News Crux

News Crux

👉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)

👉Cipla To Distribute Sanofi India’s CNS Products

Sanofi India gains on entering into an exclusive partnership with Cipla where Cipla will distribute six brands of Sanofi India’s Central Nervous System products. (28 March 2024 @ 12.40 pm)

👉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)

👉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)

👉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 Group eyes $1 billion in foreign currency bonds for expansion

Adani Group is in advanced talks with investors to raise as much as $1 billion through foreign currency bonds for three group entities: group flagship Adani Enterprises as well as Adani Ports and SEZ and Adani Green Energy.

The fundraising, which will be the largest by the Adani group from international bond markets after the Hindenburg crisis, is expected to be completed by the June quarter, and a formal process is expected to start in the coming weeks, the people said, requesting anonymity. The group is also exploring partial fundraising through the private placement route. (28 March 2024 @ 10.20 am)

👉BHEL bags Rs 4,000-crore order from Adani Power

Bhel received a Rs 4,000-crore order from Adani Power. received a Rs 4,000-crore order from Adani Power.

BHEL received the letter of award (LoA) for supply of equipment (boiler, turbine, generator) and supervision of erection and commissioning for 2×800-MW power project based on supercritical technology at Raigarh Phase II, Chhattisgarh.

The boiler and turbine generator are to be manufactured at BHEL’s Trichy and Haridwar plants. The supply of Unit-1 is to be executed in 31 months and Unit-2 in 35 months.

At 9:20am, Bharat Heavy Electricals was quoting Rs 247.60, up Rs 4.70, or 1.93 percent, on the BSE. (28 March 2024 @ 10.20 am)

👉Bajaj Housing Finance starts IPO preparation.

Bajaj Housing Finance, a unit of Bajaj Finance Ltd, has initiated preliminary talks with several investment banks about a potential initial public offering at a valuation of around $9 billion to $10 billion to comply with regulatory norms.

The move is in line with RBI’s mandatory requirement for “upper layer” NBFCs to list within three years of being notified. Bajaj Housing Finance has to list by September 2025 under the current regulatory timeline laid out by the Reserve Bank of India. (28 March 2024 @ 8.15 am)

👉World’s fastest T+0 stock settlement kicks off in India

Markets regulator Sebi has now put in place a framework to introduce the beta version of the T+0 trade settlement cycle. This will be on an optional basis and will be available for a limited set of 25 scrips and with a limited number of brokers.

Sebi said that all investors will be eligible to participate in the T+0 settlement cycle if they are able to meet the timelines, process and risk requirements. Trade timing will be between 9.15 am and 1.30 pm and the price in the T+0 segment will operate with a price band of +100 basis points from the price in the regular T+1 market. Although, T+0 prices will not be considered in index calculation and settlement price computation. (28 March 2024 @ 8.10 am)

👉Tata Motors unit & HPCL join hands to install 5,000 vehicle charging stations

Tata Passenger Electric Mobility said it has tied up with Hindustan Petroleum Corporation Ltd to set up 5,000 public charging stations across the country by the end of the year.

The collaboration will leverage Hindustan Petroleum Corporation Ltd (HPCL’s) fuel station network and company’s insights from over 1.2 lakh Tata EVs on Indian roads, to set up chargers at locations frequently visited by Tata EV owners, Tata Passenger Electric Mobility (TPEM), a unit of Tata Motors, said in a statement. (28 March 2024 @ 8.00 am)

👉Cloverdell Investment likely to sell its entire stake in IDFC First Bank

Cloverdell Investment, an affiliate of Warburg Pincus, is looking to exit private lender IDFC First Bank. According to CNBC-TV18 report, the company may sell its entire 2.25 percent stake via block deals on March 28.

The offer size is likely to be at Rs 1,191.40 crore and the company is looking to sell 15.9 crore shares. The floor price set at Rs 75 per share, implying 4 percent discount to current market price. (28 March 2024 @ 7.55 am)

👉P N Gadgil Jewellers IPO: Firm Files Papers With Sebi

Jewellery retail chain P N Gadgil Jewellers Ltd has filed preliminary papers with capital markets regulator Sebi to raise Rs 1,100 crore through an IPO to fund its expansion and pare debt.

The Maharashtra-based company’s proposed IPO is a combination of a fresh issue of equity shares worth up to Rs 850 crore and an offer for sale (OFS) of equity shares to the tune of Rs 250 crore by a promoter SVG Business Trust, according to the DRHP. (28 March 2024 @ 7.45 am)

👉UltraTech Cement  acquires 26% equity shares of O2 Renewable Energy

UltraTech Cement said it will acquire 26 per cent equity of O2 Renewable Energy, a company engaged in the generation and transmission of renewable energy. On the equity investment, the company said it would be a cash consideration of up to Rs 15.68 crore and expects to complete it within 180 days from the signing of the agreement.

