Top headlines from the Indian business press for September 13, 2023
- Wipro transfers 100% stake in Wipro 4C NV to Wipro IT Services UK Societas. The move is aimed at rationalising and simplifying the overall group structure.
- Vakrangee to acquire 8.8% stake in Vortex Engineering from IFC. The acquisition will give Vakrangee a cumulative shareholding of 57.3% in Vortex, one of the leading providers of ATMs.
- IRCTC signs MoU with NBCC for interior works of its office at World Trade Centre, Delhi. The tentative cost of the order is Rs 31.40 crore.
- RITES signs MoU with Caminho De Ferro De Moçâmedes (CFM) Angola for cooperation in railways and related infrastructure. The two companies will collaborate in areas such as supply of rolling stock, railway infrastructure projects, repairing of rolling stock, operations and maintenance of railway infrastructure, information technology services, and technical maintenance and master planning.
- KEC International secures new orders worth Rs 1,012 crore. The orders are across its various businesses, including transmission & distribution projects in India and Americas, and orders from new clients in the data centre and FMCG segments in India.
- NTPC completes trial operation of unit-1 of 800 MW capacity of stage-I (2 x 800 MW) of Telangana super thermal power project. With this, the installed capacity of NTPC and NTPC group has become 57,838 MW and 73,824 MW, respectively.
- Jay Bharat Maruti to consider raising of fund or issue of securities at its AGM on September 16. The company is looking to raise funds to expand its production capacity.
- Bajaj Healthcare appoints Dr. Mohammed Jaweed Mukarram as advisor in R&D division. Dr. Mukarram is an expert in active pharmaceutical ingredients (APIs).
- GE Power India receives purchase order from Vedanta for NOX reduction project. The order is worth Rs 25 crore.
- Tata Power Solar Systems and SIDBI sign MoU to offer easy financing option for MSMEs. The MoU will help MSMEs to finance solar projects.
- L&T Finance Holdings sells 7 crore equity shares in open market transactions. The stake sale is part of a strategic divestment plan of the company.
- Paradeep Phosphates’ Chief Manufacturing Officer Pranab Bhattacharyya resigns. He has resigned on account of personal reasons.
- CRISIL receives board approval for incorporation of new subsidiaries and acquisition of a company. The company is also looking to expand its business in the ESG space.
- Container Corporation of India’s Director (Finance) Manoj Kumar Dubey’s tenure extended by five years. His current tenure is ending on October 31, 2023.
- Saroja Pharma Industries India to debut on NSE Emerge on September 13. The issue price is Rs 84 per share.
- Pramara Promotions to list its shares on NSE Emerge on September 13. The offer price is Rs 63 per share.
- 21 Sep
Electronics Mart India shares jump over 4% on block deal
Electronics Mart India shares climbed over 4% in opening trade on September 21 after 96.2 lakh shares of the firm changed hands in a block deal worth Rs 137.6 crore. The buyers and sellers could not be immediately ascertained. Electronics Mart India is a retailer of electronics home appliances and consumer durables. It is headquartered in Hyderabad, Telangana. The company's revenue jumped 19.95% year-on-year to Rs 1,691.56 crore in Q1 FY24. Its net profit climbed 48.2% to Rs 60.26 crore. Shares of the company are up 70% this year to date. The stock price is around 11% down from its 52-week high of Rs 166.50.
- 21 Sep
West Coast Paper Mills shares jump 3% on NCLT approval for Uniply Decor acquisition
West Coast Paper Mills shares were trading 3% higher in the morning trade on September 21 after the paper-maker announced having received approval for its resolution plan to acquire Uniply Decor from the National Company Law Tribunal (NCLT). The company's stock has been on an upward trend since July 27th.
- 21 Sep
Zydus Lifesciences Receives USFDA Approval for Acne Gel
Zydus Lifesciences shares rose nearly 1% on September 21 after the company received final approval from the USFDA for Clindamycin Phosphate Gel USP, a skincare gel used to treat acne. The drug will be manufactured at the group’s topical manufacturing facility at Changodar, Ahmedabad. This is the latest in a series of approvals for Zydus Lifesciences from the USFDA. The company is expected to continue to do well in its current business operations, with new drivers for growth based on vaccines, biosimilars, and complex generics.
- 20 Sep
TCS: Strong Deal Momentum and Revamped Organizational Structure Provide Resilience and Position the Company for Growth
TCS: Strong Deal Momentum and Revamped Organizational Structure Provide Resilience and Position the Company for Growth TCS, India's largest IT services company, has reported robust deal wins over the past few quarters. The company is also well-positioned to grab market share during the current challenging environment due to its strong domain expertise, global presence, and proven ability to cross-sell its services. The recent organizational restructuring is expected to alleviate concerns and aid in driving growth. Analysts maintain a Buy rating on TCS with a revised price target of Rs. 4,200, as they believe the company is well-placed to grab cost takeout as well as digital transformation programs along with opportunities arising from vendor consolidation.
- 20 Sep
Power Stocks Surge on Robust Growth Outlook
hares of NTPC, Power Grid, and JSW Energy surged on September 20, buoyed by a robust growth outlook for the power sector. Jefferies recommended these stocks as its top picks, citing India's capex-driven GDP growth, which is expected to lead to a rise in power intensity. The brokerage firm also expects the capex CAGR in the power sector to rise 9x at 20 percent in the period of FY23 to FY26. The robust growth outlook for the power sector is supported by a number of factors, including India's growing economy and population, the government's focus on renewable energy and infrastructure development, and the government's various initiatives to promote electric vehicles and smart grids.