RK Asociates |

Sunflag Iron & Steel emerges as highest bidder for coal block in Maharashtra

03 Aug, 2021, 10:31PM | Economic Times

Sunflag Iron & Steel Company emerged as the highest bidder for a coal block in Maharashtra by agreeing to part with 9% revenue, while a two-month old firm quoted the highest 75.5% for another mine in Jharkhand on day two of ongoing e-auctions of coal mines for commercial use. The bid by Kolkata-based firm Shreesatya Mines Private Ltd for partially explored Rauta Closed mine in Jharkhand is the highest so far by any company in both rounds of commercial coal auctions. Data available with the corporate affairs ministry showed that Shreesatya Mines Private Ltd was incorporated on June 7 this year. Last year, Sarda Energy and Minerals Ltd had won the Gare Palma IV/7 coal mine in Chhattisgarh by agreeing to forego 66.75% revenue. The average premium in the first tranche of commercial coal auctions was at 29%. The government offered two coal mines in Maharashtra and Jharkhand under electronic auction on Tuesday, the second day of auctions. Bhivkund in Maharashtra, for which Sunflag Iron & Steel emerged as preferred bidder, is a fully explored mine with geological reserves of 102.26 million tonnes and peak capacity of 0.72 million tonnes per annum. Aurobindo Realty & Infrastructure was also in the race for the block. The Rauta Closed Mine in Jharkhand is a partially explored mine with geological reserves of 7 million tonnes. Adhunik Power & Natural Resources, Shree Sai Urja and South West Pinnacle Exploration were the others in fray for the coal mine. On Monday, Adani Group emerged as the preferred bidder for two coal blocks for commercial use in Maharashtra and Chhattisgarh. Gurgaon-based exploration services firm South West Pinnacle Exploration emerged as the highest bidder for a coal mine in Jharkhand quoting a premium of 24.25%, sources said. Three more mines will be bid on Wednesday, the concluding day of the second tranche. Adani Power Maharashtra offered 9.5% revenue over floor price for Gondkhari coal mine in Maharashtra, while the same group company CG Naturals Resources Ltd emerged as preferred bidder for the Jhigador mine in Chhattisgarh. Sunflag Iron and Steel was also in the race for the Gondkhari explored mine with peak capacity of one million tonnes per annum. The mine has geological reserves of 98.71 million tonnes. CG Natural Resources pipped Aurobindo Reality and Infrastructure emerged as highest bidder for the partially explored Jhigador mine in Chhattisgarh with 250 million tonnes geological reserves. Dhansar Engineering Co and Hilltop Hirise Pvt Ltd were the others in race for Jogeshwar and Khas Jogeshwar partially explored mine in Jharkhand with 84.03 million tonnes geological reserves. The second tranche of coal auctions for commercial mining was launched on March 25. In the first tranche of commercial coal auctions, 19 mines were auctioned with the premium quoted by the successful bidders ranging from 9.5% to 66.75%.

Iron Pillar invests $15 million in Y Combinator-backed Skill-Lync

03 Aug, 2021, 12:16PM | Livemint

Bengaluru: Iron Pillar, a venture growth investor that backs technology companies, on Tuesday said it has invested $15 million investment in Y-Combinator-backed, engineering-focused edtech start-up, Skill-Lync. Existing investors Y Combinator and Better Capital also invested in the $17.5 million funding round. In addition, Binny Bansal, co-founder of Flipkart, Sai Krishnamurthy, co-founder of Xto10X and Rashmi Kwatra, founder of Sixteenth Street Capital, joined as new investors in this round. MORE FROM THIS SECTIONSee All Premium Premium Simple Energy plans million e-scooters capacity plant i .... Premium Premium For fast food, supersized sales outrun heavier costs Premium Premium Indian Overseas Bank Q1 results: Net profit doubles to .... Premium Premium Bank of India net profit down 15% on higher expenses an .... Skill-Lync, which was launched in April 2018 by Suryanarayanan P and Sarangarajan V, provides courses in the mechanical, electrical, civil and computer science engineering domains for students in India and other parts of the world. Suryanarayanan P, co-founder and CEO, Skill-Lync, said, “The ever increasing gap between what industries expect and what students learn during their engineering education has caused a global shortage of high-quality engineering talent. The rapid adoption of new technologies by industries has also created a need for constant upskilling of engineering professionals. Hence, the need of the hour is to have engineers who have knowledge of both engineering fundamentals and how they can be applied to solve real world engineering problems through engineering design and simulation tools." “…We believe that our partnership with Iron Pillar will allow us to tap into Iron Pillar’s network of global experts and help us accelerate towards our goal of building a global alternate platform for engineering education," he added. Anand Prasanna, managing partner, Iron Pillar, said, “Engineering education and upskilling outside of computer science have seen very little digital disruption over the last two decades. This, combined with the ever expanding need for real world interdisciplinary applications of engineering in today’s world creates a unique opportunity to establish a multi-billion dollar global company with deep moats in this space. This is also a strong beachhead for expansion into multiple adjacent areas. Surya, Sarang and rest of the Skill-Lync team have already built a great product and significant revenue in the business, with exceptional growth and capital efficiency." MINT PREMIUM See All Premium States’ share of central govt taxes falls to lowest in 5 years Premium Equity investments may not be the solution for all your financial goals Premium Centre may allow mixing of Sputnik, Covishield shots Premium Adani group and RIL headed for a likely face-off Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edtech startup Skill-Lync raises $17.5 mn in funding led by Iron Pillar

03 Aug, 2021, 12:12PM | Business Standards

Skill-Lync, India's largest edtech startup for engineering, has raised $17.5 million in a funding round led by Iron Pillar, a venture growth investor backing global tech companies built from India. Existing investors Y Combinator and Better Capital also participated in the Series A round. Binny Bansal, a cofounder of Flipkart; Sai Krishnamurthy who worked with Flipkart once; and Rashmi Kwatra, founder of Sixteenth Street Capital joined as new investors. Skill-Lync provides courses in mechanical, electrical, civil and computer science engineering domains. It was launched in April 2018 by Suryanarayanan P (CEO) and Sarangarajan V (CTO). The rapid adoption of new technologies by industries has created a need for the constant upskilling of engineering professionals, said Suryanarayanan P, cofounder and CEO of Skill-Lync. “Hence, the need of the hour is to have engineers who have knowledge of both engineering fundamentals and how they can be applied to solve real-world engineering problems through engineering design and simulation tools,” said Suryanarayanan. Skill-Lync has created content that matches the present and future requirements of industries. “We believe that our partnership with Iron Pillar will allow us to tap into Iron Pillar’s network of global experts and help us accelerate towards our goal of building an alternate platform for engineering education,” said Suryanarayanan. Anand Prasanna, managing partner, Iron Pillar, said engineering education and upskilling outside of computer science have seen very little digital disruption over the last two decades. This, combined with the ever-expanding need for real-world interdisciplinary applications of engineering in today’s world creates a unique opportunity to establish a multi-billion dollar global company with deep moats in this space. “This is also a strong beachhead for expansion into multiple adjacent areas,” said Prasanna. “We will double down on developing corporate partnerships to understand future talent requirements, build in-house high-end engineering teams to offer excellent learning outcomes to our students,” said Sarangarajan V Iyengar, cofounder of Skill-Lync. The startup has collaborated with over 800 industry experts for creating their course content and has full-time people with extensive experience in the industry. These include firms such as Bosch, Cummins, ABB, Samsung and Accenture to provide students with learning experience.

The most expensive Apple Watch has ‘surprised’ Apple, here’s how

03 Aug, 2021, 12:03PM | Times Of India

The Titanium Apple Watch Series 6 , which happens to be the most expensive Apple Watch in the market, is no longer available for purchase in the US. The Titanium Apple Watch, which starts at $799 in the US, has sold out faster than even Apple expected, as per a report by Bloomberg. Apple could restock the Titanium model but since the new Apple Watch could launch in September and due to the Titanium version being the costliest, this may not happen and the Titanium Series 6 is most likely gone from the market for a long time. Apple may likely not restock it. However, Apple has not yet confirmed any such speculations. It might be the case that since people have expressed such an interest in the costliest version of the smartwatch, Apple may get to produce more of it later, after the upcoming Apple Watch is revealed. Or else, the company might think about investing in a Titanium Apple Watch Series 7 to be the more judicious idea. The stainless steel model of the Apple Watch Series 6 , however, is still available for purchase and starts at $749. Be it the Apple Watch Series 6 or Series 7, the Titanium versions are still far away. Apple is expected to unveil the Series 7 smartwatch along with the iPhone 13 series in September this year which is less than a month away. As per a recent report by DigiTimes, Apple is serious about increasing the battery size of the iPhones, iPads and MacBooks . The report claims that it might just try to do the same by decreasing the size of the other internal components to make space for the bigger size of the batteries. The tech giant reportedly plans to do that by significantly increasing the adoption of IPDs or Integrated Passive Devices for the peripheral chips used in its products.

Edtech start-up Skill-Lync raises $17.5 million in series A financing

03 Aug, 2021, 12:00PM | Business Standards

Engineering focused edtech start-up Skill-Lync has raised $17.5 million in Series A round, led by Iron Pillar, a venture growth investor backing global tech companies built from India. Existing investorsY Combinator and Better Capital also participated in thisfunding round, it said in a statement. In addition,Binny Bansal (Co-founder of Flipkart),Sai Krishnamurthy (ex-Flipkart;Co-founder of Xto10X)and Rashmi Kwatra (Founder of Sixteenth Street Capital) joined as new investors. Skill-Lync said it provides"job leading industry- relevant"coursesin themechanical, electrical,civiland computer science engineering domains forstudents in India and other parts of the world. "Interdisciplinary and job-orientedcoursesin topicssuch as Electric Vehicle Design, Embedded Systems design, Autonomous Vehicle,Renewable Energy, Full-Stack Development, Data Analytics and Construction Project Management,ensure the alignment of the engineering talent pool with the needs of these industries," it said. The capital raised will be used to increase the number of courses offered by Skill-Lync, build out next level of strong management team and expand the business to international markets, the statement added. The startup said it has collaborated with 800-plus industry experts for creating its existing course content and has full-time people with extensive experience in industry. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

PV Sindhu’s brand value set to soar post Olympic medal win

03 Aug, 2021, 12:17AM | Livemint

P.V. Sindhu may have won the bronze in Tokyo, but she’s certainly struck gold back home. The ace shuttler, the first Indian woman to win two Olympic medals, is likely to see a surge in her brand endorsement fee and value, said sports marketing executives. MORE FROM THIS SECTIONSee All Premium Premium MPC meet: All eyes on road map for policy normalization Premium Premium Starbucks recovered much faster than last year, will co .... Premium Premium Vedanta Aluminium becomes India’s largest green power p .... Premium Premium News Corp to buy Oil Price Information Service for $1.1 .... Sindhu, who had won a silver in the 2016 Rio Olympics, could see her annual brand fee go up by more than 60% from ₹1.5-1.8 crore to ₹2-3 crore, they said. “A few active discussions are going on," said Tuhin Mishra, managing director and co-founder of Baseline Ventures, which manages her portfolio. Mishra said Sindhu, 26, has clearly shown that she is a GOAT (Greatest of all time) of Indian sports. “Her medal-winning performance will surely help further add to the market value she commands. However, that’s secondary; most importantly, she helps inspire youngsters to dream and break the glass ceiling," he added. Sindhu currently has 10 deals with a variety of brands, including Bank of Baroda, Bridgestone Tyres, Visa India, Google, real estate firm Pooja Developers, Chinese sports brand Li Ning, Stayfree, PNB Metlife, Sharechat and Vizag Steel. In 2016, after her Rio success, Sindhu emerged as an overnight favourite for many brands and has managed to maintain and expand her brand portfolio because of the popularity she enjoys. According to consultant Duff & Phelps’ estimates, Sindhu had about 10 endorsements at the end of 2020, and her brand value was about $12 million. “We expect her brand value to increase significantly post her phenomenal success at the Tokyo Olympics. It may be difficult to quantify the increase at this stage. Brands would be looking at this fantastic opportunity to rope her in as a brand ambassador by leveraging her fame with the brand image," said Aviral Jain, managing director, Duff & Phelps—a Kroll business. MINT PREMIUM See All Premium Equity investments may not be the solution for all your financial goals Premium Centre may allow mixing of Sputnik, Covishield shots Premium Adani group and RIL headed for a likely face-off Premium How provisions helped HDFC survive the second wave Backed by impressive performances across the globe and a strong endorsement portfolio over the years, Sindhu today is the most successful female athlete in India in terms of brand endorsements and presence, Jain said. “She has been signed on as a brand ambassador for many brands since badminton has a mass appeal, and fans follow her for her expertise, excellence and consistent performance. She has been a persistent, dependable and winning athlete throughout her career, and this attribute is what brands leverage since it’s in sync with their product image," he noted. Ritesh Nath, an independent sports consultant, agreed: “Sindhu already has an extremely rich bag of endorsements in any case, and that is a testimony that she does work for marketers. She has learnt to position and groom herself better in the market." But although Sindhu is one of India’s most successful female athletes, her brand value is only a fraction of cricketer Virat Kohli’s $237 million. Experts said marketing opportunities have opened up for female athletes only recently due to the growth of social media platforms. With almost 8 million followers on Instagram, Twitter and Facebook, Sindhu strikes a deep connection with fans, an accomplishment that homegrown social media platform Sharechat and video sharing app Moj are leveraging. “We believe that she will inspire and encourage our communities to create and engage with the sports content," said Shashank Shekhar, director -content strategy, Moj and ShareChat. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Adani Group bags two commercial coal mines on Day 1 of tranche-2 auctions

02 Aug, 2021, 10:47PM | Economic Times

Adani Group has emerged as the preferred bidder for two coal blocks for commercial use in Maharashtra and Chhattisgarh . Gurgaon-based exploration services firm South West Pinnacle Exploration emerged as the highest bidder for a coal mine in Jharkhand quoting a premium of 24.25%, sources said. A senior government official said online coal auctions for three blocks concluded on Monday, while five more mines will be bid on Tuesday and Wednesday. The second tranche of commercial coal auctions began on Monday. The official said Adani Power Maharashtra quoted a 9.5% premium over floor price for Gondkhari coal mine in Maharashtra, while the same group company CG Naturals Resources Ltd emerged as preferred bidder for the Jhigador mine in Chhattisgarh . Sunflag Iron and Steel was also in the race for the Gondkhari explored mine with peak capacity of one million tonnes per annum. The mine has geological reserves of 98.71 million tonnes. CG Natural Resources pipped Aurobindo Reality and Infrastructure to emerge as highest bidder for the partially explored Jhigador mine in Chhattisgarh with 250 million tonnes geological reserves, the sources said. Dhansar Engineering Co and Hilltop Hirise Pvt Ltd were the others in race for Jogeshwar and Khas Jogeshwar partially explored mine in Jharkhand with 84.03 million tonnes geological reserves. The second tranche of coal auctions for commercial mining was launched on March 25. In the first tranche of commercial coal auctions, 19 mines were auctioned with the premium quoted by the successful bidders ranging from 9.5% to 66.75%. States are expected to fetch around Rs 7,000 crore of revenues from these auctions considering production at peak rated capacity of 51 million tonnes per annum.