This will help the Aditya Birla Group firm meet green energy needs, optimise energy costs and comply with regulatory requirements for captive power consumption under electricity laws. (28 March 2024 @ 7.40 am)

👉Indian Hotels announces infusion of $6.5 mn into subsidiary

The Tata Group Firm Indian Hotels said it has infused US$ 6.5 mn as equity in IHOCO BV, its wholly owned subsidiary in Netherlands. IHOCO BV to further make investment in its subsidiary viz. United Overseas Holding Inc in USA to repay its debt and for other operational purposes.

The hotel stock closed 2.05% higher at Rs 568.55 in Tuesday’s trade. The stock touched its record high of Rs 602.75 on February 23, 2024. (28 March 2024 @ 7.30 am)

👉Dynacons Systems shares win contract from NPCI

The IT services provider Dynacons Systems said it has been awarded a significant contract worth Rs 41.72 crore by the National Payments Corporation of India (NPCI) for a Data Centre Tech Refresh initiative. The project involves deployment of HPE Enterprise Servers with seven years backline comprehensive support & committed uptime. The project is to be executed in seven years.

Dynacons Systems shares closed 19.70% higher at Rs 936.55 on BSE. Market cap of the firm rose to Rs 1,188.77 crore. (28 March 2024 @ 7.20 am)

👉Bajaj Group’s First IPO In Years

Bajaj Housing Finance, a unit of Bajaj Finance, is reportedly exploring an IPO to comply with regulatory requirements set by the RBI.

The RBI mandates “upper layer” non-banking financial companies (NBFCs) to list within a specified timeframe. Bajaj Housing Finance aims to go public by September 2025.

Preliminary discussions have been initiated with multiple investment banks regarding the potential IPO, which is anticipated to be valued between Rs.75,000 crore to RS.83,000 crore. (27 March 2024 @ 5.30 pm)

👉25 stocks finalised for T+0 settlement trading on BSE from March 28

The Bombay Stock Exchange (BSE) on Wednesday has announced 25 stocks eligible for optional T+0 settlement starting from March 28. These stocks include: Ambuja Cements, Ashok Leyland, Bajaj Auto, Bank of Baroda, Bharat Petroleum Corp, Birlasoft, Cipla, Coforge, Divis Labs, Hindalco Industries, Indian Hotels, JSW Steel, LIC Housing Finance, LTIMindtree , MRF, Nestle India, NMDC, ONGC, Petronet LNG, Samvardhana Matherson International, State Bank of India, Tata Communication, Trent, Union Bank of India, Vedanta

Earlier this month, the capital markets regulator implemented a framework to introduce the beta version of the T+0 trade settlement cycle, initially on an optional basis. Initially, this option will be accessible for a restricted group of 25 scrips and with a limited number of brokers.  (27 March 2024 @ 4.50 pm)

👉IndiGo aims doubling size by 2030

The country’s largest airline with a domestic market share of little over 60 per cent is also betting big on A321 XLR aircraft that are expected to be part of its fleet “somewhere in 2025”, to further expand its overseas presence.

IndiGo aims to double in size by 2030 with new domestic and international routes as well as destinations, its chief Pieter Elbers said as the airline pursues soaring global ambitions to match India’s economic growth potential.

Seeking to consolidate as well as expand its position on the global scale, Elbers told that the next big jump for IndiGo will be to double its size by the end of the decade. (27 March 2024 @ 4.40 pm)

👉Adani Green commissions 180-MW solar plant in Rajasthan

Adani Green Energy it has operationalized a 180-MW solar power plant at Devikot in Rajasthan.

The plant has a 25-year power purchase agreement (PPA) with the Solar Energy Corporation of India (SECI), Adani Green Energy Ltd (AGEL), India’s largest renewable energy company.

With the successful commissioning of this plant, AGEL’s operational solar portfolio has increased to 6,243 MW, and the total operational renewable generation capacity to 9,784 MW, the largest in India.

The 180-MW solar plant in Rajasthan will produce approximately 540 million electricity units annually, powering over 1.1 lakh homes and reducing around 0.39 million tonnes of CO2 emissions. (27 March 2024 @ 4.30 pm)

👉Morgan Stanley raises India’s growth forecast

Morgan Stanley on Wednesday raised India’s GDP growth estimates for FY25 to 6.8 per cent from 6.5 per cent earlier on the back on continued traction in industrial and capex activity.

The forecast for FY24 GDP stood at 7.9 per cent. “We expect GDP growth to track at around 7 per cent in QE Mar-24 with GVA growth of 6.3 per cent and thus F2024e GDP growth of 7.9 per cent,” the company said in its report. Furthermore, it said that the growth us expected to be broad-based and the gaps between rural-urban consumption and private-public capex will be narrow in the next fiscal i.e. FY25.

