percent today (April 12) as the stock extended gains for the sixth straight session. Zomato shares gained 1.49% to a fresh record high of Rs.199.75 apiece on the BSE. This comes after JM Financial raised the target price on the stock and said that it sees an upside potential of over 32%.
JM Financial put a ‘Buy’ rating on the stock and raised Zomato share price target to Rs.260 per share from Rs.200 earlier. The brokerage cited a significant rise of Blinkit, Zomato's quick commerce business. JM Financial's three-year target price for Zomato stands at Rs.400 per share.

TCS Q4 Net profit rises 9% to Rs 12434 crore

(20 second reading) TCS reported 9% rise in net profit at Rs 12,434 crore for the fourth quarter of FY24 compared to Rs 11,392 crore last year. Revenue rose 3.5% to Rs 61,237 crore in Q4 The EBIT margin was up at 26 percent for Q4, compared to 25 percent in the previous quarter. For the full year of FY24, revenue grew by by 6.8 % YoY to Rs 240,893 crore. Net profit for the year was at Rs 46,585 crore. Operating margin for the year was 24.6%. TCS reported all-time high quarterly and full year deal wins at $13.2 billion, and $42.7 billion respectively. TCS announced a final dividend of Rs 28 per share.

Blinkit To Deliver Lenskart Products In 10 Minutes

(22 second reading) Zomato group company, Blinkit plans to deliver Lenskart products (sunglasses and computer glasses from the Hustlr range, to customers in 10 minutes.
On Thursday, it announced a partnership with Atomberg, a manufacturer of home appliances to deliver ceiling fans in just 12 minutes.
Earlier in the month, Blinkit joined forces with tech giant Sony by delivering the highly anticipated PlayStation 5 directly to their homes in 10 minutes.
Earlier, it has also collaborated with Samsung for the delivery of the Galaxy S24 series in several major cities.

Dixon Tech signs MOU Dassault Systemes

(20 second review) Dixon Technologies India signs MoU with Dassault Systemes to boost global manufacturing efficiency
The Memorandum of Understanding (MoU) aims to harness the capabilities of Dassault Systemes' Digital Enterprise Lean Manufacturing Interactive Application (DELMIA) Apriso applications to enhance efficiency and quality control throughout Dixon's production processes.
Driven by the mutual goal of optimizing manufacturing procedures, improving quality assurance, and fostering operational excellence, this partnership signals a significant step forward in the realm of digital manufacturing, according to the press release.

Defence Ministry issues Rs 65000 crore tender to HAL

(20 second reading) The Defence Ministry has issued a tender to Hindustan Aeronautics for the purchase of made-in-India 97 LCA Mark 1A fighter jets expected to be worth over Rs 65,000 crore.
This is set to be the largest order for indigenous military hardware ever placed by the Indian government.
The tender was issued by the Defence Ministry to the HAL recently, and they have been given three months to respond to it.
The programme will help the IAF replace its fleet of MiG-21s, MiG-23s, and MiG-27s, which have been either phased out or are set to be phased out shortly, government officials.

Phoenix Mills Q4 reports 27% growth in total consumption

(22 second reading) Retail mall developer Phoenix Mills Ltd reported 27 per cent yoy growth in total consumption at Rs 2,818 crore for Q4FY24. On a like-to-like basis, consumption in Q4 increased by 9 per cent in comparison to the same period last year. Moreover, gross retail collections stood at Rs 791 crore in Q4FY24, recording a growth of 37 per cent over Q4FY23.
For 2324, it reported retail consumption at Rs 11,327 crore, up by 22 per cent over FY23. On a like-to-like basis, consumption in FY24 went up by 8 per cent over FY23. Gross retail collections stood at Rs 2,743 crore in FY24, up 27 per cent on-year. Occupancy during Q4 went up to 70 % as against 63 % the previous year.

Utkarsh SFB pays Rs 1.24 crore to Sebi to settle case

(20 second reading) Utkarsh Small Finance Bank has settled a case pertaining to disclosure norms with capital markets regulator SEBI and paid Rs 1.24 crore towards the settlement charges. Sebi had started adjudication proceedings against the bank for alleged violations of the Listing Obligations and Disclosure Requirements (LODR) Regulations.

The capital markets regulator had issued a showcause notice to the bank on March 16, 2023, after it appointed an adjudicating officer on March 10, 2023.

Pratham EPC bags Rs 497-cr order

(18 second reading) Pratham EPC Projects bagged a Rs 497-crore order, from Sun Petro Chemicals. The order is more than double its market capitalisation of Rs 241 crore.

The order pertains to an EPC contract of onshore or offshore crude oil pipelines in the Gulf of Khambhat and other fields of Gujarat. The project is expected to be completed in the next 36 months. The shares of the company zoomed 20 percent and were locked in the upper circuit.

Varun Beverages to invest in 2 renewable energy firms

(20 second reading) Pepsico bottler Varun Beverages announced that it will buy a stake in Huoban Energy 11 and Aspirative Creative Ventures.
(i) Huoban Energy 11 Private Limitedis engaged to supply solar power to consumers in the state of Maharashtra.
(ii) Aspirative Creative Ventures is engaged to supply solar power to consumers in the state of Uttar Pradesh.
Varun Beverages intends to obtain solar power for its facility located in Dhule, Maharashtra.

Maharashtra Seamless got Rs 674 crore order

(20 second reading) Maharashtra Seamless has received a work order Rs 674 crore from ONGC for the supply of casing seamless pipes.
Earlier in January, Maharashtra Seamless had received two contracts with an aggregate basic value of approximately Rs 116 crore from Indian Oil Corporation for the supply of seamless pipes. In December 2023, it had bagged an order with a basic value of Rs 187 crore from ONGC for the supply of premium casing seamless pipes.

GQG Partners now fond of Adani Energy Solutions

(20 second reading) The latest shareholding pattern of Adani Energy Solutions Ltd (erstwhile Adani Transmission) suggests one of the schemes of Rajiv Jain's GQG Partners, which was the first investor in the Adani group firms in the aftermath of the Hindenburg report, bought a stake in the Adani group firm in the quarter gone by.

GQG Partners Emerging Markets Equity Fund owned 2,03,24,405 shares or 1.82 per cent stake in the company as on March 31. It was not an investor in Adani Energy Solutions at the end of the December quarter. Analysts noted that Adani Energy Solutions has set a goal to establish 30,000 ckm of transmission lines by 2030,

Malabar Gold records turnover of Rs 50000 crore

(20 second reading) Malabar Gold has achieved an annual global turnover of Rs 50000 crore in the last financial year. Its retail expansion plan spans India and overseas markets with plans to open 100 new stores within the next one year. The brand currently operates 345 stores across 13 countries, with plans to open new stores in New Zealand, Egypt, Bangladesh, and more locations in Europe. The company will strengthen its presence in existing markets such as the US, Canada, UK, and Australia.

Malabar Gold & Diamonds is also planning to hire an additional 7,000 employees increasing the workforce to 28,000. It currently employs 21,000 people representing 26 countries.

The company operates 14 supply chain management units in 8 countries and 15 jewellery manufacturing units across 5 countries

ICRA Downgrades Banking Sector’s Outlook to Stable

(20 second reading) Rating agency Icra revised downwards its outlook for the banking sector to 'stable' from 'positive' on expectations of a moderation in credit growth and profitability.

The agency said the credit growth will moderate to 11.6-12.5 per cent in FY25 from 16.3 per cent (excluding the impact of the HDFC twins merger) in FY24, while the lower net interest income margins on higher deposit rate payouts will lead to a dip in profits.On the asset quality front, it expects a further moderation in the gross non-performing assets ratio for the banking system at 2.2 per cent by March 2025 from 3 per cent likely in March 2024,

NTPC Green prepares for Rs 10,000 crore IPO

(20 second reading) NTPC Green Energy has shortlisted four investment banks to manage its Rs 10,000 crore initial public offering, which would be the biggest by a state-owned entity since the share sale by LIC of India .
IDBI Capital Markets and Securities, HDFC Bank, IIFL Securities and Nuvama Wealth Management have been shortlisted after financial and technical bids. NTPC earlier planned to sell a 20 percent stake in NTPC Green to a strategic investor.
NTPC Green is working on a pipeline of just under 25-26 GW.

TPEM and Shell join hands to deploy EV Infra

(20 second reading) Tata Passenger Electric Mobility Ltd. (TPEM), has signed a non-binding Memorandum of Understanding (MOU) with Shell India Markets Private Limited (SIMPL) to collaborate in setting up public charging stations across the country.

TPEM, in an official statement, claimed that it will leverage Shell's widespread fuel station network and TPEM's insights from over 1.4 lakh Tata EVs on Indian roads to set up chargers at locations frequently visited by Tata EV owners.

CAMS to operate as online payment aggregator

(20 second reading) Computer Age Management Services (CAMS) on Wednesday, April 10, received authorisation from the RBI to operate as an online payment aggregator. CAMS–India’s largest mutual fund transfer agency had received an in-principle authorisation from the central bank in February, 2023.The company’s payment business unit, CAMSPay, is currently serving mutual funds, insurance companies, banks and NBFCs. Its offerings now include an expanded UPI autopay feature that has seen wide adoption by fintech channels and notable third-party applications

Uno Minda set for Rs 542-crore greenfield alloy wheel plant

(20 second reading) Auto components maker Uno Minda Ltd said its upcoming Rs.542-crore greenfield passenger vehicle alloy wheel plant in Haryana will be set up in a phased manner over the next five years.

The first phase of the plant in IMT Kharkhoda, Haryana — with a capacity of 120,000 wheels per month — will be commissioned in Q2 of FY26. Uno Minda had recently secured an allotment of a strategic land parcel of 94.32 acres at IMT Kharkhoda & around 25 acres has been designated for this greenfield alloy wheel plant.

Vodafone Idea to launch Rs.18000-20000-crore FPO next week

(20 Second reading) Vodafone Idea is gearing up to launch a FPO to raise Rs 18,000-20,000 crore by the middle of next week, sources have told Moneycontrol.

