Reliance Jio has taken 12-25% increase in telecom tariffs across prepaid plans and 12-17% hike in postpaid plans, being the first telco to announce and wef 3 July. The highest increase of 25% is in one plan of 1.5 GB/day. The unlimited data for 5G, however, would continue for all 2 GB/day and above plans. JioBharat/JioPhone users will continue to have the existing tariffs.
BHEL has bagged the Rs 13,300 crore order to set up a 1600 MW thermal power plant in Koderma in Jharkhand from Damodar Valley Corporation (DVC). DVC has finalised the tender for the engineering, procurement and construction (EPC) package.
As per media sources, domestic tyre companies have undertaken a price hike of ~1-2.5% with effect from 1st July 2024, in response to rise in key raw material prices (primarily natural rubber).
Brigade Enterprises has launched a 6-tower residential project Brigade Insignia in Yelahanka, Bengaluru with a revenue potential of ₹ 1,100 crore over 0.9 msf development. Brigade Insignia is a luxury project available at a ticket size ranging from ₹ 3 crore to ₹ 9 crore.
Central Drugs Standard Control Organization (CDSCO) inspected 400 MSME pharma players and informed that around 36% of players are lacking the quality/risk standard.To improve and maintain the quality standards CDSCO is starting 4 key projects : 1)CDSCO will aboard all the stakeholders involved in the value chain from regulatory bodies to manufacturers and retailers onto one platform to address all kinds of of quality issues. 2) CDSCO will hire two international consultancies to one look at CDSCOs’ internal process and another one to look at The Drugs and Cosmetics Act, 1940 and rules to rationalise while removing the redundancies and simplifying the whole regulation.3) Increasing the internal scientific cadre at CDSCO to do internal review of the files, which the stakeholders are not comfortable with. 4) Indian Pharmacopoeia Commission (IPC) to set up the Digital IP. The Indian regulators has upgraded Schedule M (GMP Practices) of the Drug and Cosmetic Rules, surpassing WHO GMP standards in some areas and will be starting the inspections from coming month.
As per RBI financial stability report, banks are well positioned to absorb any asset quality shocks amid healthy capital adequacy at 16.7%. Asset quality continue to witness improvement with GNPA at decadal low of 2.8% (NNPA at 0.6%), with GNPA for PSU banks at 3.7% and private banks is at 1.8%. Further, RBI has cautioned on higher credit growth (18% or above) amid deposit accretion lagging behind and risk of accretion of stressed assets.
Dr. Reddy’s Laboratories via its subsidiary has signed a definitive agreement with Haleon plc a leading consumer healthcare company to acquire Haleon’s global portfolio of consumer healthcare brands in the Nicotine Replacement Therapy (NRT) category outside of the US. The portfolio to be acquired consists of Nicotinell, a global leader in the NRT category with an extensive footprint in over 30 countries spanning Europe, Asia including Japan, and Latin America, and local market-leading brand names of the product – Nicabate in Australia, Thrive in Canada, and Habitrol in New Zealand and Canada. The proposed acquisition will be inclusive of all formats such as lozenge, patch, gum as well as pipeline products, in all applicable global markets outside of the US. Nicotinell is the second biggest brand globally (excluding the US) in the NRT category. It holds the first or second position in 14 of the top 17 global markets, with the lozenge/mini lozenge format holding top position globally.
The target company, named Plant Health Care Plc (PHC), possess industry-leading knowledge, products, IP and experience in protein/ peptide technology in the agricultural biological space with subsidiaries in the US, Brazil, Mexico and a few other countries. PHC had consolidated revenue of ~US$ 11 million with a gross margin of 60% for the year ended 31st December 2023. The offered purchase consideration of ~US$ 41.3 million is proposed to be paid in cash and funded from the earlier Qualified Institutional Placement (QIP) proceeds.
As per media sources, leading electric mobility player i.e. Ather Energy (associate company of Hero MotoCorp) has finalised Aurangabad as the destination for its new greenfield vehicle manufacturing plant with a capacity of 10 lakh units at a total capex outlay of ~₹ 2,000 crore (vs. ~₹ 1,000 crore which was earlier reported in media).