“The cycle will have more years of steady expansion driven by improvement in productivity growth, which will ensure macro stability remains benign. (27 March 2024 @ 3.50 pm)

👉Housing sales in top seven cities record 14% increase in Q1 2024; prices rise by 10-32%

As many as 1.30 lakh housing units were sold in Q1 2024 across the top seven cities on the back of increase in demand which is a 14% yearly rise against approximately 1.13 lakh units sold in January-March period in 2023, according to data shared by Anarock.

MMR and Pune account for over 51% of the total sales in the top 7 cities; 1.10 lakh housing units were launched in Q1 2024.

NCR saw a 9% decline in housing sales – from approximately 17,160 units in Q1 2023 to approximately 15,650 units in Q1 2024. Kolkata also saw a decline of 9% in housing sales in the period – from approximately 6,185 units in Q1 2023 to approximately 5,650 units in Q1 2024. (27 March 2024 @ 2.25pm)

👉Maruti Suzuki is 19th listed Indian firm to cross Rs.4 lakh crore market cap

Maruti Suzuki India Ltd (MSIL) is now India’s 19th listed company to cross Rs4 lakh crore market capitalisation as the company’s shares surged over 23 per cent so far in 2024. On March 27, the stock hit a record high of Rs.12,725 on BSE- gaining 4 per cent.

This milestone has been so far achieved by RIL, TCS, HDFC Bank, Infosys, ICICI Bank, Bharti Airtel, SBI, LIC, HUL, ITC, L&T, Bajaj Finance, Adani Energy, Adani Green, HCL Tech, Adani Enterprises, Kotak Mahindra Bank and Adani Total Gas. (27 March 2024 @ 2.00pm)

👉AMI Organics foray Into The Energy Storage Business

AMI Organics’s foray into the lithium-ion batteries and the semiconductor industry value chain is expected to be key earnings catalysts. Ami Organics gets 77% of the revenue from pharma space wherein it manufactures intermediates for APIs and NCE (New Chemical Entities). Rest of the revenue comes from chemicals segment. (27 March 2024 @ 1.30pm)

👉Adani Power gets approval from CCI for Lanco Amarkantak acquisition

Adani group company received nod from competition regulator Competition Commission of India (CCI) for acquiring Lanco Amarkantak Power Limited. The target company, a part of the Lanco Group, is engaged in the business of thermal power generation in India. Lanco Amarkantak Power is currently undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016 (IBC). Adani Power Ltd will be acquiring 100 per cent equity share capital in Lanco Amarkantak Power.
Adani Power shares would be in focus on Wednesday morning after the announcement of the approval.
(27 March 2024 @ 11.30am)

👉Reliance Power is aiming to be a debt-free company

Reliance Power is aiming to be a debt-free company, on a standalone basis, by the end of March 31, 2024. At the end of fiscal 2023, the company had an outstanding debt of around Rs 700 crore.

Reliance Power on Wednesday said its two subsidiaries have settled debt worth Rs 1,023 crore with Authum Investment’s arm Reliance Commercial Finance. Reliance Power Ltd’s two subsidiaries — Kalai Power Pvt Ltd and Reliance Cleangen Ltd, have signed a debt settlement and discharge agreement with Reliance Commercial Finance Ltd (RCFL), a wholly-owned subsidiary of Authum Investment & Infrastructure Limited, a regulatory filing said. (27 March 2024 @ 11.10 am)

👉Fitch believes, Banks’ NIMs may narrow 10-20 bps in 2 yrs

The net interest margins of Indian banks are likely to narrow 10-20 basis points in the next two years on rising funding costs due to greater competition for deposits, fuelled by the normalising liquidity conditions and elevated loan growth, Fitch Ratings said on Tuesday.

However, banks can lower their operating and credit costs which may offset the impact, Fitch said in a release. (27 March 2024 @ 11.00am)

👉UAE-based subsidiary of Infibeam Avenues to raise $25 million in pre-IPO round.

Infibeam Avenues shares will be in focus on March 27 as the fintech’s UAE-based subsidiary is planning to raise around $25 million through a pre-IPO round.

Avenues World FZ-LLC is raising $25 million through a pre-IPO round prior to potential listing in UAE capital market with a select group of investors. Consequently, it would cease to be a wholly owned step-down subsidiary of the company post the said fund raising. (27 March 2024 @ 9.30am)

👉Tata Group plans to launch several IPOs in 2-3 years

Tata Group may push several initial public offerings (IPOs) in the next two to three years. The conglomerate has not opened a public issue in the past two decades but could reportedly launch some IPOs aiming to fuel growth and provide exit options for select investors
Tata Capital, Tata Autocomp Systems, Tata Passenger Electric Mobility, BigBasket, Tata Digital, Tata Electronics, Tata Housing and Tata Batteries are among the companies that are being prepared for IPOs, the report claimed as Tata Group is aiming to expand new-age sectors like digital, retail, semiconductors and electric vehicle batteries. (27 March 2024 @ 7.30am)

👉60% equity mutual funds fail to beat their benchmarks in FY24

Around 60% equity mutual funds have failed to beat their respective benchmarks in FY24, an analysis of performance of equity mutual funds showed. There were around 248 equity mutual funds in the market.