The debt-laden telecommunications company has enlisted Jefferies, SBI Caps and Axis Capital as lead managers for the FPO, the largest offerings of its kind in India. However, none of the banks are underwriting the issue, sources said. Vodafone Idea has secured commitments from anchor investors, including both foreign and domestic institutional investors

Gensol reports order book of Rs 1783 crore

(20 second reading) Gensol Engineering, a leading player in the renewable energy sector, has informed exchanges that it has received a significant order book of Rs 1783 crore at the beginning of FY25.
The company has secured two major orders of Rs 1,448 crore and Rs 335 crore. These orders are from Solar EPC (India and the Middle East including Scorpius trackers) and Let's EV respectively.

Gensol Engineering recorded the highest-ever revenue of Rs 960 crores in FY24 with a growth of 141 % YoY

SIP inflows rise to record high in March

(20 second reading) SIP inflows for March surged to a record high, standing at Rs.19,271 crore, compared to Rs 19,187 crore in the previous month, according to data released by the AMFI. This marks the second consecutive month where SIP inflows have surpassed the Rs.19,000 crore mark.SIP has emerged as a powerful tool in fostering financial discipline, particularly among young investors. According to Swarup Anand Mohanty, Vice Chairman and CEO of Mirae Asset Investment Managers, Mohanty expressed optimism about this consistent surge in SIP flows, foreseeing a potential milestone of Rs.25,000 crore by the end of 2024.

Jefferies sees 50% upside in Entero

(20 second reading) The healthcare product distributor, Entero Healthcare Solutions that listed at a discount of 2.3 percent on February 16, 2024, and has fallen 10 percent since, has a 50 percent upside, according to Jefferies.

The brokerage, initiating coverage on the stock with a buy recommendation, said that the company Entero Healthcare Solutions is well placed to deliver an organic revenue growth that is 2x the industry's pace over FY24-26E.

RIL to lead massive Rs 1 lakh crore investment

(20 second reading) Reliance Industries and L&T as well as energy companies Greenko Group and Welspun New Energy will be setting up green hydrogen and green ammonia units at Gujarat’s Deendayal Port Authority in Kandla.The project could see a cumulative investment of up to Rs 1 lakh crore which will be among the largest such investments in the sector and the energy infrastructure space in India.
Last month, DPA allotted the plots to the four companies, said the people cited above.
“DPA offered 14 plots with around 4,000 acres of land in total. Of this, RIL has been allotted six plots, L&T has been allotted five, Greenko Group has bagged two and Welspun New Energy has been allotted one plot. A formal announcement will be made in June after the polls.

IndiGo is world’s 3rd largest airline by m-cap

(20 second reading) Shares of InterGlobe Aviation Limited scaled fresh record high on April 10 by trading 5 percent higher at Rs 3,801 a piece during afternoon trade.

Wednesday's gains made the carrier world's third largest airline in terms of market capitalisation. The 22 percent rally in the last one month has taken the stock of InterGlobe Aviation, the operator of IndiGo airline in India, to over Rs 1,46,000 crore ($17.5 billion) in total value.Data shows that Delta Air and Ryanair Holdings are the top two airlines with $30.4 billion and $26.5 billion m-cap, respectively.

Jefferies bullish on Tata Steel, JSW Steel

(20 second reading) Jefferies is bullish on Indian metal companies amid the recent resurgence in the global manufacturing activity, including in the US and China, the world's two biggest economies. In a recent note, the brokerage firm said it had constructive views on the sector, particularly copper and aluminium.

Jefferies upheld "buy" ratings on Tata Steel and Hindalco Industries stocks but raised target prices. Tata Steel's target price has been increased to Rs 200 from Rs 165.
The brokerage has retained "hold" call on JSW Steel but has raised the target price to Rs 900 from Rs 800.

SC orders Reliance Infra subsidiary to refund Rs 8000 cr

(20 second reading) In a significant ruling, the Supreme Court has allowed a curative petition filed by Delhi Metro Rail Corporation, directing Reliance Infrastructure to refund the Rs 8,000 crore paid to its subsidiary Delhi Airport Metro Express Private Limited (DAMEPL). DMRC had filed the curative petition challenging the arbitral award that had directed it to pay to the Reliance Infrastructure subsidiary.

Shortly after the court ruling, shares of Reliance Infrastructure slipped by 20 percent to hit the lower circuit.

Rohan Gupta is bullish on 4 chemical stocks

(20 second reading) According to Rohan Gupta, Nuvama Institutional Equities,"The structural growth opportunity which we say for the speciality chemical players, especially in names like CDMO, China plus one, Europe's energy crisis and Europe plus one, all those structural growth driver were there in last one year also and even right now also we see that they remain intact,"
I think that the company like Aarti, Jubilant Ingrevia, Gujarat Fluoro, Galaxy Surfactants, are already sitting on the ready capacities because they have never ever stopped on the capex even in a weak time last year.

IRB Infrastructure see sharp growth in toll collection

(20 second reading) IRB Infrastructure Developers Limited and its associate, IRB Infrastructure Trust announced a remarkable 30% YoY increase for March 2024. The aggregate toll collection for March 2024 amounted to Rs. 4,809 million, as compared to Rs. 3,700 million in the corresponding period of the previous year.

Assets under the Private InvIT, managed by IRB Infrastructure Trust, witnessed an even higher toll collection rise of 40% yoy.

Puravankara to enter redevelopment business in Mumbai

(20 second reading) Bengaluru-based Puravankara Ltd, that crossed the Rs.5,900 crore benchmark in terms of sales for the first time in almost five decades, plans to focus on redevelopment projects across Mumbai and Pune this fiscal.
Mumbai and Pune will be the new focus areas, especially redevelopment projects.
The company had announced that it has secured the residential redevelopment rights for two housing societies in Mumbai in November 2023 with a revenue potential of Rs.1500 crore.
In Pune, the company is in advanced stages of discussion.

Patel Engineering’s order book to hit Rs 25000 cr in FY25

(20 second reading) Patel Engineering, a Mumbai-based engineering, procurement, and construction firm, expects its order book to touch at least Rs 25,000 crore in FY25 from Rs 19,134 crore as of December 2023 (Q3 FY24), Kavita Shirvaikar, CFO has informed.
In terms of the sector-wise mix, hydropower projects constitute 60.67 percent of the company’s current order book, irrigation 21.05 percent, tunnelling 11.02 percent, road 2.99 percent and others account for 4.27 percent.
“We are targeting to participate in tenders worth Rs 50,000-60,000 crore in FY25.

Popular Vehicles expects 20% revenue growth in FY24

(Reading of 20 seconds) Naveen Philip, the Managing Director of Popular Vehicles and Services, expects the company's revenue to continue growing at around 20%. He pointed out that the growth in used car sales is surpassing that of new car sales by 2-3% while highlighting the subdued growth in small commercial vehicles over the past 18 months.
"If you look at a compound annual growth rate (CAGR) for the last three years, even if you look at this year with the last year, we've been going about 19 to 20% CAGR. We hope to hold that in the future too," he said.

Voltas posts highest-ever AC sale of two mn units in FY24

(20 second reading) Voltas achieved over 2 million AC units during this fiscal 2023-24, the highest ever sale of ACs by any brand in a financial year in India, with a volume growth of 35% Voltas' sales numbers are also industry-first. The Tata Group company said in an exchange filing, "The company achieved over 2 million AC units during this fiscal 2023-24, the highest ever sale of ACs by any brand in a financial year in India, with a volume growth of 35%."

Exide Industries buys 26% stake in Clean Max Arcadia

(Reading of 20 seconds) Exide Industries has acquired a 26% equity stake in Clean Max Arcadia Private Ltd for Rs.5.34 crore.
Clean Max Arcadia Private Limited is a Special Purpose Vehicle (SPV) promoted and incorporated by Clean Max Enviro Energy Solutions Pvt Ltd. for generation and supply of solar power,
The primary objective of Exide's investment in Clean Max Arcadia is to qualify as a captive consumer of solar power, thereby promoting renewable energy adoption within its operations.
By subscribing to 26% of the total equity capital of the SPV, Exide seeks to optimise its power costs and enhance operational efficiency at its factory located in Bawal, Haryana.

Adani Green to raise $400 mn in offshore loan

(Reading time 20 seconds) Adani Green Energy Ltd. is in talks to raise about $400 million through an offshore loan for an upcoming renewable project. The foreign currency loan could range from seven to ten years, with the pricing likely linked to the Secured Overnight Financing Rate

The company is in talks with a group of banks including Mitsubishi UFJ Financial Group Inc., First Abu Dhabi Bank PJSC, Standard Chartered Bank and Sumitomo Mitsui Financial Group Inc.
Earlier in December, Adani Green raised a $1.4 billion loan from a group of banks.

NTPC to add 5 GW generation capacity in FY25

(Reading of 20 seconds) NTPC has set a target to add 5GW of power generation capacity in the current fiscal year. The company aims to add 3GW of renewable energy capacity and 2GW to its thermal energy capacity in FY25.

In FY24, NTPC added 3.9 GW of new capacity to its portfolio, bringing its cumulative installed capacity to nearly 76 GW. Presently, the group has an operational RE capacity of 3.5 GW.
By 2032, NTPC said that it is looking to expand its non-fossil based capacity to 45-50% of the company's portfolio that will include 60 GW RE capacity with a total portfolio of 130 GW.