KEC International Limited has bagged orders worth ₹1025 crore in T&D and Cables businesses. The T&D business has secured projects in India, Africa and America; 1) 765Kv GIS Substation in India from Power grid. 2) 225Kv composite transition line, Substation & underground cabling in West Africa. 3) Supply of towers, hardware and poles in Americas.The cables business has won orders for supply of various cables in India and overseas.
Bajaj Auto in a regulatory filing has informed exchanges that its wholly owned subsidiary (WoS) i.e. Bajaj Do Brasil Comercio De Motocicletas Ltda, has set up and commenced the commercial production at its new manufacturing plant at Av. do Turismo, Bairro Tarumã, Manaus, Brazil on 26th June 2024. The plant is equipped with engine and vehicle assembly as well as testing facilities and has a production capacity of 20,000 units per year in a single shift.
As per media reports, during the 43rd AGM of Infosys, Chairman Nandan Nilekani announced that Infosys is working on 225 GenAI programs for its clients, helping them develop their internal AI strategies. He further noted that the adoption of enterprise AI is expected to be gradual compared to consumer AI, as it requires companies to undergo significant internal changes, organize their data, build responsible systems, and comply with various international laws and so on. Infosys has outlined a five-year plan with a significant focus on cloud capabilities and GenAI via Infosys Cobalt. The company sees substantial room for growth in northern Europe and sectors such as healthcare and life sciences. Additionally, Infosys is looking for acquisitions in SaaS, enterprise, and cloud areas, along with incremental geographical expansion.
Bharti Airtel acquired 97 MHz spectrum in 900 MHz, 1,800 MHz and 2,100 MHz frequency bands for ₹ 6,857 crore for a period of 20 years. Reliance Jio bought 14.4 MHz of spectrum worth ₹ 974 crore and Vodafone Idea bagged 30 MHz of spectrum worth ₹ 3,510 crore.
NHAI has scaled down the construction target for FY25 by setting a target of 5000 km of highway construction which is 22% lower than FY24 6,444 km of highways The scaling down of targets can be attributed to the slowdown of awarding and construction of new projects due to the model code of conduct. Meanwhile NHAI has identified highway development through BOT model having lined up ₹2.1 trillion worth of 53 highway projects with a total length of 5214 km, and has implemented a new model concession agreement.
SBI has raised ₹10,000 crore through issuance of infrastructure bond. The issue, with a tenure of 15 years, offered a coupon of 7.36%. Investors response remained strong with bids in excess of ₹19,884 crore.
Fairfax Group is seeking to sell 1.68 crore shares (9.72% stake) in CSB Bank. Currently Fairfax holds 49.72% stake in the bank. The deal has ₹352.4 per share as the floor price.
Oberoi Realty has entered the National Capital Region (NCR) as it has acquired 14.81 acres of land in Gurugram in Haryana for ₹ 597 crore. The land parcel is located in sector 58 in Gurugram near Southern Peripheral Road (SPR).
As per media sources, domestic passenger vehicle industry is adding nearly 3 million units per annum of capacity on an existing base of ~6 million units per annum, thereby aiming for ~9 million units of capacity by FY30/31.
JSW Steel has informed the exchanges that it will invest $110 million to modernise its steel plate mill in Baytown, Texas. This investment will enable the production of high-quality monopile steel plates to support the U.S. Administration’s initiative to expand offshore wind energy, aiming to deploy 30 gigawatts (GW) of offshore wind by 2030.
In a regulatory filing the company has informed that its wholly owned subsidiary i.e. Amara Raja Advanced Cell Technologies Pvt. Ltd (ARACT) has signed a technical licensing agreement with GIB EnergyX Slovakia s.r.o., a subsidiary of Gotion High-Tech Co Ltd. As part of the agreement GIB EnergyX will license Gotion’s world class LFP technology for lithium-ion cells to ARACT. This comprehensive agreement enables Amara Raja to manufacture world class LFP cells in both cylindrical and prismatic form factors. The scope of licensing provides access to cell technology IP, support in establishing Gigafactory facilities conforming to latest generation process technologies, integration with Gotion’s global supply chain network for critical battery materials, and customer technical support for solution deployment.