The PMI cheer

02 Aug, 2021, 10:40PM | Livemint

July’s purchasing managers’ index reading for India’s manufacturing sector strikes an optimistic note. From June’s 48.1, the index bounced up last month to 55.3, zipping past the 50 mark that separates expansion from contraction. Stronger demand both at home and overseas underpinned this performance. The easing of restrictions as the second wave of covid abated is mainly to thank. Also, our manufacturers hired more workers, as reported, snapping a run of 15 successive months of employment reduction. Encouragingly, there have been some other indicators as well that have pointed to a gain in economic momentum. Our goods and services tax mop-up, for example, surged to ₹1.16 trillion in July from ₹92,849 crore in June. Also, steel prices in India have been firm, thanks in part to infrastructure demand. These have added to evidence that our economy is now on the mend. It’s still early, however, to say how sustainable this recovery will prove. With just about a tenth of all adults in the country vaccinated so far, vulnerability to a third wave remains high. Hopefully, past lessons will help us manage any upshoot of infections better and keep economic disruptions to a minimum. MORE FROM THIS SECTIONSee All Premium Premium It’s time to institute a climate change reparations fund Premium Premium Steps to sustain the big success that our DBT Mission h .... Premium Premium Another wave of covid mustn’t overwhelm us Premium Premium Three strategic ways to grant supply chains resilience TRENDING STORIESSee All Premium Rakesh Jhunjhunwala to invest in this metal company, st .... Premium Gold prices today fall sharply for second day in a row, .... Premium Maharashtra eases Covid curbs further. No new relaxatio .... Premium Uttar Pradesh allows intermediate schools to open from .... Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Coronavirus likely to lock India's women out of job market for years

02 Aug, 2021, 10:04PM | Livemint

New Delhi: Savitri Devi has been searching for work since she lost her job at a garment factory in New Delhi, along with half her co-workers, when sales plummeted at the start of the coronavirus pandemic last year. The 44-year-old has tried her luck repeatedly - and unsuccessfully - near her home in Okhla, an industrial hub with thousands of small factories and workshops, where there was previously plenty of unskilled jobs for women. MORE FROM THIS SECTIONSee All Premium Premium Karnataka sends back hundreds of Kerala commuters for n .... Premium Premium Olympic medal winners to be offered 'free cement to bui .... Premium Premium Mumbai: BMC revises Covid guidelines, announces relaxat .... Premium Premium US manufacturing increased in July but at slower pace "I am ready to take a salary cut, but there is no work," Devi said outside her one-room home in a slum of about 100 families, just a few miles away from Prime Minister Narendra Modi's office. Devi is one of around 15 million Indians who have been made redundant in an economic slowdown that has hit women disproportionately, trade union and industry leaders said. Most employed women in India are in low-skilled work, such as farm and factory labour and domestic help, sectors that have been hit hard by the pandemic. Worse, an anticipated slow economic recovery, the closure of thousands of factories and a sluggish vaccination rate, especially among women, is expected to undermine their attempts to return to the workforce. "Whatever social and economic gains Indian women had made in the last decade, it has been largely wiped out during the COVID period," said Amarjeet Kaur, general secretary of the All India Trade Union Congress, one of the largest trade unions in India. The second wave of the coronavirus pandemic is expected to deepen economic stress in India, which was already in its worst recession for seven decades. TRENDING STORIESSee All Premium Rakesh Jhunjhunwala to invest in this metal company, st .... Premium Gold prices today fall sharply for second day in a row, .... Premium Maharashtra eases Covid curbs further. No new relaxatio .... Premium Uttar Pradesh allows intermediate schools to open from .... With the vast majority of Indians working in the informal sector, precise estimates of job losses are difficult. But in a country without a comprehensive welfare system or pandemic-related support for small businesses, several industry bodies have reported widespread redundancies over the past year. The Consortium of Indian Industries (CIA), which represents over one million small firms, said women make up 60% of the job losses. A report by the Centre for Sustainable Employment at Azim Premji University found that 47% of women workers who lost their job between March and December - before the second wave of the virus hit in April - were made permanently redundant. That compared with around 7% of male workers, many of whom were able to either return to their old jobs or take up independent work like selling vegetables. WOMEN'S WORK Reuters spoke with more than 50 women in Delhi, the industrial state of Gujarat and, by phone, in the southern state of Tamil Nadu. All had lost their jobs in small garment factories, food processing units, travel agencies and schools, leading them to scrimp and save. "We have cut down spending on milk, vegetables, clothes …everything," said Devi, who, along with her day-labourer husband supports an unemployed son and an aged mother. In Okhla, home to makers of garments, auto parts and food packaging, employers say they have almost halved their workforce following a dip in orders and a rise in input costs like transport and steel. Chetan Singh Kohli, a printing material manufacturer and an official of Okhla's factory owners' association, said the auxiliary nature of a typical woman's role meant they were not priorities for reemployment. "The majority of female workers who work in low-skilled categories like packaging, and on assembly lines at lower wages would be the last ones to get employed, as first we want to restart operations," he said. India’s informal service sector, including on-demand services like transportation and food delivery, has been one of the few bright spots during the pandemic, said Manisha Kapoor, researcher at the Institute for Competitiveness think tank, but were dominated by men. "Those informal sector jobs are not something that women will be taking up," Kapoor said. Kaur warned it could take two or three years for women to return to the workforce - if at all - and urged the government to offer incentives to lure them back. "Migrant women workers, who have left for their villages with families after job losses, are unlikely to come back," she said. CHILDCARE CONUNDRUM Traditional household roles in India are further expected to impede women's return to the workforce. India's female-to-male share of housework is among the highest in the world, and women are bearing the majority of childcare with schools still closed due to the pandemic. "The work is available in faraway factories but I can't go as there is no one at home to take care of my children," said Chineya Devi, 32, who lost her job in an Okhla packaging firm earlier this year. Many of the women Reuters spoke to stressed the damage from job loss to their self-esteem, leading to mental and physical health issues. "Our men at home or government officials could never understand the impact of job losses on women," said Ritu Gupta, who owns a playschool in Najafgarh, on the outskirts of Delhi, that has been closed for over a year. "I am feeling worthless sitting idle at home. This is not just a monetary loss but the whole meaning of my life." This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Samsung Galaxy Watch 4 Classic appears in live images: Here’s what’s new

02 Aug, 2021, 08:16PM | Times Of India

The Galaxy Watch 4 Classic ’s live images have appeared online, courtesy Max Weinbach. Two colour options have leaked in Black and Silver colours. Both appear to be made from stainless steel. Two physical buttons and white and black bands can be seen on the watch. The watch’s bezel seems to have been designed to make it look like an analog watch, with numbers around the face. The touchscreen lies in the middle and does not seem to have any more space for the bezel beyond the numbers displayed around the watchface. The UI seems to be inspired from the One UI on the Samsung Galaxy smartphones. The Galaxy Unpacked event date is fast approaching. Samsung will hold the event on August 11 where it is expected to unveil a slew of devices including the Galaxy Watch 4 Classic and the Galaxy Watch 4 with Wear OS 3. An earlier report by XDA Developers claimed that there could be three variants of the Galaxy Watch 4 instead of just one. These would be Galaxy Watch4 and Galaxy Watch4 Classic (two different models). As per the report, references to the second variant were obtained by Thailand’s certification authority NBTC ’s website. There are a total of three Galaxy Watch 4 models listed with model numbers SM-R875F, SM-R885F and SM-R895F, the last two being the Classic models. Based on this, the report claims that there are going to be at least three Galaxy Watch 4 models in the pipeline. Nothing has been confirmed by Samsung yet regarding this and it seems like the tech giant is going to spill the beans on August 11 only.

Auto industry growth to remain subdued unless acquisition cost of cars comes down: RC Bhargava

02 Aug, 2021, 07:50PM | Livemint

The auto industry may not witness a significant rebound sales unless India’s union and state governments come together to reduce the cost acquisition for customers which has increased substantially over the last few years due to various factors, said RC Bhargava, chairman, Maruti Suzuki India Ltd in the latest annual report. The octogenarian though maintained that if there is no third wave of Covid infections then sales Maruti’s vehicles will surpass last year’s count despite the adverse impact of the explosive second wave of Covid infections in the first quarter. MORE FROM THIS SECTIONSee All Premium Premium Demand environment is good for India’s digital transfor .... Premium Premium ‘We are feeling liberated’: Zomato CEO Deepinder Goyal Premium Premium Twitter's Dorsey leads $29 billion buyout of lending pi .... Premium Premium Goldman Sachs raises junior banker pay, aligning with r .... India adopted multiple regulations on vehicle safety, emission and fuel efficiency in the recent years which led to increase in cost of vehicles. In past three years, features like anti-lock braking system and dual airbags were made mandatory in vehicle and auto industry leapfrogged to Bharat Stage 6 emission norms BS 4 norms in just three years. From FY 23, India will adopt a stricter form of Corporate Fuel Efficiency norms which is also expected to further push vehicle prices. The union government implemented these regulations to reduce carbon emission from vehicles and improve safety of passengers. “The slowing in the demand of cars is largely because the cost of acquisition by consumers has increased due to various reasons like regulatory changes, depreciation of the Rupee, increase in cost of raw materials and taxes imposed by State governments. The GST on cars, based on the past rates of excise duty, is much higher than the GST (or equivalent) in all other major countries of the world," said Bhargava. He further added that it is unlikely that the car industry will experience reasonable rates of growth unless the central and State governments consider how to reduce the initial acquisition cost of cars. The auto industry came under pressure from the first week of April when Maharashtra began strict lockdown measures. Delhi, Haryana, Karnataka, Tamil Nadu and others followed suit. Maruti Suzuki and other manufacturers either stopped production or reduced output significantly. Some like Bajaj Auto Ltd, however, continued to operate with limited capacity to meet export orders. With a steady drop in infections, especially in north and south India, most automakers have resumed operations from the middle of May. MINT PREMIUM See All Premium Vax hesitancy, coverage differ sharply across religious lines: New survey Premium Devyani International IPO: Key points to consider Premium The famed Lipstick effect is now playing out in India Premium The famed Lipstick effect is now playing out in India According to RC Bhargava the suddenness and ferocity of the second wave of the pandemic was a surprise to all and led to lockdowns and restrictions in most parts of the country. Production and sales again dropped and the recovery that had started in the previous quarter suffered a set-back. “The performance in the next three quarters largely depends on how effectively all our citizens follow the government’s advice to get vaccinated and observe safety protocols. If we can avert the third wave, or substantially reduce its effect, and there are no further waves, economic activities and sale of cars can improve significantly over what was achieved last year," added Bhargava. As the economic activity gained momentum after the first lockdown, Maruti witnessed robust demand for cars in the April to March period and the company increased production to record levels as consequence. Demand was mostly led by customer preference towards personal mobility to avoid Covid infection. As economy is gradually being unlocked after the second wave Maruti is witnessing similar demand for its products but production constraints due to semi conductor shortage might increase the waiting period on certain products. Maruti reported a net profit of just ₹440 crore for the quarter ending June 30 due to the low base effect in the corresponding quarter when the company’s production and sales were impacted due to the stringent nationwide lockdown imposed to contain Covid pandemic. Sustained increased in prices of commodities like steel and other precious metals continues to impact the company’s operating performance. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

BSES ties up 3.3 Gw green power for supply in Delhi as it exits older PPAs

02 Aug, 2021, 05:41PM | Business Standards

Reliance Infrastructure promoted power distribution company BSES Ltd, which operates in some areas of Delhi, is in the process of tying 3.3 Gw of green energy for supply in the national capital. When the deal is concluded, the company would become the discom with the highest green energy tie-ups, claimed company executives. Executives said BSES will sign power purchase agreements (PPAs) with projects tendered by central agency SECI Ltd. The projects that BSES will sign up are of Adani Green Energy, Amp Energy, Avikaran Surya among others, said sources. “By FY 23-24, about 3.3 Gw of green power will be operationalised by BSES. Out of this, 2.3 Gw will be pure-play renewable, consisting of solar, wind and waste to energy and around 1 Gw would be hydro,” said an executive. He said the green power portfolio would be led by solar and in coming two years, 50 per cent of the discoms’ capacity would be of renewable energy. The move to sign up more green energy is in line with the company’s plan to exit costly and older PPAs with thermal power. BSES was recently allowed to end its PPA with Dadri thermal power unit of NTPC by the Central Electricity Regulatory Commission. It is also in the process of cancelling six more thermal power PPAs. The company is planning to replace this capacity with green energy. At present, around 22 per cent of long-term arrangements of Reliance Infrastructure led BSES comprises green power, which includes pure play renewable power of over 9 percent and 13 per cent is hydro power. BSES recently signed a purchase agreement for 510 Mw of solar and bundled hybrid power. Of the total quantum of 510 Mw, 300 Mw is solar power and 210 Mw, hybrid power. BSES is the first discom in the country to sign for hybrid power. Hybrid power is a bundled mix of solar and wind power, wherein one component is at least 33 per cent of the contracted capacity. The company in a public statement said the solar and hybrid power is expected to be available to BSES discoms in 18 months after signing of the agreement. The discom will purchase solar power at Rs 2.44 per unit and hybrid at Rs 2.48 per unit. BSES operates two discoms in Delhi--BRPL and BYPL--which are joint ventures between Reliance Infrastructure Limited and GoNCTD.