Sterlite Tech gets board nod to Rs 1,000-cr QIP

(20 second reading) Sterlite Technologies intends to raise around Rs 1,000 crore through the QIP at a floor price of Rs 119 per share which is a 6 percent discount to Monday's close of Rs 127.10 per share.
The equity dilution pursuant to the institutional share sale (QIP) is likely to be 22 percent of the overall outstanding equity of the company, the report added. Based on the December-quarter shareholding pattern, promoter group entities held a 53.99 percent stake.
Motilal Oswal and Nuvama are the book running lead managers for the QIP.
Sterlite Technologies recently announced receiving orders of Rs 900 crore for fiberisation projects from private telecom companies in FY 2024

Maruti expands capacity at Manesar by 1 lakh units pa

(20 second reading) Maruti Suzuki has expanded the manufacturing capability at its Manesar plant in Haryana bt 1 lakh units per year. With the addition, the total manufacturing capability at Manesar now stands at 9 lakh vehicles per year.
The compay aims to nearly double its capacity to 4 million vehicles pa over the next 7-8 years, and this capacity addition of 100,000 vehicles pa is a step towards this goal.
Maruti has plans to hasten its EV capabilities and introduce its first electric car by the end of the year

Juniper Green Energy Commissions 105 MW Jalkot Solar project

(20 second reading) Juniper Green Energy on Tuesday said it has commissioned 105-MW Jalkot Solar Power Project, in Maharashtra, in record time, almost nine months before the scheduled commercial operation date of the project
The Jalkot Solar Power Project shall deliver power under a 25-year PPA with Maharashtra State Electricity Distribution Co. Ltd. Expected to produce approximately 200 MUs p.a., the project aims to reduce Maharashtra's carbon emissions by an estimated 1,78,569 tCO2 each year.
Juniper Green Energy is an independent renewable energy power producer and operator of solar, wind and hybrid power projects with significant experience

Morgan Stanley Overweight for Reliance

(20 second reading) According to Morgan Stanley, multiple areas of re-rating are expected to take center stage for Reliance Industries. (RIL). As the company navigates through the current earnings upgrade cycle, the 13% year-to-date move seems to be well priced in.
With an “Overweight” call, Morgan Stanley maintains a target price of Rs 3,046 on the RIL stock price. Over the past year, Reliance Industries stock has surged by 35%, with a further 10% increase since the beginning of the year. Presently, the stock trades at 24 times price-to-earnings and 10 times EV/EBITDA based on the company’s FY26 earnings estimate.

Dilip Buildcon wins Rs 1092.46-core project

Dilip Buildcon today declared as lowest bidder by the Haryana Rail Infrastructure Development Corporation. The bid project cost, including GST, is Rs 1,092.46 crore and to be completed in 36 months.
The contract is for new BG Double Railway Line of HORC project between stations Prithla and Dhulawat for design, supply, installation, testing and commissioning of general electrical services for total length of 21.14 km on the EPC mode.

The share price of Dilip Buildcon rallied 3 percent in early trade on April 9

Indian pharma market registers 9.5% growth in March

(20 second reading) The Indian pharmaceutical market (IPM) reported a 9.5 percent increase in March. The IPM has shown a robust value growth with all therapies showing a positive value growth except respiratory.

Across therapy segments, the unit growth was -0.7 percent, according to data from research firm Pharmarack. While most of the corporates have shown double digit value growth, unit growth remains a challenge. The growth in sales in March was primarily contributed by value growth and new introductions.

Bain Capital to sell 1.08% stake in Axis Bank

(20 second reading) Private equity firm Bain Capital is set to sell 1.08% stake, or 33.37 million shares, of Axis Bank worth Rs. 3,575 crore Tuesday through an open market transaction, showed a term sheet issued by BofA Securities,

The offer price has been fixed in the range of 1,071.0 to 1,076.05 per share, representing a modest discount at best to Monday’s closing price of 1,076.05 per share. BofA Securities India is the sole book-runner for the deal.

PVs, CVs fall 6% each in March

(20 second reading) Auto retails in March registered a growth of 3.14 per cent on a YoY basis even as passenger vehicles, commercial vehicles and tractors saw a decline.
With the expiration of FAME-II subsidy on March 31, e-2W sales rose, with the category seeing a market share bump to 9.12 per cent for the first time ever.
Upcoming Lok Sabha took a toll on sales of PVs, CVs and tractors however. PV segment fell 2 per cent on a MoM basis and a 6 per cent YoY due to heavy discounting and selective financing
CV segment, down 6 per cent YoY in March,

Dixon acquires 56% stake in Ismartu India

(20 second reading) Dixon Technologies Ltd. has signed a share purchase agreement with Ismartu In Pte. Ltd.an Indian unit of Ismartu Singapore, to acquire up to 56% equity in the latter in two tranches.

The first tranche will see Dixon acquire 1.38 crore equity shares of Ismartu India Pvt. Ltd. or 50.1% of the total equity. Out of this, 1.34 crore shares will be acquired from Ismartu In Pte Ltd., 51,832 equity shares will be acquired from Transsion Technology Ltd. and 3.46 lakh equity shares will be acquired from 5A Advisors LLP. It will spend a total amount of Rs.238.36 crore to acquire these shares.

Sula Vineyards announces acquisition of N D Wines

(20 second reading) Sula Vineyards announced that it has acquired N D Wines, a winery in Nasik district, and the deal will close by the end of April 2024. It reported its highest-ever revenue in the March quarter and the financial year 2023-24, growing at 10 percent year-on-year (YoY) in both. Similarly, its premium brands also performed well, recording a 15 percent YoY growth during the reported quarter and year. Moreover, the wine tourism segment registered a growth of 31 percent YoY in the fourth quarter compared to the year-ago period, the wine maker said.

JLR sales up 11% in Q4 on strong global demand

(20 second reading) Tata Motors said Jaguar Land Rover's Q4 sales rose 11 % from a year earlier to 114,038 units, driven by increased production and sustained global demand.
"Retail sales for the Q4 were 114,038 units (including the Chery Jaguar Land Rover China JV), up 11 % compared to the same quarter a year ago and up 4 % compared to the quarter ended December 31, 2023. Compared to the prior year, retail sales in the quarter were up 32 per cent in the UK, 21 per cent in North America, and 16 per cent overseas & retail sales in China were down 9 per cent and down 2 per cent in Europe for the quarter.

Keystone Realtors sales bookings up 41%

(20 second reading) Mumbai-based Keystone Realtors Ltd, that develops real estate projects under the Rustomjee brand, on April 8 reported a 41% growth in sales bookings to Rs.2266 crore in financial year 2024 Vs.Rs.1604 crore in FY 2023. Our performance metrics have surpassed the guidance in most of the parameters, exemplified by the remarkable achievement in pre-sales for FY24, which amounted to Rs. 2266 crore, reflecting a notable 41% YoY growth, well ahead of our projected 25% YoY,” said Boman Irani, CMD of Keystone Realtors Limited.

Exide tieups with Hyundai and Kia for EV battery

(20 second reading) Exide Industries announced that Hyundai and Kia were partnering with a subsidiary to localize EV battery production in India.
As part of their EV expansion strategy, Hyundai and Kia signed a MOU with Exide Energy Solutions, aiming to produce lithium-iron-phosphate (LFP) cells locally for the Indian market.
Hyundai plans to introduce a high-volume EV model in 2025, currently offering the IONIQ5 and Kona, while Kia sells the EV6 model in India.
Exide Energy Solutions was established in 2022 to venture into lithium-ion cell, module, and pack manufacturing.

Adani Gas arm ties up with MG Motor India

(20 second reading) Adani Gas' wholly-owned subsidiary Adani Total Energies E-Mobility signed a memorandum of understanding (MoU) with MG Motor India to improve electric vehicle (EV) charging infrastructure in India.

ATEL will set up CC2 60 kW DC chargers at upcoming MG dealerships.

The companies will explore the potential of integrating public charging stations across platforms by leveraging advanced application programming interfaces (APIs) to enhance network visibility

JSW Steel posts Highest annual output

(20 second reading) JSW Steel has achieved its highest ever consolidated crude steel production of 26.43 million tons, up 9 per cent on-year in comparison to 24.15 million tons in FY23. The company achieved combined annual production of 26.68 million tonnes against its guidance of 26.34 Million tonnes, which is a 101 per cent achievement.
For the fourth quarter of FY24, JSW Steel posted crude steel production of 6.79 million tons, up 3 per cent as against 6.58 million tons during the same period last year.
Capacity utilisation at Indian operations level stood at 93 per cent for Q4FY24. JSW Steel USA – Ohio, meanwhile, reported better volumes on QoQ as well as YoY basis.

India aims to attract $100 bn a year in FDI

(20 second reading) India aims to attract at least $100 billion a year in gross FDI, Rajesh Kumar Singh, secretary in the Department for Promotion of Industry and Internal Trade, said in an interview in New Delhi., as the South Asian nation courts investors looking to diversify away from China.
The ambitious target compares with an annual average of more than $70 billion in FDI in the five years through March 2023.
The Companies like Apple Inc. and Samsung Electronics Co. have boosted manufacturing in India, taking advantage of incentives offered by Prime Minister Narendra Modi’s government.

Signature Global Q4 sales jump 3.4 times to Rs 4140 cr

(20 second reading) Realty firm Signature Global reported a more than three-fold jump in its sales bookings to Rs 4,140 crore in Q4FY24 driven by strong demand for its luxury projects in Gurugram.
It clocked record sales bookings doubling to Rs 7,270 crore from the previous year.

In terms of volume, the company sold 2.98 million square feet area as against 1.41 million square feet.
In March, Signature Global sold 1008 luxury homes for around Rs 3,600 crore in its new project at Gurugram, Haryana, helping the company achieve record sales bookings last fiscal.

Sarveshwar Foods Acquires 100% Stake in Green Point

(20 second reading) Sarveshwar Foods has acquired 100 per cent of Singapore-based company Green Point Pte. Ltd, which has a turnover of USD 3,139,471. The acquisition will help Sarveshwar Foods expand its global footprint.

Wholesale Business of General Line of Groceries, Agricultural Raw Materials And Live Animals, Logs, Sawn Timber, Plywood And Related Products." Earlier, Sarveshwar Foods Limited expanded its footprint with the launch of two more 'SFL-Choupals' (Procurement Facilitation Centres). These centres will strengthen the company's procurement channel further.

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Blackrock, ADIA & DIIs hike stake in Vedanta

(20 second reading) The world's largest asset manager BlackRock, as well as the Abu Dhabi Investment Authority & other domestic funds have increased their holdings in Vedanta by almost 2 per cent during the last 4 months.