MapmyIndia informed the stock exchange that it has launched ClarityX, an AI-driven data analytics and consulting company. ClarityX will provide AI-powered insights from static and real-time data, aiding strategic decision-making and digital transformation for clients. Supported by MapmyIndia’s expertise in digital mapping and geospatial software, this partnership will help enterprises identify new markets, optimize resources, and reduce risks. ClarityX's solutions have already benefited clients in sectors such as green mobility, financial services, and retail by optimizing locations and projecting sales. This collaboration promises comprehensive, data-driven business insights, leveraging MapmyIndia's extensive data and ClarityX's advanced analytics capabilities.
As per media sources, Coal India is in the process of appointing a consultant to facilitate the listing of its subsidiaries, Bharat Coking Coal Limited (BBCL) and the Central Mine Planning and Design Institute (CMPDI). The company has announced that the listing has been approved by the Department of Investment and Public Asset Management and the coal ministry, and the initial public offering will be launched when the market conditions are favourable.
Vraj Iron and Steel Ltd, a manufacturer of Sponge Iron, M.S. Billets, and TMT bars under the brand Vraj, is launching an IPO in the coming week i.e.; June 26-28 2024, at an IPO price band of ₹ 195-207/share. The total IPO size pegged at ~₹ 171 crore and is entirely a fresh issue, with proceeds earmarked for capital expenditure towards the expansion project, repayment of debt, and general corporate purpose. At the upper price band, the company will command a market cap of ~₹ 680 crore.
As per media sources, the Adani Enterprise and Hindalco are among the bidders participating in the pre-bid conference which is aimed at selecting a mine developer and operator (MDO) for Hindustan Copper’s mines in Jharkhand. The Rakha and Chapri mines have a combined capacity of 3 million tonnes.
Ambuja Cement has secured 24 bids for fresh limestone mines, with an estimated total resource of 587 million tonne. This is in addition to Sanghi Industries existing 1 billion reserves.
The power transmission and distribution vertical of Larsen and Toubro has bagged a significant order. The order is classified as Significant order, meaning the order value ranges from ₹1,000 crore to ₹2,500 crore. The order is a domestic order, to build a grid connected 185MW Solar PV plant along with a 254 MWh Battery Energy Storage System (BESS) capacity. The Solar PV plant will be situated at Kajra in Lakshisarai district of Bihar.
RBI has conducted special audits to ensure banks hold sufficient high-quality liquid assets to meet Liquidity Coverage Ratio (LCR) requirements. This comes amid concerns about potential rapid deposit outflows through digital channels. LCR mandates banks to hold enough government bonds to withstand a stressed scenario with deposit outflows over 30 days.
Garden Reach Shipbuilders & Engineers (GRSE) has signed an agreement with “Carsten Rehder Schiffsmakler” and “Reederei GmbH & Co. KG Germany” for the construction and delivery of four multi-purpose vessels of 7,500 DWT each, with an option of building another four ships in near future. The contract size is $ 54 million (~Rs 450 crore). With a length of 120 metres and width of 17 metres, the vessels can carry 7,500 metric tonnes of cargo.
As per world steel association, India crude steel production reported a steady growth of 3.5% YoY to 12.2 million tonne (MT) in May’24. Global steel production was up 1.5% YoY at 165.1 MT for May 2024 while the same in China was 92.9 MT (up 2.7% YoY).
USFDA has conducted an inspection at the Cipla's manufacturing facility in Goa and concluded the inspection with 6 (six) inspectional observations in Form 483. Goa plant was already under warning letter since Feb 2020. Post that plant has been re-inspected.
Banking industry has witnessed a shift towards term deposits with higher rates amid rising rate cycle. As per RBI data, proportion of term deposits, with interest rate at 7 - 8%, have increased from 30.3 in FY23 to 58.9% in FY24, while term deposits above 8% stood at 5.5%.
Amara Raja Energy & Mobility (ARE&M), in a regulatory filing has informed exchanged that it has further invested EUR 20mn (~₹ 180 crore) for an additional 4.5% equity stake in InoBat AS, Norway. With the above, the company’s total holding will be ~9.32% in InoBat AS, including its previous investment of EUR 10mn.