Chinese stocks jump as Beijing signals more economic support

02 Aug, 2021, 05:40PM | Business Standards

Chinese equities rallied by the most in ten weeks as traders turned buyers of everything from baijiu producers to construction firms on expectations of increased support for the economy. The benchmark CSI 300 Index rose 2.6%, its best day since May 25. Consumer shares led gains, with Kweichow Moutai Co. and Wuliangye Yibin Co. adding at least 4.5%. In Hong Kong, the Hang Seng Index gained 1.1%. Monday’s move higher follows a much-watched Politburo meeting Friday, which was seen to indicate that authorities will likely take more steps to help struggling small businesses, boost fiscal spending and possibly reduce the reserve requirement ratio for banks again. Bets on further easing boosted Chinese sovereign bonds. “Some investors are buying dips thinking most of the bad news on regulations is behind them,” said Margaret Yang, a strategist at DailyFX in Singapore. “It has been oversold. The resurgence of virus cases is also aiding hopes that PBOC may ease policy in the second half.” The gains follow a volatile week for the world’s second-largest equity market, after a ban on swathes of the tutoring industry from making profits sparked concerns that other industries could be targeted. While China continued to tighten rules on technology firms on Friday, there have been attempts to ring-fence its clampdown, with the securities regulator meeting banks to reassure them. “The Politburo meeting has emphasized stability again, so the downside for stocks won’t be too large,” said Chen Shi, fund manager at Shanghai Jade Stone Investment Management Co. Investors may also find comments from the Chinese securities regulator over the need for talks with its U.S. counterpart over initial public offerings reassuring, Chen said. China’s securities regulator on Sunday called for talks with its American counterpart after the U.S. Securities and Exchange Commission increased disclosure requirements for IPOs of Chinese companies. CICC analysts noted that this could “further favor listings in Hong Kong.” Hong Kong Exchanges & Clearing Ltd. rose 4.3%. Infrastructure-related stocks were among top gainers on Monday, after the Politburo meeting signaled that the sale of special local government bonds will help accelerate second-half fiscal spending to support the economy. Construction shares gained, with Sany Heavy Industry Co. rising by the 10% daily limit in Shanghai. Chinese steel stocks dropped, with some of them falling about 10% each, after a top industry body said there could be wider crude-steel output cuts as the government moves to reduce emissions in key sectors. Shares in Baoshan Iron & Steel Co., the sector’s bellwether by market value, slumped as much as 9.7%, the most since February 2020. Angang Steel Co. fell as much as 9.9% in mainland trading. A rally in China’s government bonds accelerated, as the yield on 10-year sovereign notes slid as much as 5 basis points to 2.8%, the lowest since June 2020. Futures contracts on the 10-year government bonds extended last week’s rally, rising to a fresh one-year high.

Fitbit launches Luxe fitness tracker with automatic activity and sleep monitoring in India at Rs 10,999

02 Aug, 2021, 05:38PM | Times Of India

Fitbit has expanded its product portfolio in India. The company has launched Fitbit Luxe and Fitbit Luxe Special Edition smart tracker with jewellery-like design and advanced sensor technology. The smart tracker can monitor breathing rate, heart rate variability (HRV), resting heart rate (RHR) and skin temperature variation. Fitbit says that the SpO2 tracking feature will also be introduced to the device soon. Price and availability Fitbit Luxe is priced at Rs 10,999. It comes in three different variants: Lunar White / Soft Gold Stainless Steel, Black / Graphite Stainless Steel, and Orchid / Platinum Stainless Steel. The Fitbit Luxe Special Edition, on the other hand, carries a price tag of Rs 17,999. The special edition features a gold stainless steel gorjana Parker Link Bracelet with a peony classic band. Fitbit has partnered with Laguna Beach-based jewellery brand gorjana to elevate Luxe’s style. The classic and woven bands are priced at Rs 2,499, while gorjana Parker Link Bracelet is priced at Rs 5,499. It is available at the Fitbit online store and major e-commerce sites like Amazon, Flipkart, Myntra, Nykaa, Tata Cliq and across Reliance Digital, Croma, Helios, Landmark and select retail stores. Fitbit Luxe: Specifications Fitbit Luxe is said to feature a lightweight body with a jewellery-like look and feel. Fitbit has applied an innovative design process called metal injection molding to create Luxe’s stainless steel case. The tracker comes with access to Fitbit’s wide range of health and wellness features. It is equipped with a Sleep Score feature that can help one better understand sleep quality. It also comes with a bedtime reminder to develop a consistent sleep routine. With the Fitbit app , users can track breathing rate, heart rate variability (HRV), resting heart rate (RHR), skin temperature variation, and oxygen saturation (coming soon) via the Health Metrics dashboard. While the Fitbit’s stress management score offers a daily assessment of the body's ability to handle stress based on activity levels, sleep, and heart rate. Another feature available on the Fitbit Luxe tracker is the active zone minutes that measures time spent in each heart rate zone. It is equipped with 20 different on-wrist exercise modes including golf, pilates, spinning, or tennis. The tracker offers 24/7 heart rate tracking and has built-in GPS to see real-time pace and distance. The tracker comes with a battery life of up to 5 days and offers additional features like alarms, stopwatch, customizable call, text, and smartphone notifications.

5 pharma/healthcare IPOs to raise over Rs 8,000 cr this month

02 Aug, 2021, 05:25PM | Business Standards

Riding on huge investor interest in the healthcare sector, five pharma companies are tapping the initial public offering (IPO) market over the next couple of weeks to raise over Rs 8,000 crore. The list include the Rs 4,000-crore IPO by the Bain Capital-backed Emcure Pharma, the Rs 1,500-crore issue by Vijaya Diagnostic Centre, diagnostic firms Krsnaa Diagnostics (Rs 1,200 crore) and Mumbai-based bulk drugs maker Supriya Lifesciences (Rs 1,200 crore), and pharma formulations contract development and manufacturer (CDMO) Windlass Biotech's Rs 400 crore issue. Investment bankers estimate these five companies to together raise over Rs 8,300 crore through the public offerings this month. According to data available with the stock exchanges, so far this fiscal, 12 firms have raised Rs 27,000 crore from IPOs, and Rs 70,000-crore more issues are in the pipeline. The entire FY21 saw only 30 IPOs raising Rs 31,277 crore. Apart from these pharma firms, Devyani International and and Exxaro Tiles are opening on August 4 and issues from consumer-focused companies like Paytm, Mobikwik, Policybazaar, Cartrade, Delhivery and Nykaa shortly. According to marketmen as many as 40 issues are lined up for the rest of the year looking to raise Rs 70,000 crore. While 12 companies raised Rs 27,052 crore through IPOs in the first four months of the current fiscal, and PowerGrid InvIT has mopped up Rs 7,735 crore through its IPO. As against this, the entire FY21 saw only 30 issues raising Rs 31,277 crore, Rs 20,352 crore by 13 companies in FY20, 14 firms raising Rs 14,719 crore in FY19 and 45 main-board IPOs collectively mobilising Rs 82,109 crore in FY18. That there is tremendous investor appetite is clear from the way the issues from Tatva Chintan Pharma Rolex Rings, GR Infraprojects, Clean Science & Technology, Shyam Metalics & Energy, India Pesticides, Dodla Dairy, Glenmark Life Sciences and Zomato were subscribed-- 29 times to 180 times. In fact, pharma stocks have been in the limelight since the pandemic broke out last year and the BSE healthcare index has been ruling at all-time highs for long. Recent healthcare listings have also done well, as evinced by the Rs 2,144-crore KIMS Hospitals issue which since listing gained over 45 per cent. And the Rs 1,514-crore Glenmark Life Sciences issue, closed on July 29, received the highest number of retail applications since 2008. Pharma companies are also gaining from the tailwinds to the API market, and the China plus one strategy where India is the key focus. "New product launches, aging population and sedentary lifestyles leading to increased prevalence of chronic diseases, new drug discovery methods, and an increase in drug usage are some of the key growth drivers for the industry," according to an analyst with a brokerage that is working on some of these issues. Some of these companies are also set to benefit from their proven capabilities in contract manufacturing, which is set to benefit from the increased R&D outsourcing in the industry, said another i-banker. Windlas Biotech, one of the leading CDMOs with a focus on the chronic therapeutic segment, and having strong and long-term relationships with leading pharma companies like Pfizer, Sanofi, Cadila, Zydus Healthcare, Emcure Pharmaceuticals, Eris Lifesciences, and Intas Pharmaceuticals among others, and had last Thursday launched a Rs 400-crore issue that is opening on August 4. It will be the first pharma formulations CDMO to go public. The IPO proceeds will be used to augment capacity of its Dehradun plants II& IV. It has two more plants the Uttarakhand city. The most recent example of the boom in pharma and healthcare sector is the Glenmark Life Sciences issue which was subscribed 44.17 times with qualified institutional buyers bidding for 36.97 times, non-institutional investors 122.54 times and retail 14.63 times. According to market sources, Krsnaa Diagnostics has advanced its IPO launch by a week due to the high demand from institutional investors and will be hitting the market in the next few days. Supriya Lifescience has filed for a Rs 1,200 crore issue, and plans to use to fund for expansion and repayment of debt. The Mumbai-based bulk drugs firm intends to raise Rs 200 crore through a fresh issue, and an offer for sale of Rs 1,000 crore by promoter Satish Waman Wagh. Bain Capital-backed Emcure Pharmaceuticals, a generic drug maker, is launching a Rs 4,000-crore issue consisting of new issuance and an OFS from its promoter Satish Mehta and investor Bain Capital. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Man Industries bags orders worth Rs 200 crore

02 Aug, 2021, 04:54PM | Economic Times

Man Industries (India) Ltd on Monday said it has received new orders worth Rs 200 crore from oil and gas , and water sectors . With these new contracts, the company's order book stands at Rs 1,500 crore, it said in a statement. "Our business and order book continues to strengthen with orders secured across diverse sectors which further widens our client portfolio," company's Chairman R C Mansukhani said. Man Industries (India) Ltd - a member of the Man Group of India -is a manufacturer and exporter of large diameter carbon steel line pipes for various high pressure transmission applications for gas, crude oil, petrochemical products and potable water. The company has manufacturing facilities for various types of anti-corrosion coating systems.

Market Wrap Podcast, August 2: All that happened in the markets today

02 Aug, 2021, 04:32PM | Business Standards

Buying returned to Dalal Street as a mix of firm global cues, strong macro-economic data and a robust show by India Inc so far in the June quarter supported investor sentiments. After starting the day on an upbeat note, tracking firm trend from Asian peers, benchmark indices added to the gains as India Manufacturing PMI rose from 48.1 in June to 55.3 in July, pointing to the strongest rate of growth in three months. Sensex closed near day's high, up 364 points at 52,951 while Nifty50 settled at 15,885, up 122 points. Titan, M&M, RIL, Axis Bank and TCS were the top gainers in the 30-pack index and Tata Steel, Bajaj twins, NTPC and HDFC Bank were the top losers. Broader markets continued to outperform. Both the BSE Midcap and BSE Smallcap shut shop at record closing highs after hitting fresh peaks in intra-day session. The midcap index gained 1.05 per cent and smallcap index 1.07 per cent. Both indices rose for the third day. In the sectoral space, all indices edged higher led by Nifty Realty which rose 4.8 per cent. Improved outlook for real estate due to a surge in property registrations piqued interest in the sector. Nifty Auto index followed suit with a 1.34 per cent return following strong July sales figures. Nifty Media out up the least impressive show with a 0.04 per cent rise. In stock-specific moves, shares of Mahindra & Mahindra rose 2 per cent to Rs 756 as the July sales jumped 30 per cent MoM to 42,983 units. Further, IRCTC gained 6 per cent to Rs 2,468 as the company said its board will mull a stock split along with its Q1 results on August 12. The scrip had touched an all-time high of Rs Rs 2,490 intra-day. Shares of Vodafone Idea ended flat with a negative bias at Rs 8.25 after Kumar Mangalam Birla has told the government he is willing to offer his stake in Vodafone Idea Limited (VIL) to any state-owned or "domestic financial entity" to keep the stressed telecom company afloat. HDFC shares gained nearly 1 per cent to Rs 2,462.30 even as it posted a 1.6 per cent YoY decrease in standalone net profit at Rs 3,000.67 crore for April-June quarter of FY22 (Q1FY22) on the back of lower other income and higher tax and employee expenses. That said, going into trade on Tuesday, the focus will remain on the ongoing earnings season that may result in stock-specific action on Street. Nearly 70 companies are slated to post their Q1 earnings tomorrow. Some of the prominent names include Adani Ports, Adani Enterprises, Bharti Airtel, Barbeque Nation, Dabur, Inox Leisure and Tata Consumer Products. In regards to Airtel, analysts believe the company may report stable ARPU sequentially and nearly flat revenue growth. Further global cues will continue to sway market sentiments.