FIIs increased their stake in the company by 1.2 %. The recent rally in Vedanta share price on the back of demerger plans, deleveraging and soaring metal prices has led to a bullish call by domestic and international funds. The Vedanta stock has surged almost 30 per cent, adding about USD 3 billion to its market capitalization since December

Macrotech trims debt by 55% in March quarter

(20 second reading) Realty firm Macrotech Developers has reduced its net debt by 55 per cent in the Q4 FY24 to Rs 3,010 crore with the help of internal accruals and equity fundraising.

Its net debt stood at Rs 3,010 crore as of March 31, 2024, from Rs. 6750 Cr on 31 December 2023, down 55 per cent from the previous quarter.
Surplus cash flow generated from the business, coupled with the raising of equity capital, helped the company in reducing the net debt. 

Embassy REIT buys business park in Chennai

(20 second reading) Embassy Office Parks REIT informeds it will buy Embassy Splendid TechZone, a Grade-A business park, from its sponsor Embassy group for an enterprise value of Rs 1,269 crore.

The proposed acquisition marks Embassy REIT’s entry into Chennai, one of India’s top performing office markets. It intends to raise unit capital of Rs 2,500 crore, primarily to fund the acquisition and reduce the current 30% leverage of the portfolio.
ESTZ comprises 1.4 million sq ft of completed area, which is 95% occupied and leased to large global companies such as Wells Fargo and BNY Mellon, among others.

Titan reported robust performance in the Q4 2024

Titan Company reported robust performance in the Q4 2024, marked by significant revenue growth and expansion of its retail footprint.

In the Q4 FY24, the company achieved a revenue growth of 17% YoY. The addition of 86 stores (net) during the quarter further bolstered Titan's retail network, which now stands at 3,035 stores. The jewellery segment, a key revenue driver for Titan, witnessed growth of around 19% YoY in domestic operations. In emerging businesses, Titan's Taneira brand witnessed revenue growth of around 37% YoY. Eyecare division experienced a slight decline of approximately 1% YoY.

Strides Pharma gets two US FDA observations

(20 second reading) Strides Pharma Science informed today that its wholly-owned subsidiary, Strides Alathur Private Limited, received two observations during a routine cGMP inspection conducted by the USFDA. The inspection took place at the company's formulations facility in Alathur, Chennai, from April 1 to April 5, 2024.

Strides Pharma Science is a global pharmaceutical company headquartered in Bangalore, India, with a focus on developing and manufacturing a wide range of IP-led niche pharmaceutical products. The company has a strong presence in the regulated markets of the United States, Europe, and Australia, as well as in emerging markets.

SBI Card partners with Titan to launch co-branded card

(10 second reading) The country’s largest pure-play credit card firm announced that it has partnered with Titan Company Limited to launch the Titan SBI Card, which is a one-of-its-kind shopping credit card specially designed to address the aspirational spending needs of customers, the company informed

Wipro CEO Thierry Delaporte resigns

(10 second reading) Thierry Delaporte, the Chief Executive Officer of India's No 4 IT services company Wipro (WIPR.NS), resigned on Saturday, the company said in a statement.
Srinivas Pallia, who was the CEO for the company's Americas 1 area, will take over as the new CEO and Managing Director from April 7, the company added.

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Bajaj Housing Finance picks 5 IBs for mega IPO

(20 second reading) In the most high-profile equity capital market deal in the financial services space, Bajaj Housing Finance has picked 5 investment banks as advisors as the home financier looks to launch a big-bang initial public offer within the next 12-18 months. Moneycontrol was the first to report the firm's listing plans on March 27. The move marks the Bajaj Group's return to the public market after many years. These are early days, and the firm is planning to raise $900 million to a billion dollars via the proposed IPO

India plans to attract $100 bn a year in gross FDI

(20 second reading) India aims to attract at least $100 billion a year in gross FDI as many investors, multinational companies are looking to diversify away from China, Rajesh Kumar Singh, secretary in the Department for Promotion of Industry and Internal Trade, said.
The target is way up from the annual average of more than $70 billion in FDI in the last five years through March 2023. Last year, India saw a dip in its FDI due to global uncertainties and other factors.

Cochin Shipyard signs repair agreement with US Navy

(20 second reading) The Cochin Shipyard Limited has signed the Master Shipyard Repair Agreement with the United States Navy. The MSRA is a non-financial agreement and is effective from April 5, 2024, the company informed stock exchanges on Saturday.

CSL has been qualified after a detailed evaluation process and capability assessment by the US Navy - Military Sealift Command. This will facilitate repair of US Naval vessels under Military Sealift Command in Cochin Shipyard.

Indiabulls Real Estate to raise Rs 3911 cr

(18 second reading) Indiabulls Real Estate said its board has approved raising Rs 3,911 crore through the issuance of shares and warrants to investors, including the Blackstone Group and Embassy Group. Global investment firm Blackstone will invest Rs 1,235 crore, while the Bengaluru-based Embassy Group will infuse Rs 1,160 crore.

The move is aimed at recapitalising its balance sheet and positioning the company for organic and inorganic growth purposes.

Tata Steel Q4 records highest annual crude steel production

(20 second reading) Tata Steel achieved its highest-ever annual crude steel production of 20.8 million tonnes, with a growth of 4 percent YoY, by debottlenecking across sites. In 4QFY24, crude steel production at Tata Steel was broadly stable and stood at around 5.38 million tonnes. Meanwhile, the steel giant's India deliveries surpassed the previous best recorded in FY2023.

In 4QFY24, crude steel production was broadly stable and stood at around 5.38 million tonnes.

Tata Steel India's deliveries increased by 6 percent YoY and surpassed the previous best recorded in FY2023.

Angel One raises Rs 1500 crore via QIP

(20 Second reading) Stock broking firm Angel One has raised Rs 1,500 crore via qualified institutional placement (QIP) of shares. The funds will be used to fuel expansion plans.
Angel One sold 58,70,818 equity shares to qualified institutional buyers at a floor price of Rs 2555.01 per share. The floor price was at a 6.32% discount to closing price of Rs 2727.60 on March 26. The QIP issue was open from March 26 to April 2.
Angel One stock has risen 49.65% in six months and gained 154.63% in a year.

ZEE Layoffs Workforce By 15% To Cut Costs

(20 second reading) Zee Entertainment Enterprises Ltd said its MD & CEO Punit Goenka has initiated a process of rationalisation of workforce by 15 per cent to prune staff strength across the company to arrive at a streamlined team that is sharply focused on the set goals for the future

ZEEL said Goenka has proposed a lean organisation structure to the board with a lateral structure while identifying broadcast, digital, movies and music as core business units.

As per ZEEL's annual report for 2022-23, the number of permanent employees on the roll of the company is 3,437.

Bandhan Bank founder CEO Chandra Shekhar Ghosh quits

(20 Second reading) Private sector lender Bandhan Bank on Friday said its founder, managing director and chief executive Chandra Shekhar Ghosh has tendered his resignation.

Ghosh will leave the bank, started as an NGO and then as a microfinancier in 2009 and as bank since 2014, as its managing director and chief executive on completion of his current tenure on July 9, 2024. He said post retirement he will assume a larger strategic role at Bandhan group level.
Loans and advances of Bandhan Bank has crossed Rs 1.28 trillion at the end of March 2024, up 17.8 percent on-year.

RBI To Launch App for Retail Investors to buy GSec

(20 seconds reading) The RBI has announced the launch of a mobile app to enable retail investors to participate in government securities (G-Secs) RBI Retail Direct Scheme, launched in November 2021, gives access to individual investors to maintain gilt accounts with the RBI and invest in government securities. The Scheme enables investors to buy securities in primary auctions as well as buy/sell securities through the Negotiated Dealing System - Order Matching system (NDS-OM) platform.

Globus Spirits JV with Caribbean beer firm

Globus Spirits has announced a joint venture with ANSA McAL, a Trinidad and Tobago headquartered brand for beer production and distribution in India, focusing on the Carib beer brand.
The JV aims to leverage the diverse expertise and resources of both companies to deliver high-quality products and expand market presence within India.
On April 1, the company informed that it has commenced commercial production of additional capacity at two of its existing units at Singhbhum in Jharkhand, and at Burdwan in West Bengal.
Its shares rose 4 percent to Rs 815 on April 5 after the JV announcement.

Adani Wilmar records double-digit growth in Q4FY24

(24 seconds reading) Adani Wilmar has witnessed double-digit growth in both edible oils and foods businesses during the quarter ended on March 31, 2024. The company benefited from the strong demand during the festive occasion of Holi and the ongoing wedding season. “The company also achieved its highest ever volume during the quarter and it continues to gain market share.
The company reported a decline in its export business of animal feed, which dragged down the overall volume growth to 4 per cent YoY in Q4FY24.
Adani Wilmar’s food and FMCG segment revenue nearly doubled to Rs 4,700 crore in just two years.

Marico Q4 Revenue back in positive territory

(20 Second Reading) Marico on Friday said that the consolidated revenue for the March quarter grew in low single digits, moving back into positive territory after 3 quarters, due to incremental anniversarizaton of pricing cuts in key domestic portfolios. The company further stated that the revenue growth is expected to trend upward going forward, with domestic revenue growth outpacing volume growth in the quarters ahead. Among key inputs, copra prices inched up in line with forecasts, while edible oil and crude oil derivatives remained stable.

Amber Enterprises enters into JV with Yujin & Sinkodia

(20 Second reading) Amber Enterprises has formed a JV with AT Railway Sub Systems, Korea-based Yujin Machinery, Singapore-based Sinkodia and Hong Kong-based Dujin International with an investment of Rs.5 crore. The JV is for manufacturing business of all types of Driving Gears, Couplers, and Pantograph for various rolling stocks including all types of wagons, trams, Vande Bharat Trains, Indian Railways products, high speed and metro trains, regional rapid transit systems, etc, in India or such other places agreed between the parties, the company said in a filing.