As per media sources, HDFC Bank is in discussions with RBI to devise a strategy to swap some of HDFC Ltd's outstanding bonds with new infrastructure bonds.
Brigade group have announced the development of a third tower of the World Trade Center (WTC) at Infopark Kochi. The projects cost is ₹150 crore and the tower will stand 16 storeys high with a car park of 6 decks. It will come up on the non SEZ plot and will have a built up space of 2.6 lakh square feet. The new tower is said to create around 2700 direct jobs and the project is expected to be complete in 3 years.
In order to tap the coal reserves from closed and discontinued underground mines, Coal India has awarded 23 of its such mines to private sector bidders under a revenue sharing model. The cumulative peak rated capacity of these mines is 34.14 million tonnes (MT) per annum with total extractable reserves estimated at 635 MT. For coal sold specifically for coal gasification or coal liquefaction purpose, operators will be provided 50% of contracted percentage of revenue share from the authority.
Tata Motors in a regulatory filing has informed exchanges that it will undertake price increase of up to 2% across its commercial vehicle space with effect from 1st July 2024. The price increase is to offset the impact of rising commodity prices. It will be applicable across the entire range of commercial vehicles, and will vary as per individual model and variant. In a separate development, Tata Motors overseas luxury PV player i.e. JLR at its annual analyst meet has raised its capex spend guidance from 15 billion pounds to 18 billion pounds over FY24-28 (5-year block).
Sun Pharma has received a Warning Letter from USFDA for its Dadra facility. This facility had received Official Action Initiated (OAI) status from the agency in April 2024.
HG infra Engineering received a letter from South Central Railway regarding the declaration and appointed date for the doubling of track between Karanjgaon Station and Aurangabad station including Electrification and Signaling works. The project cost is ₹447.11 crore and is to be constructed over a period of 30 months.
L&T has won 'significant' orders in its Buildings and Factories business vertical.The orders have been secured from Asian Institute of Gastroenterology, Hyderabad for constructing a super speciality hospital at Gachibowli in the Hyderabad city. The total built up area is 1.10 million sq. ft. The project comprises construction of civil structures, finishes, façade, interiors, MEP services, paramedical and external development jobs, including landscaping. L&T has also bagged an order from a prestigious client in Mumbai to construct an office space. The project comprises Civil and composite steel structures For 2 basement -1 ground - 6 parking and 18 office floors with a total built up area of 13 lakh sq. ft. The project is scheduled to be completed in 20 months. The project will be developed using composite steel technology.
As per media sources, PE funds invested in Sansera Engineering i.e. Client Ebene Ltd and CVCIGP li Employees Ebene are likely to sell 11.66% in the company via block deal mechanism on stock exchanges today. Media articles indicate that the shares are being offered in the price band of ₹ 1,151-1,212/share with total transaction value pegged at ~₹760 crore.
Private banks continue to gain market share which stood at 42% in terms of advances in FY24 compared to 35% in FY20. Market share in deposits also inched up from 30% in FY20 to 35% in FY24.
As per the media sources, India will hold Project-75 India (P-75 I) submarine project trials at Navantia in Spain by June-end. Under P-75 I, Indian Navy will be procuring 6 advanced conventional submarines with an AIP (Air Independent Propulsion) system which would allow submarines to stay underwater for longer periods. L&T (with Spanish firm Navantia as a partner) and Mazagon Dock Shipbuilders (with German firm ThyssenKrupp Marine as a partner) are competing for this ~Rs 60000 crore project.
Zydus received OAI from the USFDA for the inspection conducted at its injectable manufacturing facility located at Pharmez Special Economic Zone, Matoda, Gujarat.
As per media sources, government is likely to roll out FAME-3 scheme promoting penetration of Electric Vehicles domestically at the time of upcoming Union Budget in July 2024. It is expected to be rolled out with an outlay of ~₹ 10,000 crore and shall include demand incentives for buying Electric Vehicles as well as augment charging infrastructure domestically.
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