NCL Group wins Andhra Pradesh government contract worth Rs 1,863 crore

02 Aug, 2021, 02:13PM | Economic Times

A consortium of NCL Industries Ltd. and NCL Buildtek Ltd. has received Letters of Acceptance (LoA) of bids aggregating to Rs 1,863.19 crore for supply of Pre-painted (GI) Steel Window Frame with Glazed Shutters and GI Powder-Coated Door Frames to the Andhra Pradesh State Housing Corporation Ltd. According to a press release issued by NCL, the selection of bids was made through a rigorous closed bidding process followed by a reverse auction amongst shortlisted bidders. "We are happy that NCL Group is able to play a small role in the prestigious flagship programme ' Pedalandariki Illu' of the Andhra Pradesh Government. Our goal for this project has been to keep the price affordable and provide a quality product. Owning a home is a dream for everyone and I am glad that NCL has an opportunity to contribute to this dream," K Ravi, MD, NCL Industries Ltd said. The order for over 8.56 lakh units of window-frames with shutters is valued at Rs 1402.71 crore to be supplied to six districts of East and West Godavari, Krishna, Guntur, YSR Kadapa and Ananthapuram of AP. As many as 7.72 lakh door frames for a total value of Rs. 460.48 crore are to be supplied to East and West Godavari, Krishna, Chittoor and Ananthapuram districts, the release said. The successful completion of the above prestigious orders is expected to be a turning point in the fortunes of the NCL Group, which has recently completed 40 years of its existence, according to the release. NCL Group has grown into a One-Stop source for a wide range of building materials including cement, RMC , cement bonded particle boards, windows and doors, textures, paints, putties, tile adhesives and AAC blocks.

Rakesh Jhunjhunwala to invest in this metal company, stock hits upper circuit

02 Aug, 2021, 02:12PM | Livemint

Indian ace investor and stock market trader Rakesh Jhunjhunwala will invest nearly ₹31 crore in the lesser-known smallcap metals and mining company Raghav Productivity Enhancers, as informed by the company in an exchange filing on the BSE on Sunday. Shares of the company surged to a new high at ₹716.9 per share after hitting upper circuit for the seventh consecutive day on Monday. The company said that it will issue up to 6,00,000 Unsecured Compulsory Convertible Debentures (CCD’s) for an amount of upto maximum ₹30.9 crore by way of a preferential allotment on Private Placement basis to Rakesh Jhunjhunwala. The CCDs will be converted into equity shares at the end of 18 months from the date of allotment. MORE FROM THIS SECTIONSee All Premium Premium Fincare Small Finance Bank gets Sebi approval for ₹1,3 .... Premium Premium Fincare Small Finance Bank gets go-ahead for ₹1,330 cr .... Premium Premium NFTs could go even more mainstream with Shopify’s lates .... Premium Premium IRCTC share prices hit new lifetime high. Why stock is .... Raghav Productivity Enhancers, based in Jaipur, Rajasthan, is among the largest manufacturers of Ramming Mass in India. Ramming mass is used in the lining of induction furnaces in Steel Plants. It also manufactures high grade quartz powder used in the Glass, Ceramic, Artificial Marble, Semi-Conductor, Electrode, Solar, Paint and various other industries. The company currently exports its material to 28 countries, while supplying its material to pan-India. Known as the 'Big Bull', who has recently been bullish on the metals space, Jhunjhunwala made a fresh buying in the PSU metal company Steel Authority of India (SAIL) during the June quarter by buying 1.39% stake in the company, the BSE shareholding data showed. His portfolio and investments are closely watched by the stock market participants. He is a qualified Chartered Accountant, manages the asset firm Rare Enterprises and invests in both his own name and his wife's, Rekha Jhunjhunwala. He tends to favor stocks in the finance, tech, retail and pharma sectors to name a few. Rakesh Jhunjhunwala and Associates publicly holds 38 stocks with a net worth of over ₹20,294 crore, as per Trendlyne. MINT PREMIUM See All Premium Vax hesitancy, coverage differ sharply across religious lines: New survey Premium Devyani International IPO: Key points to consider Premium The famed Lipstick effect is now playing out in India Premium The famed Lipstick effect is now playing out in India Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Coal India Apr-Jul offtake rises 28.4% year on year

02 Aug, 2021, 02:10PM | Livemint

NEW DELHI: In a reflection of growing demand, state-owned Coal India Ltd (CIL) has registered a 28.4% year-on-year growth in coal offtake for the first four months of the current financial year. “The company also clocked a robust 30.7% growth in supplies to power sector during April-July’21 with a whopping 39 million tonne (MT) increase over same period year ago," CIL said in a statement on Monday. MORE FROM THIS SECTIONSee All Premium Premium HSBC’s profit jumps as pandemic provisions recede Premium Premium PNB Q1 results: Net profit zooms 232% YoY to ₹1,023 cr Premium Premium Ramdev’s Ruchi Soya to start palm oil plantations in No .... Premium Premium Copenhagen Infrastructure Partners invests $100 mn in A .... This was on account of higher demand from the power sector, with India’s electricity demand growth on an upward trajectory after it had dipped during the first wave of the coronavirus pandemic. India’s peak electricity demand breached 200-gigawatt (GW) mark and registered a new record last month. “With the country’s power consumption gradually inching towards pre pandemic levels, CIL’s off-take to coal fired plants went up sharply to 166.3 MTs during the referred period from 127.2 MTs of same period last fiscal," the statement added. India’s thermal power projects’ operating performance is set to further improve with higher plant load factors (PLFs), according to analysts. PLF is a measure of output of a power plant, with a higher PLF indicating more output at a lower cost. This assumes significance that India’s coal-fuelled power projects were facing low-capacity utilization due to muted demand. “CIL’s coal supply accounted approximately for three-fourth of the country’s total coal-based power generation of 82.119 Billion Units during July 2021, which includes generation through imported coal," the statement said.’ India’s power sector is the largest consumer of coal in the country, with CIL being the largest coal miner. Coal fuelled electricity generation remains the mainstay of India’s power mix. Of India’s installed power generation capacity of 382.15 gigawatts (GW), the coal fuelled projects account for 53% or 202.67 GW. “CIL’s total coal off-take also increased by a staggering 46.7 MTs during the first four months of the fiscal in progress, registering a strong 28.4% growth. The total volume of coal supplied was 210.8 MTs during April-July’21 compared to 164 MTs of corresponding period year ago," the statement said. MINT PREMIUM See All Premium Vax hesitancy, coverage differ sharply across religious lines: New survey Premium Devyani International IPO: Key points to consider Premium The famed Lipstick effect is now playing out in India Premium The famed Lipstick effect is now playing out in India Of CIL’s production target of 670 mt for the current financial year, demand from the power sector is expected to account for around 545 mt. India’s overall coal requirement is expected to go up to 1,123 mt by 2023 from the present 700 mt. “Off-take to power sector for July’21 at 39 MTs registered 17% growth compared to 33.3 MTs that the company supplied during July’20," the statement said and added, “July’21 total supplies at 50.5 MTs expanded by 7.2 MTs in a month. Compared to off-take of 43.3 MTs in July’20 the growth is 16.7%." India has the world’s fourth largest reserves and is the second-largest producer of coal. With global shift to green energy to address growing environmental concerns, the Indian government is trying to harness coal reserves within the next three decades. “For April-July’21 period, CIL produced 166.6 MTs of coal compared to 158.4 MTs corresponding period a year ago, with a jump of 8.2 MTs in absolute terms," the statement said. Of India’s total electricity demand load pattern, industrial and agricultural consumption account for 41.16% and 17.69%, respectively. Commercial electricity consumption accounts for 8.24%. “CIL achieved highest ever coal off-take, production and over burden removal (OBR), for July of any year since the company’s inception 46 years ago, posting growths of 16.7%, 14.1% and 3.6% respectively in these performance parametres in July’21," the statement said. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Steel Strips Wheels freezes at 10% upper circuit on record turnover in July

02 Aug, 2021, 01:46PM | Business Standards

Shares of Steel Strips Wheels Limited (SSWL) were locked in the 10 per cent upper circuit band at Rs 1,508.10 on the BSE on Monday after the company announced it has achieved highest-ever net turnover of Rs 306.12 crore in July 2021. The auto parts and equipment manufacturing company has recorded 177 per cent year-on-year (YoY) growth over July 2020. The company achieved gross turnover of Rs 372.22 crore in July 2021 as against Rs 132.75 crore in July 2020, thereby recording a growth of 180.39 per cent YoY, SSWL said in a release. The export segment volume rose by 164 per cent YoY and crossed 1,000 million-mark for the first time ever in July 2021. The company expects the growth to continue going ahead in July-September quarter of the financial year 2021-22 (Q2FY22). "The passenger vehicle (PV) volumes saw a growth with continued demand. Going into festival season, we hope that the upward growth for PV segment to continue in Q2. As regards to the tractor segment, the segment continued to report a positive growth in the month, as SSWL registered its highest-ever sales in the segment in July 2021 and hopes that this will continue with upward trend for Q2. The commercial vehicle (CV) segment reported 188 per cent YoY growth during the month and the segment is expected to witness momentum going ahead in coming months," it said. The stock of SSWL was trading at its record high level on the bourses. In the past one month, it has zoomed 61 per cent as compared to a 0.88 per cent rise in the S&P BSE Sensex. Till 01:36 pm a combined 152,207 equity shares had changed hands and there were pending buy orders for around 27,000 shares on the NSE and BSE.

Tejas Networks hit 5% upper circuit after huge block deal

02 Aug, 2021, 11:31AM | Livemint

MUMBAI: Tejas Networks Ltd witnessed a series of block deals on the exchanges on Monday with around 7.5 million shares, or 8% stake, changing hands, Bloomberg reported. Details of buyers and sellers were not immediately available. The stock hit 5% upper circuit to hit a record high of Rs271.20 a share. This was the eighth consecutive session when the stock touched the 5% upper limit, having surged 48% during the period. So far this year, the scrip has advanced over 97%. MORE FROM THIS SECTIONSee All Premium Premium Devyani International IPO: Key points to consider Premium Premium Sensex gains 350 points, Nifty above 15,850; realty, au .... Premium Premium Windlas Biotech IPO: GMP, price band, date, and more de .... Premium Premium Bhel stock gains 3% as Street shrugs off weak Q1 results On 30 July, Tata Sons agreed to buy a 43.35% stake in telecom gear maker Tejas Networks for Rs1,884 crore. The transaction involves sale of shares worth Rs500 crore and warrants worth Rs1,350 crore. Tata Sons will the stake once warrants are fully converted into shares. It will buy shares and warrants at Rs258 each. The Tata Group has also offered to buy an additional 26% stake of Tejas Network from public shareholders to comply with domestic takeover rules. In addition, it will buy shares worth ₹34 crore from four senior executives of Tejas. Tejas will utilise the capital infusion to invest in research and development, sales and marketing, infrastructure and to enhance its manufacturing capabilities to secure a larger piece of the network equipment pie. MINT PREMIUM See All Premium Vax hesitancy, coverage differ sharply across religious lines: New survey Premium Devyani International IPO: Key points to consider Premium The famed Lipstick effect is now playing out in India Premium The famed Lipstick effect is now playing out in India Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Sensex gains 350 points, Nifty above 15,850; realty, automobile stocks surge