Jefferies sees 45% upside in defence stocks

(20 Seconds Reading) Jefferies India forecasts a doubling of domestic defence spending by FY30, driving optimism in stocks.

Jefferies has commenced coverage on HAL and Data Patterns with a “buy” rating while remaining optimistic about BEL’s future prospects. HAL, identified as a potential multibagger stock, has been assigned a 12-month price target of Rs 3,900, indicating a potential upside of nearly 13% from the current levels. Data Patterns’s price target of Rs 3,545 suggests over 31% potential upside from the current price.

Godrej Properties sells Rs. 2,690 cr homes at Kandivali project

(20 Seconds Reading) Godrej Properties has sold homes worth Rs.2,690, during the launch of its Kandivali project in Mumbai — Godrej Reserve. This is Godrej's most successful launch ever in Mumbai in terms of the value and volume of sales achieved, Godrej Reserve has a developable potential of 3.72 million square feet with an estimated revenue potential of approximately Rs.7,000 crore (on the basis of the current business assumptions). The realty company said this project has significant unlaunched inventory remaining, which it plans to sell in the coming years. Shares of Godrej Properties Ltd. gained over 4% to hit a day's high of Rs.2,512.95 on Friday

RBI keeps key policy rates unchanged

( 25 Second reading) The RBI decided to maintain the repo rate unchanged at 6.50% during the Apr’24 meet. The MPC stated that the policy decision was guided by its agenda of maintaining the growth-inflation tradeoff. Whilst growth prospects remain strong, price stability needs to be achieved.
The Indian economy has demonstrated strong growth prospects in recent times. However, inflationary risks continue to remain on the upside marked by elevated food inflation, crude price volatility besides supply side disruptions globally.

Prestige Estates secures Rs.2,000 crore investment

(25 Seconds Reading) Prestige Estates Projects Ltd has secured Rs.2,001 crore or $240 million funding from Abu Dhabi Investment Authority (ADIA) and Kotak AIF. The capital infusion is earmarked for the development of housing projects across four major cities as part of Prestige's expansion strategy, the company said in a regulatory filing on Monday, April 1.

CEO Venkat K Narayana revealed that the funds, structured in a quasi-equity format, will power the development of four housing projects situated in Delhi-NCR, Mumbai, Goa, and Bengaluru. ADIA and Kotak AIF will acquire stakes in the special purpose vehicles (SPV) formed for these ventures.

Macrotech meets Rs.14,500 crore pre-sales guidance

(25 Seconds reading) Macrotech Developers Ltd., also known as Lodha reported its best ever quarterly presales during the January-March period at Rs.4,230 crore, a growth of 40% compared to the same quarter last year.

For the full financial year, pre-sales stood at Rs.14,520 crore, which is also the best annual performance from the company & met its 20% growth guidance.

Collections for the March quarter grew by 20% from last year to Rs.3,510 crore. Full-year collections stood at Rs.11,260 crore.

Macrotech has managed to reduce its net debt to Rs.3,010 crore from Rs.7,070 crore during the same period last year, led by strong operating cash flow generation and its recently concluded equity raise.

Prestige buys land in Bengaluru for Rs 450 cr

(25 Second Reading) Realty firm Prestige Estates Projects Ltd on Thursday (April 4) said it has acquired approximately 21 acres of prime land in Whitefield, Bengaluru for ?450 crore.

The acquired land will be planned for residential development spanning approximately 4 million square feet of developable area, comprising around 1,800 apartments, Prestige Estates Projects said in a regulatory filing.

Irfan Razack, Chairman and Managing Director of Prestige Group, said, "The prime land in Whitefield, Bengaluru presents an excellent opportunity for us to expand our presence in a large IT corridor. This large-format project spans over 4 Mn Sft of developable area, with a projected Gross Development Value (GDV) of Rs.4,500 crore."

Brigade signs on JDA with United Oxygen

(25 Second Reading) Brigade Enterprises has signed a joint development agreement (JDA) with United Oxygen Company Private Limited to develop a ‘Grade A’ office space on ITPL Road, Whitefield, in East Bengaluru. The project will have a leasable area of 3 lakh sq ft, and a gross development value (GDV) of around Rs 340 crore. “Bengaluru continues to be the most favoured office leasing market, and demand continues to improve in the Whitefield micro market. Given this property’s prime location, metro connectivity and its innovative and sustainable design at the forefront Shares of Brigade Enterprises gained in the opening trade on April 4 @ Rs. 949.65, up Rs 6.55, or 0.69 percent.

HDFC Bank Q4FY24 Update: Gross advances up 55.4%

HDFC Bank on Thursday announced that its gross advances as of March 31, 2024 aggregated to Rs 25,080 billion, increased by 55.4 per cent on-year in comparison to Rs 16,142 billion as of March 31, 2023
HDFC Bank’s deposits aggregated to Rs 23,800 billion as of March 31, 2024, posting a growth of 26.4 per cent as against Rs 18,834 billion during the same period last year. It increased by 7.5 per cent (Rs 1,660 billion) over Rs 22,140 billion as of December 31, 2023.

Retail deposits grew by 27.8 per cent over March 31, 2023 and by 6.9 per cent (Rs 1,280 billion) sequentially; and wholesale deposits grew by 19.4 per cent on YoY basis and by 10.9 per cent (Rs 380 billion) over December 31, 2023. CASA ratio stood at around 38.2 per cent as of March 31, 2024, as compared to 44.4 per cent as of March 31, 2023

NSE to look into claims of manipulation in SME market

The National Stock Exchange of India is looking into alleged manipulations in SME market following the comments by the Securities and Exchange Board of India (Sebi) chairperson Madhabi Puri Buch a few weeks ago, a senior official said.

In March, Buch had flagged signs of manipulation in the initial public offering (IPO) and share trading in the SME segment of capital markets. “We are looking into SME manipulation claims by SEBI. We’ll the complete the process as per the requirement,” the official said.

Earlier in September, NSE had announced that it was bringing in stocks in SME market under the framework of Additional Surveillance Measure (ASM) and Trade-to-Trade (T2T) settlement, noting alleged manipulation and high speculation in the market.

GM Breweries recommends bonus share

Liquor producer and distributor GM Breweries Ltd. has recommended issuing one bonus share for every four shares held by shareholders after its board meet on Thursday.

This is the fourth instance of the company issuing bonus shares to shareholders. It had earlier done so in 2014, 2016 and 2018. All the previous three instances also saw the company issue one free share for every four shares held.
The company's revenue grew by 2.1% from last year to Rs.159.2 crore. GM Breweries reported an operationally weak quarter for the January - March period. The company's net profit increased to Rs.86.6 crore from Rs.35.1 crore last year. However, the increase in the company's bottomline can be attributed to a sharp rise in other income, which increased to Rs.70 crore from Rs.15 crore in the year-ago quarter.

HDFC Bank Share Target 2025 by Goldman Sachs

HDFC Bank’s stock are trading in the green today at Rs 1526 apiece, up by 2.93 per cent, the stock witnessed an intra-day high of Rs 1,529.55 before the market closed on April 4. The bank has also annnunced that foreign shareholding in HDFC Bank has fallen to 47.83 per cent from 52.3 per cent.

1.Brokerage firm Goldman Sachs has maintained a BUY rating for HDFC Bank’s stock.

2.The brokerage has set a target of Rs 1915 per share for the stock.

3.Goldman Sachs has also said that a strong show on deposits with good-quality; business mix improves

4.The brokerage also anticipates focus shifts to margins.

Dmart Q4 revenue soars to Rs.12,393 Cr

Avenue Supermarts, the parent company of the retail chain D-Mart, has reported a significant surge in standalone revenue for the fourth quarter of the financial year 2023-24. According to their latest business update, the company's revenue from operations stood at Rs.12,393.46 crore for the quarter ended March 31, 2024, showcasing an increase from Rs.10,337.12 crore in the same period last year.

The quarterly revenue figures demonstrate a consistent growth trajectory for Avenue Supermarts over the past three years, with a noticeable surge from Rs.7,303.13 crore in Q4 of the financial year 2020-21 to the current figures.

Moreover, Avenue Supermarts has marked a milestone in its expansion journey, reaching a total of 365 stores as of March 31, 2024.

IEX volumes cross 100 billion units

The country’s premier electricity exchange, Indian Energy Exchange Ltd exceeded the 100 billion unit (BU) mark in the electricity market for the first time in its history in the 2023-24, while also achieving its highest-ever total volume of 110 BU in the year, up 13.8% from the previous year.

The exchange’s electricity volumes rose 12% from the previous year to 101.7 BU FY24.

During the year, a total of 75.39 lakh renewable energy certificates (RECs), approximately equivalent to 7,539 MU, were traded in FY24, with the volume increasing 26% year-on-year during the period.
IEX reported a rise in its sell liquidity in the 2023-24 fiscal year by 16.9% from the previous year due to multiple measures taken by the government which led to an improvement in the supply scenario, thereby improving the sell side liquidity on the exchange.

Shares of IEX traded 1.32% higher at Rs145.8 per piece on the BSE at 10:08 am on Thursday.

GE Power bagged contracts worth Rs 774 cr

GE Power bagged contracts worth Rs 774 cr

GE Power bagged two orders worth Rs 774.9 crore from Jaiprakash Power Ventures for dilation and evacuation, and supply of wet limestone-based FGDs for the Nigrie Super Thermal Power Plant at Nigrie and Bina Thermal Power Plant at Bina in Madhya Pradesh

The Nigrie Super Thermal Power Plant order worth Rs 490.5 crore is to be completed within 33 months, while the Bina Thermal Power Plant order worth Rs 284.4 crore is to be completed within 30 months.Separately, GE Power recently secured a contract from NTPC to supply generator spares to NTPC Tanda and turbine blades to NTPC Nabinagar. The contract was valued at Rs 24 crore. The company has also bagged a Rs 8.75-crore contract from Hindustan Zinc Ltd for the supply of boiler firing system.