Out of 248 equity mutual funds,149 equity mutual funds have failed to outperform their respective benchmarks. In other words, only 99 equity mutual funds managed to beat their respective benchmarks.

(27 March 2024 @ 7.20am)

👉Standard Chartered to exit India’s largest depository, CDSL

Via the block deal in CDSL, the British bank is looking to raise at least $151 million or approx Rs 1257 crore through the sale of the holding. As of the December 2023 quarter, Standard Chartered Bank owns 75 lakh shares of the depository company, which makes up for 7.18 per cent stake. (27 March 2024 @ 7.10am)

👉Consumer confidence improves in March among urban Indians

According to the LSEG-Ipsos Primary Consumer Sentiment Index (PCSI), March saw a continued uptick in consumer sentiment, surging 2.8 percentage points for urban Indians. Among the 29 countries surveyed, India continued to top the list with the highest National Index score of 72.2. Indonesia at 63.4 is the only other country with a National Index score of 60 or higher. (27 March 2024 @ 7.00am)

👉S&P raises India growth forecast for FY25 to 6.8 per cent

S&P Global on Tuesday raised its forecast for India’s real economic growth in the next financial year (2024-25) by 0.4 percentage point to 6.8%, but still kept it much below the 7.6% GDP expansion rate estimated by India’s official statistics agency for the current year. In the “Economic Outlook Asia-Pacific report,” S&P said it expects higher interest rates, clampdown on unsecured lending and lower fiscal deficit to hurt the growth prospects next fiscal. (27 March 2024 @ 6.40am)

👉India’s current account deficit narrows to 1.2 pc of GDP in Oct-Dec 2023

India’s current account deficit narrowed to USD 10.5 billion or 1.2 per cent of GDP in the October-December quarter as against USD 11.4 billion or 1.3 per cent in the preceding three months ending September, the Reserve Bank said on Tuesday.

When compared to the year-ago period, the narrowing in the CAD was much sharper when compared to USD 16.8 billion or 2 per cent for the October-December 2022 period, the Reserve Bank said in the data on balance of payments. (27 March 2024 @ 6.30am)

👉Raymond to expand business across all its three verticals

Raymond, now a zero-debt group, is to expand its business across all its three verticals, starting with the apparels business. The group is also betting big on real estate and engineering, Raymond Group CFO Amit Agarwal said.

“We have added more than 200 stores in the last 12 months and plan to open another 400-500 stores taking the total to 2,000 in the next three years. Our revenue from apparel is about Rs 1,500 crore, and with formidable brands such as Raymond Ready To Wear, Park Avenue and ColorPlus, we should be able to garner a larger market share,”
The company expects a land parcel in Thane to generate Rs 25,000 crore over next “several” years.

“Of the total 100-acre land in Thane, we are now constructing on 40 acres, which has a revenue potential of Rs 9,000 crore. The remaining 60 acre has a potential to generate Rs 16,000-18,000 crore, and Thane would have a total potential of Rs 25,000 crore.” (27 March 2024 @ 6.20am)

👉Brokerage Sees Zomato Stock Surging Another 72%

Continuing its golden run, Zomato‘s share price went up around 3% to hit a new all-time high of Rs.180 on Tuesday 26th March 2024. But, analysts at ICICI Securities the food giant is set to continue this run for a bit longer.

The Zomato Analyst: Abhisek Banerjee-led analyst team at ICICI Securities maintained the “buy” rating for the stock raising the target price by 64% to Rs.300 from Rs.182. The new target indicates an around 72% upside from the stock’s last closing price of Rs.174.20.

According to the analysts’ projections, the food delivery market is poised to expand at a CAGR exceeding 20% YoY, reaching a remarkable $40 billion (around Rs.3.2 lakh crore) by FY33, compared to the estimated $7 billion (around Rs.57,400 crore) in FY24.

👉RVNL signs MoU with Airports Authority of India

Rail Vikas Nigam Ltd entered into an agreement worth Rs.229 crore with the Airports Authority of India (AAI), to construct a subway or underpass that will connect the operational area to the statutory body’s residential colony in Kolkata.

The estimated cost for this construction project is Rs.229.43 crore, including GST charges.

The shares jumped 7.2% on Tuesday, March 26, after the agreement.

👉Axis Bank introduces digital opening of US dollar fixed deposit for NRI customers at GIFT City

Axis Bank on Tuesday announced the introduction of digital US dollar fixed deposit (FD) for NRI customers at the IFSC Banking Unit (IBU) at GIFT City, Gujarat.