02 Aug, 2021, 10:23AM | Livemint

Asian share markets rose on Monday as some concerns over Covid-19 leading to fresh disruptions and China’s regulatory crackdown eased. The Hang Seng was up 1.1% while the Shanghai Composite rose 1.5%. The Nikkei climbed 1.9%. MORE FROM THIS SECTIONSee All Premium Premium Windlas Biotech IPO: GMP, price band, date, and more de .... Premium Premium Bhel stock gains 3% as Street shrugs off weak Q1 results Premium Premium Exxaro Tiles IPO: GMP, price, lot size, other details t .... Premium Premium Sensex, Nifty higher tracking gains in Asian peers; aut .... In the US stock markets, Wall Street indices closed lower on Friday, posting a weekly loss to close out the month, with renewed concerns about a rise in cases of the Delta variant SARS-CoV2 and disappointing results from Amazon partly blamed for the slump. The Dow Jones Industrial Average slipped 149 points, or 0.4% and posted a 1.3% gain for the month. The Nasdaq Composite lost 106 points, or 0.7% on Friday and added 1.2% for the month of July. Back home, Indian share markets opened on a positive note today, following the trend on SGX Nifty. HDFC, PNB, and Varun Beverages are among the 49 companies slated to report their June quarter results today. The BSE Sensex is trading up by 346 points. Meanwhile, the NSE Nifty is trading higher by 101 points. Titan is among the top gainers today. Tech Mahindra, on the other hand, is among the top losers today. MINT PREMIUM See All Premium The famed Lipstick effect is now playing out in India Premium The famed Lipstick effect is now playing out in India Premium How the second wave walloped Bandhan Bank Premium The hidden reason behind RBI's calm in the face of inflation The BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.7% and 0.8%, respectively. All sectoral indices traded higher, with stocks in the automobile sector and realty sector witnessing most of the buying interest. Shares of L&T Infotech and SRF hit their 52-week highs today. The rupee was at 74.37 against the US dollar. Gold prices fell 0.8% at ₹47,875 per 10 grams, while silver prices were down 0.5% at ₹67,886 per kg. Gold edged lower as the dollar held steady, with traders eyeing monthly US jobs data to gauge the health of the labour market. Speaking of the current stock market scenario, note that the BSE smallcap index has surged 188% since the crash in March 2020. Despite the index being up more than 1.8 times, Richa Agarwal, lead Smallcap Analyst at Equitymaster, believes smallcap stocks are set for a massive up move in 2021 and beyond. Here's why. The Smallcap to Sensex ratio, a metric referred to get a sense of relative valuations, currently stands at 0.48 times. To be sure, this is higher than a median of 0.43 times. And yet, it's the lowest of all the peaks in the smallcaps so far. In the last cycle which peaked in January 2018, when the ratio touched 0.49, the peak was still 9 months away. View Full ImageSmallCap to Sensex ratio. Share Via Here's what Richa wrote in a recent edition of Profit Hunter: When it comes to buying smallcap stocks, especially at this point in the rebound rally, you will need a bottom up approach, and a long term horizon. In fact, if you don't have the stomach to withstand a 20%-30% kind of corrections and volatility, this space may not be for you at all. And you should stop reading right here. As per Richa, smallcaps are a great opportunity to make some big returns. But you need to stay disciplined when it comes to allocating money. And you need to be sharp when picking the right stocks. In news from the automobile sector, passenger vehicle (PV) sales soared 47% year on year (YoY) in July, driven by pent-up demand as state governments eased Covid-induced restrictions as well as low base a year ago. Industry estimates that carmakers dispatched around 290,000 passenger vehicles last month, up from 197,791 units in July 2020. Automakers in India report wholesale dispatches from factories and not retail sales made by dealers. Market leader Maruti Suzuki sold 133,732 units last month, up 37% compared to July 2020. However, the company said the YoY comparison is not meaningful because July 2020 had a much lower base due to pandemic-related disruptions. Hyundai Motor India, the country’s second-largest carmaker, reported a 26% YoY increase in volumes in July at 48,042 units. Tata Motors doubled its PV sales last month at 30,185 units. In the commercial vehicle segment, Tata Motors registered 81% increase in volumes at 21,796 units, albeit on a low base. VECV more than doubled its sales year on year in July at 3,631 units. Meanwhile, its Japanese rival Toyota dispatched 13,105 passenger vehicles, more than double of 5,386 units it sold in July 2020. Honda sold 6,055 cars last month against 5,383 units a year earlier. It can be seen that the overall market condition has improved, with Covid-19 infections staying low. We will keep you updated on the latest developments from this space. Stay tuned. Moving on to news from the realty sector, DLF is among the top buzzing stocks today. DLF is planning to develop 27 m sq ft of residential space in the medium term with a revenue potential of ₹300 bn, on the back of higher demand for houses from corporate executives amid the shift to work from home. The company sold apartments worth ₹30.8 bn in 2020-21. These included ₹10.1 bn from the sale of 36 units at its super luxury ‘The Camellias’ project, where demand was strong despite the lockdown. A company official said that DLF is looking to generate sales of ₹40 bn in fiscal 2022 with ₹10 bn every quarter. The company will develop 7 m sq ft of residential space in 2021-22, one of the highest in recent times, and then up to 6 m sq ft every year. DLF’s net sales bookings totalled ₹10.1 bn, a more than six-and-a-half times increase from a year earlier, while sales from new launches were ₹5.4 bn. DLF share price has opened the day up by 0.8%. (This article is syndicated from Equitymaster.com) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Bhel stock gains 3% as Street shrugs off weak Q1 results

02 Aug, 2021, 10:18AM | Livemint

Public sector unit Bharat Heavy Electricals Ltd (Bhel) continued its loss-making streak in Q1FY22 hit by poor execution owing to the second wave of Covid and lower labor availability. In the June quarter, it reported a higher-than-anticipated net loss of ₹450 crore. Had it not been for provision reversal of ₹180 crore, the reported losses would have been even higher. Yet, Bhel stock rose 3% on the NSE in Monday's opening trade. MORE FROM THIS SECTIONSee All Premium Premium Sensex, Nifty higher tracking gains in Asian peers; aut .... Premium Premium Devyani International IPO opens this week: GMP, price b .... Premium Premium Krsnaa Diagnostics IPO: GMP, price, other details that .... Premium Premium PolicyBazaar files DRHP to raise ₹6017.50 crore via IPO Higher fixed costs continued to dent its operating performance. Gross margin declined by 90 basis points (bps) to 33.2% and despite lower other expenses, operating loss stood at ₹470 crore in Q1FY22. One basis point is one hundredeth of a percentage point. Apart from that, elevated receivables remain a pain point for the company. Even though there has been a slight decline, Bhel is yet to show a significant improvement in pending receivables. Its total debtors in Q1FY22 stood at ₹30,900 crore in 1QFY22 versus Rs31,300 crore at the end of last year. Of this, the Centre/state/private/export form 36%/43%/13%/8%. According to analysts, in spite of the management’s ongoing efforts, receivables are expected to remain elevated in the near future. Its order book fell 6% year-on-year to Rs1,02100 crore and order inflows stood at Rs3,250 crore in 1QFY22. Of the total order book, the executable order book stands at Rs70,800 crore. Bhel is favorably placed in a few L1 orders. However, these orders are yet to finalize into final awarding, the management said. According to analysts at Motilal Oswal Financial Services Ltd, Bhel is working hard to bring down the breakeven revenue level to ₹30,000 crore. However, even this revenue base is difficult to achieve with its current order book and ordering pipeline. According to analysts at Prabhudas Lilladher Ltd, optimism towards the stock is mainly due to divestment plans and strategic tie-ups, which would be key monitorable. MINT PREMIUM See All Premium The famed Lipstick effect is now playing out in India Premium The famed Lipstick effect is now playing out in India Premium How the second wave walloped Bandhan Bank Premium The hidden reason behind RBI's calm in the face of inflation Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Sensex, Nifty higher tracking gains in Asian peers; auto stocks surge

02 Aug, 2021, 10:09AM | Livemint

MUMBAI: Indian stocmarkets surged in opening deals on Monday, tracking gains in Asian equities. Better than expected domestic auto sales numbers and earnings for the June quarter also boosted sentiment. At 0938am, the benchmark Sensex was up 0.61% at 52885, while the Nifty gained 0.62% 15860. MORE FROM THIS SECTIONSee All Premium Premium Devyani International IPO opens this week: GMP, price b .... Premium Premium Krsnaa Diagnostics IPO: GMP, price, other details that .... Premium Premium PolicyBazaar files DRHP to raise ₹6017.50 crore via IPO Premium Premium Gold prices today fall for second day in a row, silver .... On the Sensex, Titan was the top gainer, up 2%, followed by Axis Bank, Bharti Airtel, HDFC, Maruti, Bajaj Finserv, Infosys, and Reliance Industries. Tech Mahindra, Sun Pharma, NTPC, PowerGrid and Dr Reddy’s were among the worst hit. Most Asian stocks rose along with US equity futures Monday as some concerns over China’s regulatory crackdown eased and progress on a US infrastructure spending plan aided sentiment. Equities in Shanghai, Japan, Korea, and Hong Kong clocked significant gains. Futures on the S&P 500 and Nasdaq 100 climbed, with a $550 billion infrastructure package getting closer to passage in the Senate this week. "Domestic equities look to be good as of now. Notably, barring financials, June quarter earnings so far have been encouraging and most companies succeeded to beat consensus estimates, which offered comfort and aided to restrict sharp fall despite selling pressure in global equities," said Binod Modi, head-strategy at Reliance Securities. "Further, persistent soft monetary policy stance of Federal Reserve along with least possibility of any reversal of monthly bond buying in the near to medium term and recent softening of dollar index augur well for emerging markets including India", Modi added. Investors are now awaiting the Reserve Bank of India's bi-monthly policy statement on 6 August. Analysts expect the central bank to maintain status quo on key interest rates and will particularly eye commentary on inflation trajectory and growth. MINT PREMIUM See All Premium The famed Lipstick effect is now playing out in India Premium The famed Lipstick effect is now playing out in India Premium How the second wave walloped Bandhan Bank Premium The hidden reason behind RBI's calm in the face of inflation Meanwhile, IDFC First Bank dropped 6% after the lender reported a loss of Rs630 crore for the June quarter against a net profit of Rs94 crore in the year-ago period .Asset quality also deteriorated, with gross NPA rising to 4.61%, up 46 basis points sequentially and 262 basis year-on-year. Tejas Networks Ltd hit 5% upper circuit following a huge block deal. Around 8% of equities changed hands in a two block deal, ET Now reported. Auto stocks gained amid improved sales for July. Ashok Leyland rose 2%, Maruti Suzuki India 1.3%, Tata Motors 1.2%, Eicher Motors 1%, Mahindra & Mahindra 0.6%. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Devyani International IPO opens this week: GMP, price band, date, and other details

02 Aug, 2021, 09:36AM | Livemint

Food and beverages major and the largest franchisee of Pizza Hut, KFC, and Costa Coffee, Devyani International's initial public offering (IPO) will open for subscription next week on August 4. The issue, which will close on August 6, has has fixed the price band of its initial share sale at ₹86-90 per share, and the firm will raise about ₹1,838 crore. As per market observers, Devyani International shares are available at a premium (GMP) of ₹58 in the grey market today. The grey market is an unofficial platform, wherein trading starts after the announcement of IPO price band till the listing of IPO shares. MORE FROM THIS SECTIONSee All Premium Premium Devyani International IPO: Key points to consider Premium Premium Sensex gains 350 points, Nifty above 15,850; realty, au .... Premium Premium Windlas Biotech IPO: GMP, price band, date, and more de .... Premium Premium Bhel stock gains 3% as Street shrugs off weak Q1 results The quick service restaurant (QSR) company's IPO consists of a fresh issue of ₹440 crore and an offer for sale (OFS) of upto 155.33 million shares by shareholders and promoters. Under the offer-for-sale, Dunearn Investments (Mauritius) Pte Ltd, a wholly-owned subsidiary of Temasek Holdings, will offload 6,53,33,330 shares and promoter RJ Corp will sell 9 crore shares. The offer includes a reservation of up to 5.50 lakh equity shares for the company's employees. Also, 75% of the issue size has been reserved for qualified institutional buyers (QIBs), 15% for non-institutional buyers and the remaining 10% for retail investors. Investors can bid for minimum 165 equity shares and in multiples of 165 equity shares thereafter. Kotak Mahindra Capital Company Ltd, CLSA India Pvt Ltd, Edelweiss Financial Services Ltd, Motilal Oswal Investment Advisors Ltd are the investment bankers to the issue. The proceeds from the issue will be used for repayment of certain or full borrowings of its firm. Devyani International Limited (DIL) is the largest franchisee of Yum Brands in India, which operates QSR brands like Pizza Hut and KFC. The firm currently operates 297 Pizza Hut stores, 264 KFC stores and 44 Costa Coffee as on March 31, 2021 in India. It opened around 109 stores across its core brand business in the last 6 months amid pandemic. The company earned around 94% of its revenue from core brands business (KFC, Pizza Hut and Costa Coffee), together with international business in FY21. Between March 2019-2021 the core brand stores saw a CAGR (Compound annual growth rate) growth of 13.58% from 469 stores to 605 stores and the company attributes its success and continuous growth effort to its 9,356 employees. MINT PREMIUM See All Premium Vax hesitancy, coverage differ sharply across religious lines: New survey Premium Devyani International IPO: Key points to consider Premium The famed Lipstick effect is now playing out in India Premium The famed Lipstick effect is now playing out in India Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Krsnaa Diagnostics IPO: GMP, price, other details that you should know