GE Power also informed that the proposed spin-off of the energy business was completed on April 2, 2024

FPI net investments in debt surge to $14.58 bn

Net investments by foreign portfolio investors in the debt market surged to $14.58 billion in FY 2024, making it the highest net inflow in the past six years as investors turned bullish following announcements to include government securities in global indices. Out of the total $14.58 billion FPI investments, $10.6 billion inflows came in the last five months of the previous fiscal, according to National Securities Depository data. In September 2023, JP Morgan Chase & Co announced that it would add Indian government bonds to its benchmark Global Bond Index Emerging Markets Index (GBI-EM).

Ramkrishna Forgings capacity increased

Ramkrishna Forgings has commenced commercial production of 4,500 MT of ENOMOTO 630 Tonnes Press Line and 13,750 MT of Maxi Press 6,000 Tonnes Press Line at company's Plot No. 1988, Mouza Dugni, PO Kolabira, Dist. Saraikella, Kharswan w.e.f. 3 April, 2024 This will enhance the production capacity of the company by 18,250 tonnes per annum (TPA), it added. The total production capacity of the company will now be 2,29,150 TPA.The company has invested around Rs 54.59 crore for making the capacity addition as per the capex plan of the company, which has been financed by a mix of equity and debt. The 630-tonne press line will help strengthen the company's foray into warm forgings, while the 6,000-tonne press line will help cater to additional demands from customers. Shares of Ramkrishna Forgings gained in early trade on April 4

Federal Bank advances up by 20% in Q4

Kochi-headquartered Federal Bank on Wednesday announced that its gross advances rose 20 per cent to Rs 2,12,758 crore in the March 2024 quarter from Rs 1,77,377 crore in the year-ago period. As per internal classification, the lender said retail credit book grew by 25 per cent and wholesale credit book grew by 15 per cent. Retail to wholesale ratio is at 56:44, it added. "Total deposits reached Rs 2,52,583 crore, with a growth of 18 per cent over Rs 2,13,386 crore as of March 31, 2023. The bank's customer deposits (Total deposits excl. Interbank deposits and certificates of deposit) aggregated to Rs 2,40,072 crore, a growth of 19 per cent over Rs 2,02,133 Crore as of March 31, 2023," Federal Bank further stated.

INOX develops container for ultra-cool fluids

In a significant development for the industrial gases sector, INOX India Ltd has been granted a patent by the Patents Office, Government of India for their innovative method of suspending inner vessels in Dewar type containers used for storing cryogenic fluids. A dewar is an insulated container used for storing cryogens and are mostly double-walled and vacuum-insulated, like thermos flasks. INOX India Limited, a leading manufacturer of cryogenic storage and transport equipment, has been at the forefront of developing cutting-edge solutions for the safe and efficient storage of cryogenic fluids such as liquid nitrogen, oxygen, and argon. The newly patented method is expected to enhance the stability and safety of inner vessels within Dewar type containers, which are double-walled vacuum flasks used for storing and transporting cryogenic liquids.

KEC International secures Rs 816 cr new orders

KEC International Ltd, a global infrastructure EPC company on Wednesday announced that it has secured new orders worth Rs 816 crore across its various businesses. Under the Civil segment, the business has secured orders for infrastructure projects across India. For metals and mining sector, it has bagged orders for setting up a steel plant in northern India; for cements sector, the order is for building a cement plant in Central India and for the Carbon Black business, it has received order for establishing a plant for carbon derivates in eastern India. Under the Transmission & Distribution (T&D) segment, KEC International has secured orders for the supply of towers in the United States of America. The company’s total order intake for FY24 stands at Rs 18,102 crore.

YES Bank Q4 Loans increase over 14%

Yes Bank on Wednesday, April 3, released its business update for the fourth quarter, revealing a loan growth of 5% from the previous quarter. The private lender's loans were up 14.1% from the fourth quarter last year. Its deposits increased 10.1% from the third quarter and rose 22.5% from the previous year. Its current and saving account (CASA) ratio was at 30.9% in the fourth quarter. In the same quarter last year, it was 30.8%. The CASA ratio was 29.7% in the third quarter of the 2023-24 fiscal year. YES Bank's liquidity coverage ratio was 116.1% in the March quarter, 118.4% in the previous quarter and 118.5% in the fourth quarter last year. Its shares ended 0.82% higher at Rs.24.65 apiece on Tuesday, April 2.

JSW Energy Rs 5000 cr fundraising plan

JSW Energy has announced plans to raise Rs 5,000 crore through a qualified institutional placement or QIP route. Owned by billionaire Sajjan Jindal, it is a power company engaged in power generation, transmission and trading. "In this case, the company is getting the cash. The entire energy business in India, especially power generation and energy transition business, I think is in a high growth phase. Energy business requires a lot of front end commitment and a lot of capital commitment. My sense is that this is a clear endorsement by JSW Energy...," he said. So I think what they are doing is they are simply charging up and ensuring that the power business scales up," he said while noting that the port business has already scaled up.

ONGC to invest $4.5 billion to boost output

ONGC to invest $4.5 billion to boost output ONGC plans to invest $4.5 billion in the next two to three years to reverse an output decline from its mature fields, Pankaj Kumar, director (production). “We have devised several enhanced oil-recovery schemes and have also started seeing positive results out of it. We intend to bring up these schemes in the next two to three years and it is going to involve investment of over $4.5 billion in west coast only. So, it's a huge investment. This investment will produce around 60-70 million tonnes of additional oil and oil equivalent gas,” said Kumar ONGC's crude oil production fell 3.3 percent to 5.2 million tonnes in the third quarter of FY24, while gas output dropped 4.3 percent to 5.1 billion cubic metres. In the nine months ended December, its crude oil output declined 2.9 percent to 15.78 million tonnes and gas production went down 3.4 percent to 15.5 billion cubic metres.

IndoEdge Fund to acquire 8 pc in MG Motor

The CCI on Tuesday said it has cleared IndoEdge's proposed acquisition of an 8 per cent stake in MG Motor India. MG Motor India is engaged in the automobile original equipment manufacturing business and after-sales services under the brand MG. The proposed combination relates to the acquisition of up to approximately 8 per cent of the share capital of MG Motor India Pvt Ltd, along with certain rights by the IndoEdge India Fund – LVF Scheme, according to a release. IndoEdge India Fund - LVF Scheme is a large value fund for accredited investors, a scheme by IndoEdge India Fund. It is a Sebi-registered Alternative Investment Fund (AIF).

Shree Cement new plant at Guntur

Shree Cement inaugurates new plant at Guntur Shree Cement Limited, one of India's largest cement producers, today inaugurated its new integrated cement plant in Dachepalli village, Guntur district of Andhra Pradesh. The plant, which has a cement production capacity of 3 million tons per annum (MTPA), was commissioned six months ahead of schedule and built with an investment of over Rs 2,500 crore. The Guntur plant is Shree Cement's sixth integrated production facility in India and second in the southern region after Kodla, Karnataka. It will increase the company's total manufacturing capacity to 56.4 MTPA. The plant is designed to serve the growing markets of Telangana and Andhra Pradesh, and is expected to generate approximately 700 direct jobs and 1,300 indirect jobs

Bharti Hexacom anchors Rs 1,924 cr

Bharti Hexacom anchors Rs 1,924 cr Bharti Hexacom, a wholly owned subsidiary of telecom major Bharti Airtel, has raised Rs 1,923.75 crore from anchor investors on April 2, a day before its public offer will open for bids. This will be the first IPO in the new financial year FY25 and the first from the Bharti Group since the Bharti Infratel issue launched in December 2012. The 97 institutional investors who had zoomed in on the anchor book, included marquee names like Blackrock Global Funds, Pictet, Smallcap World Fund, Capital Group, American Funds, Fidelity Funds and Abu Dhabi Investment Authority.Stichting Depository APG, Aberdeen, Schroder International, Treasurer of the State of North Carolina Equity Investment Fund, BNP Paribas Trust Services Singapore, Eastspring Investments, Morgan Stanley, and HSBC also turned out to be anchor investors.

Mankind Pharma to sell OTC business

Mankind Pharma to sell OTC business Mankind Pharma Ltd plans to conduct a slump sale of its over the counter (OTC) business to a wholly owned subsidiary. It is proposed to incorporate the subsidiary with the name Mankind Consumer Products Private Limited or any other name. Shares of the company reacted positively and were trading 2.72 percent higher at Rs 2,375.30 on the NSE at 2.37pm on April 2. Revenue of the OTC business for FY 2022-23 stood at Rs 704 crore (8.7 percent of Rs 8,127 crore being revenue of the parent company). The net worth of the OTC business of the company as on March 31, 2023, stood at Rs 155 crore (2 percent of net worth of the parent company).

EIH to develop Oberoi luxury resort in Goa

EIH to invest Rs.421 crore in Oberoi luxury resort in Goa The hospitality major EIH ltd, in a stock exchange filing, said that its Board has given approval for the construction of an Oberoi Luxury Resort on a site spanning 52 acres at Cavelossim Beach in South Goa. The luxury resort will have 90 rooms and suites, and will cater to domestic as well as international travellers.The proposed luxury resort is to be set into operation from October 1, 2027. The company’s Board of Directors approved the investment proposal at the meeting held on March 28. The mode of financing for the said project will be through internal accrual and debt, stated EIH in a recent exchange filing. The shares of EIH Ltd gained nearly 8% on Monday, April 1, after the company announced its plans.

Tata Technologies to Form JV With BMW

Tata Motors Ltd announced a joint venture with BMW Group for the development of software for the German luxury automaker. Tata Technologies said the joint venture would aid BMW Group in engineering premium products, delivering great digital experiences for its customers and propelling its digital transformation journey. The focus would be on delivering automotive software, including software-defined vehicle (SDV) solutions for its premium vehicles and digital transformation solutions for business IT, Tata Technologies said. In the new company that will be incorporated, each partner will hold 50 per cent stake. The share rose 7 per cent on April 2 after it announced a joint venture.