With this introduction, Axis Bank becomes the first bank to offer a digital journey for GIFT City Deposits, the bank said in a statement.

NRI customers of the bank can now open US dollar fixed deposits at GIFT City through ‘Open by Axis Bank’; the mobile banking application of the lender, it said.

This offering simplifies the process of booking US dollar Fixed Deposit for NRI customers, by providing them an end-to-end digital paperless solution and eliminating the need for physical documentation, it said.

👉GAIL to commission Green H2 project in April

State-run natural gas company GAIL (India) Ltd plans to commission its first green hydrogen project in central India in April, three company sources said.

The 10-megawatt proton exchange membrane electrolyser for the green-hydrogen producing unit at the Vijaipur complex in Madhya Pradesh state has been imported from Canada, they added.

The unit is expected to produce about 4.3 metric tons of hydrogen per day, with a purity of about 99.999% by volume, and would use renewable power. India aims to reach 5 million tons of annual green hydrogen production capacity by 2030.

👉SpiceJet reaches settlement to resolve Rs 755-crore liabilities

Low-cost airline SpiceJet Ltd has on March 26 announced a settlement with Export Development Canada (EDC) to settle liabilities worth Rs 755 crore, prompting a sharp uptick in the share price on BSE. The agreement is being termed by the airline as the ‘biggest breakthrough in SpiceJet’s financial restructuring efforts”.

The settlement will generate savings to the tune of Rs 567 crore for the airline. At 1315 hours on March 26, SpiceJet’s shares on BSE were trading 3.5 percent higher at Rs 61 apiece.

As per the agreement, SpiceJet will now acquire full ownership of 13 EDC-financed Q400 aircraft.

👉Adani eyes 45 GW renewable capacity by ’30

Adani group is building the world’s largest renewable energy park in Gujarat, as it eyes a massive 45 GW capacity to generate electricity largely from solar energy. Gautam Adani said his group’s renewable energy arm, Adani Green Energy, is leading an energy transition that honours the commitment of taking care of the planet not just for this generation and the next but also for generations to come.

“In Khavda, which is in the state of Gujarat, we are building the world’s largest renewable energy park. It will have a generation capacity of 30 GW of energy – and it is incredibly big. Its area of 538 square kilometers is more than five times bigger than Paris.”

👉JSW Energy to acquire 45 MW wind project from Reliance Power

JSW Renewable Energy (Coated), a wholly-owned subsidiary of JSW Neo Energy and a step down subsidiary of the JSW Energy, agreed to acquire 45 MW of renewable energy generation capacity from Reliance Power, in Maharashtra. The transaction values the project at Rs 132 crore adjusted for net working capital.
JSW Energy shares gained 2.5 percent in trade on March 26, after the company’s subsidiary announced it would acquire a 45 MW Vashpet wind project from Reliance Power.

👉Zomato’s Blinkit rised delievery charges, shares hit new high

Blinkit, the quick-commerce arm of Zomato, has hiked its delivery charges by Rs 11-35 in certain areas in the National Capital Region (NCR) and Mumbai Metropolitan Region (MMR). Higher delivery charges are expected to boost Zomato’s topline and profitability, believe market experts.

Shares of Zomato Ltd hit an all-time high during the trading session on Tuesday as the market resumed for the last trading week of FY24, after the festival of Holi. The stock rose more than 1.35 per cent to Rs 176.45 on Tuesday.

👉ACME to invest $3 billion in green ammonia projects

Gurugram-based renewable and new energy firm ACME Group plans to spend at least $3 billion (Rs 24,936 crore) on two of its marquee projects for green ammonia production in financial year 2024-25, Group President and Director Ashwani Dudeja told Money Control.
In January, ACME Group and Japan’s heavy industry group, IHI Corporation, signed a pact for supply of green ammonia from Odisha to Japan.

“We have four green ammonia projects in the pipeline, of which work on two projects would certainly begin in FY25. These are our Odisha and Oman projects.

👉Tejas Netwok has signed a strategic partnership with Telecom Egypt

Tejas Network, the Tata Group unit, on Tuesday, March 26, said it has signed an MoU with Telecom Egypt, Information Technology Industry Development Agency (ITIDA) and the National Telecom Insitute (NTI), to replicate its experience of implementing the rural broadband project Bharatnet and national knowledge network (NKN) projects in Egypt.

Other broad areas of cooperation include capacity building of Egyptian engineers and technicians on state-of-the-art telecom and networking technologies, establishing local manufacturing and R&D facilities for fiber-to-the-home (FTTH) products, and setting up technical support services in Egypt both for customers within the country as well as for the larger Africa and Middle East region.

👉Rategain enters strategic partnership with Spanish company

Rategain Travel Technologies announced a strategic partnership with Madrid-based Summerwind GSA for airline representation.