02 Aug, 2021, 09:21AM | Livemint

Krsnaa Diagnostics IPO: ₹1,213.33 crore worth public issue is going to open for subscription on 4th August 2021 and it will remain open for bidding till 6th August 2021. Company management of one of the fastest-growing diagnostic chains in India has fixed Krsnaa Diagnostics IPO price band at ₹933 to ₹954 per equity share. However, before the public issue could open for bidding, it has started attracting attention of the grey market. As per the market observers, Krsnaa Diagnostics IPO GMP today is ₹410. The diagnostic company's shares will be listed at both NSE and BSE and the tentative listing date is 17th August 2021. Here we list out important details in regard to Krsnaa Diagnostics IPO: MORE FROM THIS SECTIONSee All Premium Premium Devyani International IPO: Key points to consider Premium Premium Sensex gains 350 points, Nifty above 15,850; realty, au .... Premium Premium Windlas Biotech IPO: GMP, price band, date, and more de .... Premium Premium Bhel stock gains 3% as Street shrugs off weak Q1 results - Krsnaa Diagnostics IPO GMP: Shares of the diagnostic company is available at a premium of ₹410 in the grey market today that means market is expecting more than 40 per cent listing gain from the public issue before it becomes open for subscription on 4th August. They went on to add that Krsnaa Diagnostics IPO grey market premium today at ₹410 indicates that market is expecting listing of the public issue at around ₹1364 ( ₹954 + ₹410). They went on to add that it will remain volatile as issue opening date is fast approaching. - Krsnaa Diagnostics IPO price: Company management has fixed the public issue price band at ₹933 to ₹954. - Krsnaa Diagnostics IPO lot size: A bidder will have to apply in bids and one bid will comprise 15 shares of the company. - Krsnaa Diagnostics IPO size: Company management plans to raise ₹1,213.33 crore from this public issue. - Krsnaa Diagnostics IPO allotment date: Expected date for allotment of shares is 11th August 2021. - Krsnaa Diagnostics IPO listing date: Tentative date for listing of Krsnaa Diagnostics shares at NSE and BSE is 17th August 2021. MINT PREMIUM See All Premium Devyani International IPO: Key points to consider Premium The famed Lipstick effect is now playing out in India Premium The famed Lipstick effect is now playing out in India Premium How the second wave walloped Bandhan Bank Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

PolicyBazaar files DRHP to raise ?6017.50 crore via IPO

02 Aug, 2021, 09:18AM | Livemint

MUMBAI: PB Fintech Ltd, parent of online insurance platform Policybazaar, has filed a draft red herring prospectus with the Securities Exchange Board of India (Sebi) to raise Rs6,017.50 crore via an initial public offering (IPO). The IPO comprises a fresh issue of Rs3, 750 crore worth of equity shares and an offer for sale of Rs2,267.50 crore by existing shareholders and promoters. MORE FROM THIS SECTIONSee All Premium Premium Devyani International IPO: Key points to consider Premium Premium Sensex gains 350 points, Nifty above 15,850; realty, au .... Premium Premium Windlas Biotech IPO: GMP, price band, date, and more de .... Premium Premium Bhel stock gains 3% as Street shrugs off weak Q1 results The OFS will see sale of up to Rs1,875 crore worth of shares by SVF Python II (Cayman) and up to Rs392.50 crore by others. Policybazaar is backed by marquee investors such as Softbank, Temasek, Info Edge, among others. The firm said it is in consultation with its book running lead managers for raising around Rs750 crore by way of a private placement of equity shares ahead of the IPO. PB Fintech also holds Paisabazaar.com, which is an online credit comparison portal. Kotak Mahindra Capital, Morgan Stanley, Citigroup Global Markets India, ICICI Securities, HDFC Bank Ltd, IIFL Securities and Jefferies India are the book running lead managers to the issue. A news report had earlier said that proceeds from the issue will be used for expansion plans and as growth capital, adding that Policybazaar was seeking a valuation of $5.5-6 billion. MINT PREMIUM See All Premium Vax hesitancy, coverage differ sharply across religious lines: New survey Premium Devyani International IPO: Key points to consider Premium The famed Lipstick effect is now playing out in India Premium The famed Lipstick effect is now playing out in India Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

China wants to curb steel production. Some say it's 'virtually impossible'

02 Aug, 2021, 09:07AM | CNBC

A worker extracts a sample of molten metal during a government organised tour at a Tiangong International plant, makers of high quality steel and tools, in Zhenjiang in China's eastern Jiangsu province on October 12, 2020.Hector Retamal | AFP | Getty Images China wants to lower its steel production this year, but that could prove difficult.In the first half of 2021, Chinese steel mills have churned out nearly 12% more crude steel compared to the same period in 2020, according to a Wood Mackenzie note.China produced a monthly record of 99.45 million tons of steel in May, though the number fell to 93.88 million tons in June, Reuters reported.The steel sector is one of the biggest polluters in China, producing around 10% to 20% of carbon emissions in the country. Beijing has targeted the industry as part of its bid to reduce carbon emissions and reach net-zero by 2060. It would involve a real slamming on of the brakes to get that down.Paul Bartholomewlead metals analyst, S&P Global Platts Production is likely to be lower in the second half of the year, but pushing it below 2020 levels may be a challenge, analysts say."It would involve a real slamming on of the brakes to get that down. We think steel output will be up around 8-9% this year," Paul Bartholomew, lead steel analyst at S&P Global Platts, told CNBC in an email on Thursday.Industry insiders who spoke at virtual forums as part of Singapore International Ferrous Week in July made similar arguments.It will be "virtually impossible" for China to produce less steel this year compared to last year, Rohan Kendall, head of iron ore research at Wood Mackenzie, said at the Singapore Iron Ore Forum. 'No choice' but to comply? However, an executive at Chinese steelmaker Hesteel, said steel mills must pay more attention to lowering their production in order to abide by government policy, especially state-owned mills."We have no choice (but) to obey the government's rules," Mu Guoqiang, head of steel import and export at Hesteel, said at the Fastmarkets' Singapore Steel Forum.China says it's committed to continuing production cuts in steel, and its mills in steelmaking city Tangshan have reportedly lowered output after being warned of punishments if they overproduce.But not everyone agrees that the government will have its way. Read more about clean energy from CNBC ProSolar earnings are on deck after a lackluster first half. Hereâs what to watch Goldman Sachs names 6 green energy stocks with 'far superior' growth potentialThe rising cost of natural gas is boosting these stocks It's very difficult for the authorities to control production given the number of private and state-owned mills in China, said Zhuang Bin Jun, a former business development group manager at Fortescue Metals.There's very strong steel demand in the country, and production is unlikely to fall in the coming months if the profitability of steel production is as good as it was in the first half of the year, Zhuang at the iron ore forum. High steel prices and high steel production (are) really just a symptom of high steel demand.Rohan Kendallhead of iron ore research, Wood Mackenzie Bartholomew from S&P Global Platts said attempting to limit steel output would push up prices, and mills that are not affected by government restrictions will be encouraged to produce more."Importantly, mills have been making decent money for much of this year â¦ and sentiment remains generally buoyant so the industry will want to take advantage ofÂ any profits on offer by producing plenty of steel," he said. Demand outlook The best way to lower production would be to focus onÂ reducingÂ demand,Â though such policies may end up weakening the economy,Â said Bartholomew.Kendall of Wood Mackenzie said the authorities may crack down on the property or construction sectors âwhich use a lot of steel â in order to cool demand and prices."High steel prices and high steel production (are) really just a symptom of high steel demand," he said. VIDEO4:2104:21Steel, iron ore are 'very leveraged' toward China's policy interventionsSquawk Box Asia Other market watchers predict that demand will fall, but have doubts the decline will be sufficient for production to be capped at 2020 levels or lower.Erik Hedborg, principal analyst at commodities intelligence firm CRU, said steel demand could be lower in the second half of the year in part because the construction sector has been weakening.Additionally, demand for steel-containing consumer goods from China is now moderating after staying at high levels in the past 12 months, he said at the iron ore forum."Definitely, we're gonna see lower steel demand in China as a result of this," he said.As for whether demand will fall enough to cause steel production to fall lower than 2020 levels, Hedborg said: "We're skeptical."

Stocks to watch: HDFC, Adani Entp, IDFC First, Bandhan Bank, auto stocks

02 Aug, 2021, 08:49AM | Business Standards

Nifty futures on the Singapore Exchange traded 122 points higher at 15,896 around 8.40 am, indicating a gap-up start for the benchmark indices on Monday. Here are the top stocks to track in today's session: Earnings Today: HDFC, Punjab National Bank, and Varun Beverages are among the 49 companies slated to report their June quarter results today. Auto stocks: Auto majors reported high double-digit growth in their domestic passenger vehicle sales in July. Maruti Suzuki's total sales rose 10 per cent over June, 2021 and about 50 per cent year-on-year to 162,462 units. Tata Motors, meanwhile, said its total domestic sales increased by 92 per cent YoY to 51,981 units. However, two-wheeler maker Hero MotoCorp reported a 13 per cent dip in total sales at 4,54,398 units in July and Royal Enfield reported a nine per cent rise in total sales to 44,038 units. Adani Enterprises: It has incorporated Adani Petrochemicals as a wholly-owned subsidiary to carry on business of setting up refineries, petrochemicals complexes and specialty chemicals units. IDFC First Bank: The lender reported a net loss of Rs 630 crore in the April-June quarter due to provisioning measures for cushioning the impact of the second wave of the Covid-19 pandemic. The bank had posted a net profit of Rs 93.55 crore in the year-ago quarter ended in June 2020. NTPC: The company posted a nearly 17 per cent rise in consolidated net profit to Rs 3,443.72 crore for the April-June quarter on the back of higher revenues. The consolidated net profit of the company in the quarter ended on June 30, 2020, was Rs 2,948.94 crore. Britannia Industries: Home grown cookie maker reported a 29 per cent decline in consolidated net profit at Rs 387 crore for the quarter ended June 30 compared with Rs 543 crore for the April-June period of previous fiscal. Torrent Power: The company has inked an agreement with Lightsource India Ltd and Lightsource Renewable Energy (India) Ltd for acquisition of a 50 MW solar plant. The enterprise value for the deal is around Rs 317 crore. Hindalco: Aditya Birla group firm Hindalco Industries is planning to invest around Rs 8,000-10,000 crore in Hirakud, Silvassa and Mundra plants. The investment will be for expanding flat rolling capacity at Hirakud, Odisha, new extrusion plant at Silvassa in Dadra and Nagar Haveli, and in a greenfield site at Mundra in Gujarat with a recycling facility. Dalmia Bharat Sugar and Industries: The company board has given in-principle approval to set up two grain-based distilleries with a capacity of 100 KL (kilo litre) each to produce around 6 crore litre of ethanol. The distilleries are expected to be commissioned in next 15-18 months. The company, meanwhile, reported a marginal decline in consolidated net profit at Rs 124.34 crore for the quarter ended June. Finolex Industries: The manufacturer of PVC pipes and fittings has reported nearly three-fold jump in June quarter consolidated net profit at Rs 145.52 crore. Income increased to Rs 981.07 crore from Rs 570.21 crore in the year-ago period. Macrotech Developers: Realty firm Macrotech Developers on Friday reported a consolidated net profit of Rs 160.91 crore for the quarter ended June. The company had posted a net loss of Rs 134.44 crore in the year-ago period. It has reduced net debt by 23 per cent during the first quarter of this fiscal year to Rs 12,435 crore and targets to bring down its borrowings to below Rs 10,000 crore level. Nazara Technologies: The company posted a net profit of Rs 13.6 crore for the June 2021 quarter as against a loss of Rs 21.7 crore in the April-June 2020 period. Its revenue during April-June 2021 jumped 45 per cent to Rs 131.2 crore, compared with Rs 90.5 crore in the year-ago period. NIIT: NIIT Ltd has logged 78 per cent year-on-year jump its net profit to Rs 51.4 crore for the June 2021 quarter, and that the "war for talent" in the IT industry presents strong growth opportunity for the skills and talent development firm. Its revenue in April-June 2021 rose 49 per cent to Rs 301 crore, from Rs 201.8 crore in the year-ago period. Bandhan Bank: The lender reported 32 per cent YoY decline in June quarter net profit at Rs 373.08 crore as the second wave of the pandemic hit collections in its core microlending segment, impacting asset quality and multiplying provisions. STFC: Shriram Transport Finance Company (STFC) reported a 47 per cent decline in consolidated net profit at Rs 170 crore for the June quarter due to accelerated provisions against expected credit loss. The company had registered a net profit of Rs 320 crore in the same quarter a year ago. Total income during Q1 FY22 was higher at Rs 4,651.50 crore from Rs 4,144.17 crore in Q1FY21, the company said in a regulatory filing. UPL: Agro-chemical major UPL reported a 23 per cent YoY jump in net profit to Rs 678 crore for the quarter ended June 30. Its revenue from operations during April-June 2021 rose 9 per cent YoY to Rs 8,515 crore, compared with Rs 7,833 crore in the year-ago period. BHEL: State-owned BHEL reported narrowing of consolidated net loss to Rs 448.20 crore for June quarter 2021-22 mainly due to higher revenues. The company had reported a net loss of Rs 893.14 crore for the year-ago period. Coforge: Board approved raising up to Rs 375 crore via share issue. It has also approved issuance of depository receipts in one or more tranches. ITC: Wimco has become a wholly owned subsidiary of the company with effect from July 29, consequent to reduction of equity share capital of that company becoming effective upon receipt of necessary approvals, the company said.