India’s March Manufacturing PMI at 16 year high

India's March Manufacturing PMI at 16-year high India's manufacturing sector activity, HSBC Purchasing Managers' Index (PMI), for the month of March came in at 59.1, the highest in 16 years. As per S&G Global the growth was aided by an increase in output and new orders, which were the most since October 2020. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. The HSBC India Manufacturing PMI is compiled by S&P Global from responses to questionnaires sent to purchasing managers in a panel of manufacturers. India's manufacturing sector growth climbed to a five-month high of 56.9 in February, amid a sharper uptick in factory production and sales, supported by both domestic and external demand, a monthly survey said on Friday.

Torrent Power deal-wins and expansion

Torrent Power significant deal wins and expansion

Torrent Power announced that it has secured a significant contract for the development of a 150MW wind-solar hybrid project, valued at Rs.1,825 crore, through its 'Distribution Unit'.

This project, awarded under a greenshoe option, is slated to commence operations within 24 months from the signing of the Power Purchase Agreement, with a contractual duration of 25 years.
The terms stipulate that the annual capacity utilisation factor (CUF) must not fall below 50% throughout the PPA tenure, with a prescribed ratio of 2:1 between the rated power capacity of wind and solar energy sources.

Torrent Power significant expansion: In addition to this, Torrent Power aims to bolster its renewable energy portfolio by installing 245MW of wind and solar capacity, exceeding the contracted 150MW, to ensure compliance with the mandated 50% CUF requirement.

The company's stock witnessed a notable surge during Monday's trading session

SAIL records highest annual production

SAIL sets new records with highest annual production, sales Steel Authority of India Limited (SAIL) has achieved unprecedented milestones in annual production for the Financial Year 2023-24. SAIL marked remarkable growth with a 6% increase in hot metal production, 5% surge in crude steel output, and a notable 7% rise in saleable steel output compared to the previous fiscal year. In FY'24, SAIL reached production milestones of 20.5 Million Tonnes (MT) of hot metal, 19.2 MT of crude steel, and 18.4 MT of saleable steel. Furthermore, SAIL also attained its highest-ever sales volume, reaching 17.1 MT during FY'24, showcasing a robust growth of over 5% compared to the Corresponding Previous Year (CPLY).

Indus, Sundaram, Mankind to be added to MSCI index ?

Indus, Sundaram, Mankind likely to be added to MSCI index Indus Towers, Sundaram Finance, and Mankind Pharma are among stocks that may get added to the MSCI Global Standard index during the next rebalancing exercise in May. According to the report, the cut off date for calculating addition and removal of stocks from the widely-tracked MSCI indices is April 17, while the changes will be announced by the global index provider on May 13. Nuvama has identified about a dozen “high conviction” domestic stocks that could get added to the index. Another six stocks that include Alkem Lab, Thermax, and Prestige Estates, could also be added provided their share prices rally over the next few weeks. The addition of some stocks such as Indus Towerand Mankind Pharma, is on the back of increase in public float following share sales by strategic investors. At the end of March, India’s weight in the MSCI Emerging Market Index rose to 17.7 per cent from just 8 per cent during early 2020. Nuvama expects India’s weighting to cross the 20 per cent mark during the second half of calendar 2024.

ABFRL to demerge Madura Fashion

ABFRL to demerge Madura Fashion The board of directors of Aditya Birla Fashion and Retail (ABFRL), at its meeting on Monday, agreed to evaluate the vertical demerger of the Madura Fashion & Lifestyle (MFL) business from ABFRL into a separate, listed company. The MFL business consists of four lifestyle brands: Louis Philippe, Van Heusen, Allen Solly and Peter England. These, along with casual wear brands American Eagle & Forever 21, sportwear brand Reebok, and the innerwear business under Van Heusen, will be demerged into a separate listed entity. The company said this portfolio had built a leadership position over a long period and had delivered consistent revenue growth, profitability, strong free cash flows, and high returns on capital. ABFRL will then focus on high-growth segments where there are tailwinds due to a shift from unbranded to branded, premiumization, a rise of super premium and luxury, and rapid growth in Gen Z-focused digital first brands.

Garden Reach Shipbuilders sales up 33%

Garden Reach Shipbuilders reports 33% growth in sales State-run Garden Reach Shipbuilders Ltd. reported a year-on-year growth of 33% in its annual revenue to nearly Rs.3,400 crore for financial year 2024. This is also the highest ever topline reported by the company in its history. Among milestones achieved during the year, Garden Reach highlighted the commissioning of the MV 'Ma Lisha,' for the Cooperative Republic of Guyana as one of the significant achievements. The company also delivered the first Survey Vessel, the INS Sandhayak, and the next generation electric ferry to the West Bengal government, Garden Reach has also signed an MoU with the Border Roads Organisation (BRO) for the fabrication, supply, erection and launching of an additional 30 double-lane Class 70 modular steel bridges in border areas. Its share has risen 71% over the last 12 months.

M&M sales up 4% in March

M&M sales up 4% in March at 68,413 units Mahindra & Mahindra today said its total wholesales increased 4 per cent year on year to 68,413 units in March. The company's total dispatches to its dealers stood at 66,041 units in March 2023. The Mumbai-based auto major's passenger vehicle sales in the domestic market rose 13 per cent to 40,631 units last month against 35,997 units in March last year, the auto major said in a statement. For 2023-24 fiscal, the automaker reported 28 per cent increase in passenger vehicle wholesales at 4,59,877 units as against 3,59,253 units in 2022-23 financial year. "We ended the financial year F24 on a positive note with Mahindra PikUps crossing 2 lakh units during the year, which is the highest-ever for any commercial vehicle in the load segment in India," M&M Automotive Division President Veejay Nakra stated. Total exports of the company declined 26 per cent to 1,573 last month from 2,115 units in the year-ago period.

Globus Spirits’ additional capacities go on stream

Globus Spirits’ additional capacities go on stream Globus Spirits today informed that it has commenced commercial production of additional capacity at two of its existing units at Singhbhum in Jharkhand, and at Burdwan in West Bengal. With this expansion, the capacity of the units increased from 140KLPD (kilo litres per day) to 200KLPD at Jharkhand and from 240KLPD to 300KLPD at West Bengal. The additional capacity will be used for various products, including ENA and ethanol. The expansion has been completed with a total investment of Rs 142 crore. Globus Spirits manufactures, markets, and sells liquors, sanitisers, animal feed, CO2, bioethanol, and bulk alcohol. The company's product portfolio includes whisky, brandy, vodka, rum, and gin, and its distilleries are located in Rajasthan, Haryana, West Bengal and Bihar. subsequent to the announcement, shares of Globus Spirits jumped around 11 percent to Rs.

NTPC records all-time high power generation

NTPC records all-time high power generation India’s largest power generating company, NTPC has clocked 55 per cent growth in coal despatches along with 50 per cent expansion in output across all mines in FY24, as compared to last year. The company also recorded an all-time high annual electricity generation of 422 billion units in the fiscal gone by. As per the company statement, the company despatched 24.15 million metric tonne (MMT) coal meanwhile the coal production stood at 34.88 MMT with a growth of around 50 percent by March 31, 2024. To achieve sustained growth in coal production, NTPC has also implemented a range of strategies and technologies, the statement added.

Tata Motors domestic sales rise 2% in March

Tata Motors domestic sales rise 2% in March Total domestic sales of homegrown auto major Tata Motors jumped 2% year-on-year (Y-o-Y) to 90,822 units in March 2024 from 89,351 in March 2023, the company said in a BSE filing on Monday, April 1. The total commercial vehicles (CV) demand remained muted as 42,262 units were sold in March 2024, recording a decline of 10% YoY, compared to 46,823 units sold in the same period of financial year 22-2023. At 50,297 units, passenger vehicles outperformed others with a growth of 14% Y-o-Y in Q4 of FY24. Tata Motors in an update said it expects demand for passenger cars to remain strong going forward, although the high base effect may keep the growth rate in single digit.

APL Apollo Tubes reports highest Q-sales volume

APL Apollo Tubes reports highest quarter sales volume The company registered a sales volume of 6.78 lakh tonne in the fourth quarter of the last fiscal (Q4FY24), which is the highest quarterly sales volume reported by the company. For FY24, the company reported sales volume of 26.18 lakh tonne, an increase of 15% year-on-year (YoY). The capacity utilization for the New Raipur plant was almost 50% in Q4FY24 as a few lines had just got commissioned. APL Apollo Tubes said that the initial results from Dubai plant are encouraging with solid response from global steel tube distributors for APL Apollo's products. The company said that contribution from value-added segment has increased to 58% in FY24 from 56% last year. APL Apollo's strategy of de-commoditization is intact, it said. Over the last two years, APL Apollo's sales volume has increased by 22% CAGR (FY22-24) supported by adoption of newly launched innovative products, the company said in an update.

Newgen Software wins multiple orders.

Newgen Software wins multiple orders. Newgen Software has also won orders for a Trade Finance Solution from an international entity worth $1.1 million. The order will be completed within the next two years, the company said. It has also received the Letter of Intent for the purchase and implementation of customer onboarding, corporate finance origination system and business process automation system from an international client for five years. The aggregate value of the order is $2.07 million.

NCC bagged Rs 3086 cr orders in March

NCC bagged Rs 3,086 cr orders in March NCC Ltd has received new orders worth Rs 3,086 crore (excluding GST) in the month of March, 2024. Out of them, Rs 1,589 crore relates to electrical division, Rs 1,330 crore relates to transportation division and Rs 167 crore relates to building division. The orders are received from state government entities and private limited company and does not include any internal orders, NCC added. During the financial year 2023-24, the company has secured orders totalling to around Rs 26,000 crore and achieved the guidance given by the management, at the beginning of the financial year, it further mentioned. Rekha Jhunjhunwala, wife of late investor Rakesh Jhunjhunwala, held a 13.09 per cent stake or 8.21 crore shares of NCC at the end of December quarter.