The company’s AI-powered pricing solution AirGain will collaborate with Summerwind’s deep industry experience and global reach, it said. Summerwind can offer its airline clients access to AirGain’s data and insights, giving them a competitive edge in the fast-paced aviation market. Subsequent to the announcement, its shares advanced over 3 percent on March 26

👉Tech Mahindra merges its subsidiary company in USA.

Tech Mahindra, one of India’s top IT services and consultancy firms, on Tuesday announced a merger between its wholly-owned subsidiary, Born Group, and its parent company, Tech Mahindra (Americas) Inc.

The consolidation agreed upon on March 22, 2024, aims to enhance operational efficiency, reduce costs, and minimise compliance risks. The merger is scheduled to take effect on April 1, 2024, pending regulatory approval.The company saw its shares remain range-bound on Tuesday

👉Adani Power to face fresh litigation over coal transport cost

Today Adani Power announced the disclosure of a new litigation matter. The Maharashtra State Electricity Distribution Company (MSEDCL) has filed a petition with the Maharashtra Electricity Regulatory Commission (MERC) about how to calculate domestic coal transportation costs.

The Shares of Adani Power edged lower after the news announcement.

“The Maharashtra State Electricity Distribution Company has filed a petition with the Maharashtra Electricity Regulatory Commission with respect to the interpretation of the manner in which the in-land transportation cost is to be computed for domestic coal as contained in MERC’s order dated November 28, 2020, pertaining to Adani Power Maharashtra

👉Paradeep Phosphates gets closure notice for Odisha plant

The Central Pollution Control Board (CPCB) slapped a closure notice on the company’s Odisha plant.

Operations at the plant will remain closed till the company complies with directions issued by the CPCB. Paradeep Phosphates will also need to wait for the CPCB to issue a written permission to resume operations.

The company said the plant was already closed for annual maintenance and that it expects to resolve the matter with CPCB at the earliest.

At 9.43 am, shares of Paradeep Phosphates were trading at Rs 65.95 on the NSE.

👉The Quant MF CEO Sandeep Tandon believes Commodities cycle has bottomed out.

The commodities cycle has bottomed out — be it precious metals, base metals, or agri commodities — and now offers a decadal investment opportunity in energy and power sectors, said Sandeep Tandon, Founder & CEO, Quant Mutual Fund.

The leverage economy is 10-12 times the global GDP, and has peaked out. As deleveraging happens and the money flows into the real economy, commodities will be the first beneficiaries, Tandon said in an interaction with Moneycontrol.

Tandon listed commodities, metals, pharma, cement and infra as pockets that offer value. He also likes energy and metal-centric value companies.

👉Prince Pipes buysout Aquel, Share price gain

Prince Pipes and Fittings said it is acquiring bath-ware fittings brand Aquel. Prince entered the bath-ware business in June 2023 and is still in a scale-up phase. In the December 2023 quarter, the bath-ware business clocked a revenue of Rs 6 crore and has potentially lost money at the net level.
With the announcement, Shares of the company gained 6 percent.

👉Stellantis fired 400 employees on call

Italian-American automaker Stellantis removed employees from over 400 positions in its engineering, software and technology divisions in the US, Fortune magazine reported. But the layoffs happened after the company called for a mandatory remote work day on March 22. The carmaker told employees in a notice as per the report, “We will be holding important operational meetings that require specific attention and participation. To ensure everyone can effectively participate we have decided to implement a mandatory remote work day.”

The company is outsourcing jobs to India, Mexico and Brazil, he said, adding, “So they continue to push low-cost countries that are more efficient for the company and more profitable.”

👉Bitcoin Resumes Rally, Rises Above $70,000

Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, managed to rise above the $70,000 mark on Tuesday, showing signs of a confident rally as a result of increasing buying pressure. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — landed in the greens as the overall market fear and greed index stood at 83 (out of 100), or ‘Extreme Greed’. The ICP token became the biggest gainer of the lot, with a 24-hour jump of over 15 percent. Helium (HNT) became the biggest loser of the lot, with a 24-hour dip of over 2 percent.

👉ChrysCapital affiliate may sell 2.9% in Mankind Pharma

Beige Ltd, an affiliate of private equity firm ChrysCapital, is looking to offload a 2.90 percent stake in drugmaker Mankind Pharma through block deals, CNBC-TV18 reported, citing sources.

The offer price for the transaction is likely to be around Rs 2,103-2,214 apiece, reflecting a discount of up to 5 percent from the previous close, the report stated. At the lower range of the offer price, the transaction will earn Beige Ltd Rs 2,460 crore.

The ChrysCapital affiliate holds a 2.99 percent stake in Mankind Pharma, as per the company’s latest shareholding data.

👉Sluggish FDI growth is new headache for govt

The Indian economy is facing a new challenge — slowdown in foreign direct investment (FDI). In 2022-23, FDI equity inflows declined by 22% year-on-year to $46 billion. The year before, the inflows had contracted by a percent.