Glenmark Life Sciences IPO: How to check share allotment status online

02 Aug, 2021, 08:34AM | Livemint

Glenmark Life Sciences IPO: After getting subscribed for more than 44 times of its initial public offer, all eyes are now set on the share allotment date of ₹1,513.60 crore worth public issue. Glenmark Life Sciences IPO allotment date is 3rd August 2021 i.e. tomorrow and hence those who have applied for the IPO of the Active Pharmaceutical Ingredients (APIs) manufacturer company, are anxiously waiting for finalisation of the share allotment. For information to such bidders, they can check their application status online by logging in at the official BSE website or at the website of official registrar of this public issue — KFintech Private Limited. How to check Glenmark Life Sciences IPO allotment status MORE FROM THIS SECTIONSee All Premium Premium Sensex gains 350 points, Nifty above 15,850; realty, au .... Premium Premium Windlas Biotech IPO: GMP, price band, date, and more de .... Premium Premium Bhel stock gains 3% as Street shrugs off weak Q1 results Premium Premium Exxaro Tiles IPO: GMP, price, lot size, other details t .... As mentioned above, the Glenmark Life Sciences IPO bidders can check the allotment status online by logging in at the BSE website or at the official registrar KFintech's website. The direct link to BSE website is bseindia.com/investors/appli_check.aspx. Bidders can check in at ris.kfintech.com/ipostatus/ipos.aspx, if they want to check their share allotment status by logging in at the official registrar's website. Glenmark Life Sciences IPO allotment status check at BSE To check one's share allotment status online at BSE, bidders can login at bseindia.com/investors/appli_check.aspx. After logging in, they need to follow some simple steps to check their application status online. Here is step by step guide: 1] Login at direct BSE link — bseindia.com/investors/appli_check.aspx; 2] Enter 'Glenmark Life Sciences IPO' at the space given for issue name; MINT PREMIUM See All Premium The famed Lipstick effect is now playing out in India Premium The famed Lipstick effect is now playing out in India Premium How the second wave walloped Bandhan Bank Premium The hidden reason behind RBI's calm in the face of inflation 3] Enter your application number; 4] Enter your PAN details; 5] Click at 'I'm not a robot'; and 6] Click at 'Submit' button. Your Glenmark Life Sciences IPO application status will become available on the computer monitor or on the Smartphone screen. Glenmark Life Sciences IPO allotment status check at KFintech Those who want to check their application status online by logging in at the official registrar KFintech's website, they are advised to login at the direct KFintech link — ris.kfintech.com/ipostatus/ipos.aspx. The website may not open due to sudden rise in traffic on the website. In such a scenario, bidders are advised to login again after some time. Here is step by step guide: 1] Login at the direct KFintech link — ris.kfintech.com/ipostatus/ipos.aspx; 2] Click at either of the given links — 1, 2, 3 or 4; 3] Select Glenmark Life Sciences IPO at the space given for IPO name; 4] Choose the application type; 5] Enter your IPO application number; 6] Enter security code or Captcha; and 7] Click at 'Submit' button. Your Glenmark Life Sciences share allotment status will become available on the computer monitor or on the Smartphone screen. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Stocks to Watch: Airline stocks, auto stocks, HPCL, IOC, power, Vedanta

02 Aug, 2021, 08:17AM | Livemint

NEW DELHI: Among key companies HDFC, Punjab National Bank, Varun Beverages, Emami, Castrol India, RBL Bank, CG Power and Industrial Solutions and Shree Renuka Sugars will announce June quarterly earnings today. Here are top ten stocks that may be in the news today. Airline stocks: The price of aviation turbine fuel (ATF), or jet fuel, were once again hiked on Sunday with oil marketing companies (OMCs) increasing ATF prices by about 1.28% over the past month and by more than 57.37% on an annual basis, as global crude oil prices firmed up on improved demand. MORE FROM THIS SECTIONSee All Premium Premium Devyani International IPO opens this week: GMP, price b .... Premium Premium Krsnaa Diagnostics IPO: GMP, price, other details that .... Premium Premium PolicyBazaar files DRHP to raise ₹6017.50 crore via IPO Premium Premium Gold prices today fall for second day in a row, silver .... Auto stocks: India’s leading passenger vehicle manufacturers increased production and dispatches to dealerships in July, compared to the preceding month, as states eased lockdown restrictions further following a sustained decline in covid-19 cases. HPCL: The state run company has recently signed a pact with another state-run firm Convergence Energy Services Limited (CESL) for setting up charging infrastructure in some of its fuel retail outlets. Indian Oil: IndianOil Petronas Pvt. Ltd, the joint venture between Indian Oil Corp. Ltd (IOCL) and Malaysia’s state-run oil and gas firm, Petroliam Nasional Bhd (Petronas) is planning to launch a separate brand for retailing auto fuels in India, IOCL chairman Shrikant Madhav Vaidya said on Friday. LIC Housing Finance: The non bank lender is still awaiting for clearances from the stock exchanges before it could go ahead with the ₹2,334 crore preferential issue to its parent Life Insurance Corporation even though capital market regulator Sebi had not raised any query and the mortgage lender denied approaching the Securities Appellate Tribunal (SAT) in this regard, people close to the matter said. Nazara Technologies: The gaming and sports media entity has reported a net profit of ₹13.5 crore for the recently ended June 2021 quarter. The company had reported a loss of ₹21.7 crore for the same period last year. Power sector: India's power consumption grew nearly 12% in July to 125.51 billion units (BU) and returned to pre-pandemic level mainly due to easing of lockdown curbs and delayed monsoon, according to power ministry data. MINT PREMIUM See All Premium The famed Lipstick effect is now playing out in India Premium The famed Lipstick effect is now playing out in India Premium How the second wave walloped Bandhan Bank Premium The hidden reason behind RBI's calm in the face of inflation Realty stocks: Nearly 1.74 lakh homes, worth around ₹1.4 lakh crore, are completely stalled across seven major cities with Delhi-NCR accounting for maximum 66%, according to property consultant Anarock. Steel stocks: India's crude steel production rose by 21.4% year-on-year to 9.4 million tonnes (MT) in June, according to the World Steel Association. The crude steel output was 6.9 MT steel in the same month a year ago. Vedanta: Former Videocon promoter Venugopal Dhoot has moved an appeals court against the insolvency tribunal order in June that approved the resolution plan of Vedanta group firm Twin Star Technologies. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Market Ahead Podcast, August 2: Factors that could guide markets this week

02 Aug, 2021, 08:08AM | Business Standards

In the action packed week, markets would be driven by the ongoing earnings season, RBI policy meet and macroeconomic data. Besides, global cues and pace of vaccination will also guide the local equities. The domestic benchmark indices had declined in the four of last five sessions and ended the week over 0.50 per cent lower amid global market rout. The key event this week is the RBI policy meet outcome and Governor Shaktikanta Das' commentary. Expectation is that the RBI too, just like the Fed, will not hamper the repo rates so as to continue supporting impacted sectors with cheaper credit. Meanwhile, Governor's comments on inflation will throw some light on the our economy and any future actions the central bank might take. Ahead of the poilcy outcome, macroeconomic data will shed some light on the health of the economy. The Manufacturing PMI is slated to be out on August 2 and Markit Services & Composite PMI numbers for July are scheduled on August 4. Auto sales numbers along with the result season will continue to drive stock specific movements on D-Street. Prominent names like HDFC, Bharti Airtel, State Bank of India, Titan Company, Dabur, M&M, Cipla, GAIL India, Adani Ports, Hindalco Industries, Punjab National Bank, Bank of Baroda, HPCL, Tata Consumer Products and Divis Labs poised to post their quarterly earnings this week. The action in the primary market will also remain hot as four IPOs are slated to open on August 4, leaving investors spoilt for choice. These companies together look to raise a little over Rs 3,600 crore. At Rs 1,838 crore, KFC and Pizza Hut operator Devyani International is the largest IPO amongst them. Krsnaa Diagnostics is planning to raise Rs 1,213.33 crore while Windlas Biotech Rs 401.54 and Exxaro Tiles Rs 161 crore. The shares of Glenmark Life Sciences will debut on bourses on August 6. The IPO was subscribed over 44 times last week and the shares are currently trading at a premium of 18-21 per cent in the grey market. Lastly, FII flow, rupee's trajectory and oil price movement can also sway market sentiments. And now, let's take a look at the trade setup for today. Asian stocks and US equity futures rose as some of the concerns over Covid-19 reopening disruption and China’s regulatory crackdown eased. Japan’s Topix index rose 1.5 per cent, Australia’s S&P/ASX 200 Index rose 0.1 per cent and South Korea’s Kospi index gained 0.3 per cent. Meanwhile, S&P 500 contracts rose 0.4 per cent and Nasdaq futures added 0.3 per cent. Amid this backdrop, Indian equities looked poised for a firm start to the day. SGX Nifty traded 91 points higher at 15,865 around 7.35 am. In stock-specific moves, shares of Adani Enterprises will be in focus as the company has incorporated Adani Petrochemicals as a wholly-owned subsidiary to carry on business of setting up refineries, petrochemicals complexes and specialty chemicals units. IDFC First Bank reported a net loss of Rs 630 crore in the April-June quarter due to provisioning measures for cushioning the impact of the second wave of the Covid-19 pandemic. The bank had posted a net profit of Rs 93.55 crore in the year-ago quarter ended in June 2020. NTPC posted a nearly 17 per cent rise in consolidated net profit to Rs 3,443.72 crore for the April-June quarter on the back of higher revenues. The consolidated net profit of the company in the quarter ended on June 30, 2020, was Rs 2,948.94 crore. Britannia Industries reported a 29 per cent decline in consolidated net profit at Rs 387 crore for the quarter ended June 30 compared with Rs 543 crore for the April-June period of previous fiscal. Torrent Power has inked an agreement with Lightsource India Ltd and Lightsource Renewable Energy (India) Ltd for acquisition of a 50 MW solar plant. The enterprise value for the deal is around Rs 317 crore