Suraksha Diagnostic eyes Rs.800 Cr IPO

Suraksha Diagnostic eyes $100 million IPO Suraksha Diagnostic Pvt Ltd, a West Bengal-based diagnostic chain, has started work on its IPO, which will see the company raise around Rs 800 crore. The diagnostic chain’s private equity investor, OrbiMed, is likely to sell a large part of its stake through the IPO. Incorporated in 2005, the company is promoted by Kishan Kejriwal and Dr Somnath Chatterjee. It provides diagnostic services in pathology, cardiology, gastroenterology, neurology and imaging. The diagnostic chain predominantly operates in West Bengal, with over 40 centres in the state, along with one centre each in Patna and Guwahati.

RVNL bags multiple projects

RVNL bags multiple projects RVNL has emerged as the lowest bidder from SER HQ-Electrical/South Eastern Railway for design, supply, erection, testing and commissioning for upgradation of electric traction system from 1 x 25 KV to 2 x 25 KV traction system for Kharagpur (Excl.) Bhadrak (Excl.) section of Kharagpur division of South Eastern Railway to meet 3000 MT loading target. The company has also emerged as the lowest bidder from NFR-Const HQ-Electrical/NF RLY Construction for engineering, procurement, construction of design, supply, erection, testing and commissioning of 25 kV, 50 Hz, Single Phase, AC, Electrification OHE and TSS Works of Araria - Thakurganj New line Section in connection with new line project of Araria - Galgalia of NF Railway, including associated works and supply, erection, modification, testing and commissioning of SCADA for the section. The cost of the said work is Rs 95.95 crore and is to be completed in 240 days. The share was quoting Rs 261.80, up Rs 8.85, or 3.50 percent.

Prestige Estates Rs 2,001-cr deal with Abu Dhabi Investment

Prestige Estates Rs 2,001-cr deal with Abu Dhabi Investment & Kotak AIF Prestige Estates Projects Ltd through its subsidiaries, signed a deal worth Rs 2,001 crore with Abu Dhabi Investment Authority and Kotak AIF for growth opportunities in the residential sector in prominent locations across four cities in India, with a gross development value of Rs 18,000 crore. These funds will fuel the development of greenfield residential projects across the cities of Bengaluru, Mumbai, Goa, and NCR with a combined GDV of over Rs 18,000 crore, contributing significantly to the topline, Shares of Prestige Estates Projects Ltd gained nearly 5 percent after deal announcement.

Adani Total Gas biogas plant in Mathura

Adani Total Gas subsidiary commissions biogas plant in Mathura Shares of Adani Total Gas informed about its wholly-owned subsidiary Adani Total Energies Biomass Limited (ATBL) commissioning operations at phase 1 of its Barsana Biogas Plant. The plant is located in the Mathura district of Uttar Pradesh. Upon stabilisation of phase 1, it will process 225 tons per day (TPD) of agriculture waste and cattle dung and generate 10 TPD of CBG. This plant will be India’s largest agri waste-based bio-CNG plant upon reaching full design capacity at phase 3. The project cost for all three project phases for the Barsana Biogas plant would be over Rs 200 crore. This is ATBL’s first CBG production facility. Shares of ATG jumped 8% on Monday to hit the day's high of Rs 1,000 on the NSE.

Macrotech to raise Rs 125 crore

Macrotech Developers to raise Rs 125 crore Realty firm Macrotech Developers Ltd said it will raise Rs 125 crore through the issue of non-convertible debentures (NCDs). Macrotech Developers, which sells properties under Lodha brand, is one of the leading real estate developers in the country. According to a regulatory filing on Thursday, the executive committee of the Board of Directors of Macrotech Developers has approved the allotment of 12,500 non-convertible debentures of Rs 1 lakh each aggregating to Rs 125 crore. In a separate filing, the company said it has acquired 50 per cent of the paid-up equity capital and other securities/instruments of Siddhivinayak Realties Pvt Ltd under a share purchase agreement (SPA). (Updated on 29 March 2024 @ 7.00 pm)

Vikas Organics bags large order

Vikas Organics bags order worth Rs 165 million Vikas Organics, a subsidiary of high-end speciality chemicals manufacturer Vikas Ecotech, has received the largest-ever export order. According to an exchange filing, the order, worth Rs 165 million approx, is for vinyl plasticizers. The order is a variable price contract, which covers regular supplies to the renowned Yusuf Bin Ahmed Kanoo Group of KSA over the coming months. VOPL was recently acquired by VEL as an ongoing concern with the plasticizers manufacturing business based at Daman. According to the exchange filing, VOPL is regularly exporting plasticizers to the USA and Saudi Arabia. The company exports 17 per cent of its current production to various countries. (Updated on 29 March 2024 @ 6.50)

Adani Green commence 775MW solar projects

Adani Green Energy commence 775MW solar projects in Gujarat Adani Green Energy has officially started operating its 775 megawatt solar power projects in Khavda, Gujarat after receiving necessary clearances. The company said that through its subsidiaries, it has successfully activated the 775 MW solar power projects in Gujarat. Being a part of the Adani Group, AGEL holds the title for the largest renewable portfolio operational in India, spanning 12 states.

RVNL-Salasar gets Rs 60 cr project in central Africa

RVNL-Salasar JV gets Rs 60 crore transmission project in central Africa A joint venture of state-owned RVNL and private steel player Salasar Techno Engineering has bagged a transmission project worth around Rs 60 crore in central African nation Rwanda. The order has been secured from Energy Development Corporation Limited (EDCL) and to be executed in 18 months, The Rwanda Transmission System Reinforcement and Last Mile Connectivity project (TSRLMC) worth USD 7.152 million equivalent to Rs 596.21 million (Rs 59.6 crore) is for plant design, supply and installation of 45.8 km, 110 KV double circuit Rukarara-Huye-Gisagara transmission lines, it said. Rail Vikas Nigam Ltd (RVNL) holds a 51 per cent stake in the joint venture, STEL owns the remaining 49 per cent.

Canara Robeco AMC IPO planned.

Canara Robeco AMC IPO planned Canara Bank plans to sell off 13 percent equity shares in Canara Robeco Asset Management Company (CRAMC) by taking the mutual fund subsidiary public. The public sector lender in a filing to exchanges said it has given the approval to kick off the process for diluting 13 percent stake through an IPO. The proposed IPO, however, remains subject to approval from the Reserve Bank of India and the department of financial services under the ministry of finance, Government of India, it added. Canara Robeco Asset Management Company will be the fifth listed mutual fund house if it gets listed on the bourses. (Updated on 29 March 2024 @ 7.10 am)

L&T Shipyard receives ships from UK for Repairs

L&T Shipyard receives ships from UK for Repairs In a significant move highlighting the strong relationship between the United Kingdom and India, Royal Fleet Auxiliary (RFA) ships RFA Argus and RFA Lyme Bay have arrived at L&T Shipbuilding’s Kattupalli Shipyard for maintenance. This marks an important step in the ongoing partnership between the two countries in the maritime sector. The decision to choose L&T Shipbuilding underscores the company’s growing reputation in shipbuilding and repairs. With its advanced facilities and skilled workforce, L&T Shipyard is well-equipped to handle the maintenance needs of modern naval vessels. (Updated on29 March 2024 @ 7.00 am) [widgets_on_pages id="Responsive Ad Banner 2"]

HAL has signed Rs 1,173.42 cr contract

Hindustan Aeronautics Limited has signed a contract worth Rs 1,173.42 crores

Hindustan Aeronautics Limited has signed a contract worth Rs 1,173.42 crores with Cochin Shipyard limited to supply Gas Turbines, GT Auxiliaries, spares, and tools for Indian Navy Next Generation Missile Vessel (NGMV) project.

 

HCL to execute digital transformation of Finnish co.

HCL Technologies to execute digital transformation for Finnish pharma distributor Oriola Corp HCL Technologies Ltd announced that Finland’s health and wellbeing company Oriola Corporation has selected it to enhance the organisation’s customer experience through digital transformation. The Indian technology giant has entered into a partnership with Oriola Corporation to lead the acceleration of the company’s digital transformation journey and deliver improved customer experiences. Headquartered in Finland, Oriola Corporation operates in the Nordic countries. As per the partnership deal, HCLTech will be implementing a greenfield SAP S/4HANA and analytics environment that will be hosted on Microsoft Azure. (28 March 2024 @ 11.20 am)

Adani Enterprises’ Kutch Copper commissions first copper unit in Mundra

Adani Enterprises’ Kutch Copper commissions first copper unit in Mundra Adani Enterprises said that its subsidiary, Kutch Copper has commissioned the first unit of its greenfield copper refinery project at Mundra by dispatching the maiden batch of cathodes to customers. This is expected to help cut India’s dependence on imports and aid energy transition. Adani Enterprises is investing nearly $1.2 billion to set up a copper smelter with 0.5 MTPA capacity in the first phase. On completion of the second phase that will add similar capacity, Kutch Copper, with 1 MTPA, will be the world’s largest single-location custom smelter. (28 March 2024 @ 12.20 pm)

Chalet Hotels launches QIP to raise Rs.1,200 cr

Chalet Hotels launches QIP to raise Rs.1,200 cr Chalet Hotels has launched a QIP issue at a floor price of Rs.780.76 per share, which is nearly at 10% discount to Wednesday's closing price of Rs.870.15. The total issue size is said to be Rs.1,200 crore. Chalet Hotels had stated that it intended to use the proceeds towards pre-payment and/or repayment of debt; organic and inorganic growth/expansion; redemption/restructuring of preference shares or other outstanding securities along with other general corporate purposes. (28 March 2024 @ 12.30 pm) [widgets_on_pages id="Responsive Ad Banner 2"]

Hindustan Unilever weighs sale of Pureit water purifier business

Hindustan Unilever weighs sale of Pureit water purifier business Hindustan Unilever Ltd (HUL) is exploring a potential sale of its Pureit water purifier business and has held exploratory talks with a few prospective buyers. The talks are exploratory in nature and no formal decision on the sale of the Pureit business has been taken by HUL, the people cited above said, requesting anonymity. In the past few months, informal discussions have taken place between HUL and potential buyers, including bulge bracket private equity funds. These discussions have focused on valuation, among other things  (28 March 2024 @ 1.30 pm)