However, the FDI equity inflow number looks slightly better when reinvested earnings and other forms of capital are taken into account. In 2022-23, the FDI growth declined by 16% to $71 billion compared to a 3% increase to $85 billion in the previous year. In the current financial year till December 2023, the FDI in form of equity inflow was 13% lower y-o-y to $32 billion.

👉Adani Ports buys 95% stake in Gopalpur Ports 

Adani Ports and Special Economic Zone has acquired a 95 per cent stake in Odisha’s Gopalpur Port for an equity value of Rs 1,349 crore ($161.74 million) to bolster its east coast presence.

Adani Ports will purchase a 56 per cent stake in Gopalpur Port from real-estate conglomerate Shapoorji Pallonji Group (SP Group) and a 39 per cent stake from Orissa Stevedores. 

Gopalpur handles a diverse mix of dry bulk cargo, including iron ore, coal, limestone, ilmenite, and alumina.

👉India’s tax revenue grows beyond expectations

Indias direct taxes have experienced a significant and sustained increase in growth over the time. The Gross Direct tax collection for the year 2023-24 (as on March 17, 2024) registered an increase of 18.7% over the corresponding period last year (2022-23).

The gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2023-24 stands at Rs. 22.2 lakh crore compared to Rs. 18.7 lakh crore in the corresponding period of the preceding financial year.

👉RBI plans audit for IIFL Finance, JM Financial

IIFL Finance Ltd and JM Financial Products Ltd will undergo a special audit to further probe their regulatory breaches, as the RBI has initiated the process for the appointment of auditors.

The Reserve Bank of India (RBI) has floated two separate tenders for the appointment of auditors for special audit of these two companies.

Audit firms empanelled by the Securities and Exchange Board of India for forensic audit can participate in the tendering process, and the last date for submission of bids is April 8, as per the tender document published by the RBI. 

👉77% banks report decline in NPA levels over past six months

 Nearly 77 per cent of the banks in India have reported a decline in non-performing asset (NPA) levels over the past six months.

All the participating public sector banks cited a reduction while 67 per cent of the private sector banks also reported a decrease.

The survey encompassed 23 banks, representing approximately 77 per cent of the banking industry by asset size.

There has been decrease in requests for restructuring of advances.

👉LTIMindtree to work on enhancing women’s employment in Saudi Arabia

LTIMindtree and Aramco have formed a joint venture to create a next-generation digital and IT services company in Saudi Arabia to provide technology services for the rapid digitisation of the Saudi market and build a local talent pool over a period of time.

LTIMindtree will hold a 51 per cent stake in the company while Global Digital, a completely owned subsidiary of Aramco, will hold the rest of the stake. The JV was announced on March 6 and will become operational from July 1.

👉Adani bonds, shares decline as US expands probe into the group

Amid reports that US prosecutors have widened their probe of Adani Group, the conglomerate’s several dollar bonds fell the most in more than half a year while share prices also fell up to 8%.

A note from unit Adani Ports & Special Economic Zone Ltd. due in 2041 slid 2.4 cents, the most since August, to 79.1 cents. Another bond from subsidiary Adani Renewable Energy RJ Ltd. due 2039 fell 2.3 cents to 83 cents, the worst drop since February 2023. That pares gains in recent months that sent the securities to their highest levels since 2022, Bloomberg said.

👉HG Infra Engineering wins Rs 1,026-crore order

HG Infra Engineering share price added 3 percent in the early trade on March 19 after the company joint venture (JV) bagged an order worth Rs 1,026 crore for four projects of solar business.

Jodhpur Vidyut Vitran Nigam Limited has awarded four contract to the joint venture (JV) consortium of HG Infra Engineering along with Stockwell Solar Services Private Limited, for four grid connected solar power plants with total capacity of 203.76 MW (AC).

The projects will be implemented by a separate entity(ies) incorporated/to be incorporated by Stockwell Solar Services Private Limited and HG Infra Engineering directly or through its subsidiaries.
The work is engineering, procurement and construction (EPC) and commissioning of solar power plant and to be completed in 12 months.

👉AB Capital to offload over 11% stake in Aditya Birla Sun Life via OFS on March 19-20

The promoters of Aditya Birla Sun Life AMC — Aditya Birla Capital and Sun Life (India) AMC Investments –will sell up to 11.47% stake in the company through an offer for sale (OFS) to comply with the minimum public shareholding rules.

The sellers propose to sell up to 2.01 crore shares of the company, representing 7% equity through the OFS on March 19-20. In the event of an oversubscription, there is an option to additional 1.28 crore shares, which makes up for 4.47% equity.

👉Morgan Stanley expects boom like 2003-2007 in Indian Economy.

India’s economic growth rate resembles that of 2003-07 when growth averaged more than 8 per cent, as per Morgan Stanley’s report. Morgan Stanley said that after a decade of investment to GDP steadily declining, capex emerged as a key growth driver in India as “the capex cycle has more room to run, therefore the current expansion closely resembles that of 2003-07.”

👉Blinkit will be bigger than Zomato’s food delivery business in a year, says Deepinder Goyal

Zomato’s founder and CEO Deepinder Goyal sees quick-commerce service Blinkit to be bigger than its parent food delivery business in a year.

Goyal was speaking at the Startup Mahakumbh event at Bharat Mandapam in Delhi. During a fireside chat with Info Edge Founder Sanjeev Bikhchandani, Goyal said, “It is all about how do we disrupt our own businesses. That could lead to Zomato version 5 or Blinkit version 2. Blinkit is a part of Zomato version 4, and in one year’s time, Blinkit would be bigger than Zomato.”

👉RVNL bags Rs 543 Cr Contract

The work of casting 10.92 km segment of Phase 1 Metro project costing Rs 1,034 crore was completed by RVNL’s sub-contracting agency URC Construction. On the other hand, RVNL also bagged contract of Rs 543 crore for development of the Metro corridor from Robot Square to Palasia Square.

The value of the contract is Rs 543 crore and its duration is 1,092 days. URC Construction completed the casting of the final segment for Package IN-03(tender name).

👉US probing Adani Group over potential bribery

US prosecutors have widened their probe of India’s Adani Group to focus on whether the company may have engaged in bribery as well as the conduct of the company’s billionaire founder, according to people with direct knowledge of the matter.

Investigators are digging into whether an Adani entity, or people linked to the company including Gautam Adani, were involved in paying officials in India for favourable treatment on an energy project, said the people, who asked not to be identified discussing the confidential effort.(Read More)

👉SEBI simplifies IPO process for companies

In a move aimed at enhancing the ease of doing business for companies seeking initial public offerings (IPOs) or fundraising, the Securities and Exchange Board of India (SEBI) has approved significant amendments to its regulations, as per the official notification.

As per the new changes, the requirement of a 1% security deposit in public/rights issues of equity shares has been done away with, streamlining the process for companies seeking to raise capital through IPOs.

👉NPCI has granted approval to Paytm to operate as a TPAP

National Payments Corporation of India (NPCI) has granted approval to Paytm to operate as a Third-Party Application Provider (TPAP) under the multi-bank model for UPI transactions.

Axis, HDFC, SBI, and YES Bank will serve as payment service providers under this approval, with YES Bank also acting as the merchant acquiring bank for both existing and new UPI merchants.

Paytm stock ended the day at Rs 370.70, representing a 5.00% increase on the BSE.

NPCI stated that YES Bank will serve as the merchant acquiring bank for both existing and new UPI merchants associated with Paytm. The “@Paytm” handle will be redirected to YES Bank, ensuring uninterrupted UPI transactions and AutoPay mandates for existing users and merchants.

👉YES Bank is planning to sell up to 51% of its stake to new promoter

Yes Bank is planning to sell up to 51% of its stake for a target valuation of between $8-9 billion, up from its current market capitalization of $7.2 billion. The report said that Citigroup’s India unit has been enlisted to facilitate the search for a potential buyer.
The lender has reportedly sent invitations to various domestic lenders, including the prevailing shareholders, for the participation. YES Bank has initiated discussions with banks and financial institutions in West Asia, Europe and Japan for the sale of at least 51% stake, the report added.

However, any new promoter holding more than 26% stake would require special approval from the Reserve Bank of India (RBI), as per central bank regulations.

👉Eris to buy Biocon arm’s branded drugs for 1,242 crore

Biocon is selling branded formulations of its subsidiary Biocon Biologics to Eris Lifesciences for Rs 1,242 crore. The deal will jumpstart Eris’s entry into the over Rs 30,000-crore injectables market in India, and become a leading player in the insulins segment, with acquisition of two major brands – Basalog and Insugen.

👉Mahindra Life space to go deep in Mumbai, Pune and Bengaluru

Mahindra & Mahindra Group’s fast-growing real estate arm Mahindra Lifespaces is confident of achieving double-digit revenue as well as volume growth in the upcoming financial year 2024-2025.

Mahindra Lifespaces CEO and MD Amit Kumar Sinha in an interaction said unlike few other realty players, who are expanding their reach in new cities, their strategy is to go deep in three markets — Mumbai, Pune and Bengaluru.“Our strategy is simple: go for depth rather than breadth. Mumbai is a very stable market and our share here is less than 1% while all the branded players’ share is less than 20%. This leaves so much opportunity for us to grow.

👉L&T Technology Services bags Rs.800 crore cybersecurity order from Maharashtra State Cyber Dept

Engineering services company L&T Technology Services Limited (LTTS) on Friday (March 15) announced that it has won a first-of-its-kind program in India worth around $100 million (Rs.800 crore) from the Maharashtra State Cyber Department, under the Maharashtra government.

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