Sensex closes 364 pts higher, Nifty at 15,885; HDFC Q1 meets Street expectations

02 Aug, 2021, 07:34AM | Livemint

Indian indices closed over higher 0.69% on Monday. HDFC Ltd reported a standalone net profit fall of 1.6% at ₹3,000.6 crore as compared to ₹3,051.5 crore in the same quarter last year. The realty sector gained more than 4% on Monday. Adani group, Bank of India, Bharti Airtel, Barbecue Nation, Dhampur Sugar, among other companies will report their Q1 earnings tomorrow. 02 Aug 2021, 04:05:46 PM IST Rupee gains 8 paise to close at 74.34 against US dollar Share Via 02 Aug 2021, 04:01:43 PM IST Market closing quote: Gaurav Udani, CEO and founder, ThincRedBlu Securities "Nifty opened with a gap up and was able to sustain in the positive territory for the entire day. It ended with positive 125 points since yesterday's close. Volumes were less than average volume of the past few days which is not a good sign for bulls. Nifty has resistance in 15,900 and 1,5950 range and support at 15,750-1,5830 range. Fresh longs should be considered only on Nifty closing above 16,000 levels with higher than average volumes." Share Via 02 Aug 2021, 03:50:39 PM IST Market closing Sensex closed at 52,950.63, up 363.79, or 0.69%, while the Nifty was at 15,885.15, up 122.10 points or 0.77% on Monday. Realty outperformed. IT, auto and PSU banks were top gainers. On the 30-share Sensex, Titan, M&M, RIL, and 18 other stocks closed in green, while Tata Steel, Bajaj FInserv, Bajaj Finance, and 6 other stocks closed in red. View Full ImageSensex at close Share Via 02 Aug 2021, 03:28:47 PM IST RIL drives gains View Full ImageIndex contribution Share Via 02 Aug 2021, 03:21:22 PM IST Rakesh Jhunjhunwala to invest in this metal company, stock hits upper circuit Indian ace investor and stock market trader Rakesh Jhunjhunwala will invest nearly ₹31 crore in the lesser-known smallcap metals and mining company Raghav Productivity Enhancers, as informed by the company in an exchange filing on the BSE on Sunday. Shares of the company surged to a new high at ₹716.9 per share after hitting upper circuit for the seventh consecutive day on Monday. The company said that it will issue up to 6,00,000 Unsecured Compulsory Convertible Debentures (CCD’s) for an amount of upto maximum ₹30.9 crore by way of a preferential allotment on Private Placement basis to Rakesh Jhunjhunwala. The CCDs will be converted into equity shares at the end of 18 months from the date of allotment. (Read here) Share Via 02 Aug 2021, 03:17:41 PM IST HDFC AMC to launch Nifty 50 equal-weight index fund HDFC Asset Management Company Ltd will launch a Nifty 50 equal-weight index fund, a new fund offer that will aim to track the performance of constituents forming part of the parent index, where each company in the index shall be assigned equal weight at the time of review. As per the fund house, the scheme will take exposure to all the stocks in Nifty 50 with an intent to participate in the growth story with no market-cap bias. (Read here) NSE BSE listElement-graph-11627897657693-208280 listElement-graph-11627897657693-208280 Share Via 02 Aug 2021, 03:10:01 PM IST Market commentary: Narendra Solanki, head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers “Indian markets started on a positive note following upbeat Asian market peers as China’s official manufacturing PMI released over the weekend also showed factory activity growth in July. During the afternoon session the markets maintained their upward momentum following gains in Realty, Energy and Consumer Durables stocks. Healthy buying was also observed in blue-chip stocks. Sentiments were upbeat as India's manufacturing sector activities witnessed the strongest rate of growth in three months in July amid improved demand conditions and easing of some local COVID-19 restrictions. The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose from 48.1 in June to 55.3 in July, pointing to the strongest rate of growth in three months. Adding more positivity, Union Finance Minister Nirmala Sitharaman states that Goods and Services Tax (GST) collection for July 2021 has again crossed ₹1 lakh crore with easing out of COVID-19 restrictions and added it indicates that the economy is recovering at a fast pace." Share Via 02 Aug 2021, 03:07:28 PM IST Stock Watch: Ashok Leyland- Jyoti Roy - DVP- Equity Strategist, Angel Broking "Ashok Leyland reported a better than expected set of monthly sales numbers for July 2021 with total sales volumes registering a growth of 81% YoY to 8,650 units as compared to 4,776 units last year. MHCV sales registered a strong growth of 124% YoY to 3,822 units while LCV sales registered a growth of 57% YoY to 4,828 units. The Jul '21 sales numbers have come in ahead of estimates which should act as a positive catalyst for the stock. Post the Jul’21 sales numbers we continue to maintain a positive outlook on the company and maintain our BUY rating with a price target of ₹145.Ashok Leyland reported a better than expected set of monthly sales numbers for July 2021 with total sales volumes registering a growth of 81% YoY to 8,650 units as compared to 4,776 units last year. MHCV sales registered a strong growth of 124% YoY to 3,822 units while LCV sales registered a growth of 57% YoY to 4,828 units. The Jul '21 sales numbers have come in ahead of estimates which should act as a positive catalyst for the stock. Post the Jul’21 sales numbers we continue to maintain a positive outlook on the company and maintain our BUY rating with a price target of ₹₹145." Share Via 02 Aug 2021, 03:00:29 PM IST Indian Bank gains State-owned Indian Bank's stock was trading at ₹139.35 each, up 0.32% at 3pm. The lender on Monday entered into a memorandum of understanding (MoU) with the Society for Innovation and Entrepreneurship (SINE), IIT Bombay - an initiative of Indian Institute of Technology—for extending exclusive credit facility to startups and small businesses. SINE, IIT Bombay, supports the MSME sector by providing joint research and development arrangements and technical and financial support for incubation and acceleration of high-end technology products. (Read here) NSE BSE listElement-graph-11627896623534-132814 listElement-graph-11627896623534-132814 Share Via 02 Aug 2021, 02:44:43 PM IST Carborundum Universal gains Carborundum Universal's stock was trading at ₹718.95, up 6.88% at 2:44 pm. The company reported June-quarter consolidated net profit of ₹771.3 million compared to ₹197.3 million a year ago. The June-quarter consolidated sales ₹7.06 billion compared to ₹4.44 billion a year ago. NSE BSE listElement-graph-11627895677208-113375 listElement-graph-11627895677208-113375 Share Via 02 Aug 2021, 02:31:59 PM IST J&J withdraws proposal seeking accelerated covid vaccine approval in India Global healthcare major Johnson & Johnson has withdrawn its proposal seeking accelerated approval of its Covid-19 vaccine in India, the Central Drugs Standard Control Organisation said on Monday. The firm has informed that they are withdrawing their proposal, India's drug regulator said. (Read here) Share Via 02 Aug 2021, 02:23:51 PM IST Emami gains Emami reported Q1 consolidated net profit of ₹778 million compared to ₹390 million a year ago. The Q1 consolidated ebitda was at ₹2.5 billion compared to ₹2.89 billion in the previous quarter. NSE BSE listElement-graph-11627894422912-131162 listElement-graph-11627894422912-131162 Share Via 02 Aug 2021, 02:12:53 PM IST TVS Motor sales up 10 pc in July at 2,78,855 units TVS Motor Company on Monday reported total sales of 2,78,855 units in July, up 10 per cent from 2,52,744 units sold in the same period last year.Total two-wheelers sales were at 2,62,728 units in July 2021, as against 2,43,788 units in July 2020, TVS Motor Company said in a statement. Motorcycle sales last month stood at 1,38,772 units in the period under review, as compared to 1,06,06 units in July last year. Share Via 02 Aug 2021, 01:52:21 PM IST Bajaj Auto sales jump 44% in July; exports more than double Two-wheeler and three-wheeler manufacturer Bajaj Auto on Monday reported a 44% jump in its total sales at 3,69,116 units in July 2021. The company had sold 2,55,832 units in the same month a year ago. The company's exports during the month under review more than doubled to 201,843 units as against 96,856 units sold in the corresponding month last year. Domestic sales in July this year were at 1,67,273 units as against 1,58,976 units, up 5 per cent, Bajaj Auto said in a regulatory filing. Its total motorcycle sales stood at 3,30,569 units, up 39%, as compared to 2,38,556 units sold in July last year. Meanwhile, total commercial vehicle sales also more than doubled to 38,547 units as against 17,276 units in the same month last year. (Read here) NSE BSE listElement-graph-11627892530602-200132 listElement-graph-11627892530602-200132 Share Via 02 Aug 2021, 01:34:42 PM IST Private equity investments in India rise 120% in H1 2021 The year 2020 was turbulent for India, with Covid-19 causing a GDP contraction of 7.3% and leading to the highest-ever annual fiscal deficit at 9.5% for fiscal year 2021. But despite a severe second wave earlier this year, 2021 has turned the corner, with unprecedented stock market gains on the back of strong recovery forecast, robust foreign institutional investor inflows, and Covid-19 vaccine approval and administration. (Read here) Share Via 02 Aug 2021, 01:14:51 PM IST 1.74 lakh residential units worth ₹1.40 lakh crore stalled completely: Report Around 6.26 lakh residential units have been delayed whereas 1.74 lakh units worth ₹1.40 lakh crore are completely stuck, according to a report by Anarock Research. Launched in 2014 or before, the total value of the currently stuck or delayed housing units exceeds ₹5.05 lakh crore. Share Via 02 Aug 2021, 12:56:32 PM IST Industry Watch: Specialty chemicals stocks surge View Full ImageIndia Gelatine and Chemicals up 15% Share Via 02 Aug 2021, 12:51:11 PM IST NCL Group wins AP Govt contract worth ₹1,863 Cr A consortium of NCL Industries Ltd. and NCL Buildtek Ltd. has received Letters of Acceptance (LoA) of bids aggregating to ₹1,863.19 crore for supply of Pre-painted (GI) Steel Window Frame with Glazed Shutters and GI Powder-Coated Door Frames to the Andhra Pradesh State Housing Corporation Ltd. (PTI) Share Via 02 Aug 2021, 12:42:40 PM IST Titan top gainer, UPL drags View Full ImageNifty 50 top gainers and losers Share Via 02 Aug 2021, 12:39:05 PM IST Adani Wilmar may file DRHP this week: report The 7th company from the Adani group to take the IPO route, Adani Wilmar eyes a ₹37,500 crore fundraise, CNBCTV18 reported. NSE BSE listElement-graph-11627888140128-112599 listElement-graph-11627888140128-112599 Share Via 02 Aug 2021, 12:22:20 PM IST IDFC First Bank irks investors IDFC First Bank Ltd’s investors have been disappointed by the lender’s June quarter performance. The bank reported a quarterly loss as against expectations of a profit because of slippages in a large infrastructure loan account.The private sector lender’s gross bad loan rose to 4.61% of its book from 4.15% in the quarter before. Much of the pain seems to have emanated from a single large infrastructure account that slipped during the quarter. The borrower was a Mumbai-based toll road account to which the bank has an exposure of Rs854 crore. (Read here) NSE BSE listElement-graph-11627887135362-278580 listElement-graph-11627887135362-278580 Share Via 02 Aug 2021, 12:01:51 PM IST HDFC trades lower HDFC Ltd's stock was trading at ₹656.10 each, down 3.66% at 11:53 am. Housing Development Finance Corporation (HDFC) Limited on Monday reported a standalone net profit fall of 1.6% at ₹3,000.6 crore as compared to ₹3,051.5 crore in the same quarter last year. The net interest income (NII) witnessed a growth of 22% year-on-year (YoY).HDFC's net interest margin (NIM) stood at 3.7% during the first quarter of the current fiscal. Its Capital Adequacy came at 22% whereas Tier 1 Capital at 21.3% Share Via 02 Aug 2021, 11:40:10 AM IST Tejas Networks hit 5% upper circuit after huge block deal Tejas Networks Ltd witnessed a series of block deals on the exchanges on Monday with around 7.5 million shares, or 8% stake, changing hands, Bloomberg reported. Details of buyers and sellers were not immediately available. The stock hit 5% upper circuit to hit a record high of Rs271.20 a share. This was the eighth consecutive session when the stock touched the 5% upper limit, having surged 48% during the period. So far this year, the scrip has advanced over 97%. (Read here) Share Via 02 Aug 2021, 11:24:15 AM IST PI Industries' stock surges PI Industries Ltd's stock was trading at ₹3,164.65, up 7.33% at 11:21 am. The company has agreed to acquire Ind-Swift Laboratories Ltd's (ISLL) API and intermediates business on a slump sale basis for a consideration of ₹1530 crore on debt and cash free basis subject to closing adjustments. The purchase consideration will be paid in all-cash and funded from the proceeds of the completed qualified institutional placement (QIP) and internal accruals. NSE BSE listElement-graph-11627883649580-123642 listElement-graph-11627883649580-123642 Share Via 02 Aug 2021, 11:10:55 AM IST PMI manufacturing recovers in July after June shock After slipping into contraction for the first time in 11 months during June, India’s manufacturing activity posted the strongest growth in three months in July with states easing localized pandemic restrictions. Data released by data analytics firm IHS Markit showed purchasing managers’ index (PMI) for manufacturing sector rose to 55.3 in july from 48.1 in June. A level above 50 is considered expansion while below 50 is considered contraction in economic activity. Share Via 02 Aug 2021, 10:56:55 AM IST Hindustan Zinc eyes entry in Bangladesh Hindustan Zinc's stock was trading at ₹325.30 apiece, up 1.47%. The company is eyeing a foray into Bangladesh with an eye on its booming economy, chief executive Arun Mishra said told Business Insider reported. The metals major also plans to set up a factory in Gujarat to boost supplies in South Asia. NSE BSE listElement-graph-11627882011452-100188 listElement-graph-11627882011452-100188 Share Via 02 Aug 2021, 10:48:26 AM IST Nifty commentary: Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments The index has opened with a hearty enthusiasm this morning and is trading closer to the 15,900 level. This has happened multiple times and it always ends up retracing from there. If the markets can manage a close above 15,960-15,970 (which was the high of 16 July), we can break out of the current range and aim at achieving 16,200. The current support for the Nifty has been upgraded to 15,700 so until we do not break that on a closing basis, we are in bullish terrain. Share Via 02 Aug 2021, 10:27:35 AM IST LIC Housing trades lower LIC Housing Finance's stock was trading at ₹406.70 each, down 0.94% at 10:26 am. The non bank lender is still awaiting clearances from the stock exchanges before it could go ahead with the ₹2,334 crore preferential issue to its parent Life Insurance Corporation even though capital market regulator Sebi had not raised any query and the mortgage lender denied approaching the Securities Appellate Tribunal (SAT) in this regard, people close to the matter said. NSE BSE listElement-graph-11627880249269-100253 listElement-graph-11627880249269-100253 Share Via 02 Aug 2021, 10:27:35 AM IST Devyani International IPO opens this week: GMP, price band, date, and other details Food and beverages major and the largest franchisee of Pizza Hut, KFC, and Costa Coffee, Devyani International's initial public offering (IPO) will open for subscription next week on August 4. The issue, which will close on August 6, has has fixed the price band of its initial share sale at ₹86-90 per share, and the firm will raise about ₹1,838 crore. As per market observers, Devyani International shares are available at a premium (GMP) of ₹58 in the grey market today. The grey market is an unofficial platform, wherein trading starts after the announcement of IPO price band till the listing of IPO shares. (Read here) Share Via 02 Aug 2021, 10:20:12 AM IST Rupee inches 6 paise higher to 74.36 against US dollar in early trade Share Via 02 Aug 2021, 09:59:23 AM IST Auto, realty drive gains View Full ImageNifty sectoral indices Share Via 02 Aug 2021, 09:56:55 AM IST Gold prices today fall for second day in a row, silver rates drop Gold and silver rates edged lower in India today, tracking weak global cues. On MCX, gold futures fell 0.16% to ₹47,926 per 10 gm while silver slipped 0.3% to ₹67,865 per kg. (Read here) Share Via 02 Aug 2021, 09:45:32 AM IST RIL eyes Subway India franchise: report RIL unit Reliance Retail is eyeing the buyout of US sandwich chain Subway's India franchise, according to media reports. NSE BSE listElement-graph-11627877720690-100325 listElement-graph-11627877720690-100325 Share Via 02 Aug 2021, 09:19:51 AM IST Market opening The Sensex opened at 52,901.28, up 314.44 points or 0.60%, while Nifty was at 15,874.90, up 111.85 points, or 0.71%. View Full ImageSensex at open Share Via 02 Aug 2021, 09:02:09 AM IST Indian diesel sales hold below pre-virus levels on restrictions India’s sales of diesel, a bellwether for the nation’s economic activity, remained below pre-virus levels last month due to the slow rollback of some restrictions following a deadly wave of Covid-19. Diesel sales in July were about 11% below the same period in 2019, according to preliminary data from India’s three biggest fuel retailers. However, sales of gasoline have rebounded above pre-virus levels, officials said, as people make use of their own vehicles to avoid public transport and possible infection. Share Via 02 Aug 2021, 08:48:14 AM IST Cryptocurrency prices today: Bitcoin below $40,000, ether, dogecoin slip. Latest rates here Bitcoin prices fell today after climbing over the weekend to the highest levels since May. Bitcoin has rallied over the past two weeks, breaking past the upper bound of a prolonged trading range between $30,000 and $40,000. The cryptocurrency traded up to $42,390 on Saturday, its highest level since May 20.As per CoinDesk, the world's largest cryptocurrency by market capitalization was trading over 4% lower to $39,748.5. Ether, the coin linked to ethereum blockchain network, dipped marginally at $2,560 whereas dogecoin plunged nearly 3% to $0.20. Other digital tokens including Stellar, XRP, Litecoin, Uniswap also fell in the range of 3-8% over the last 24 hours. (Read here) Share Via 02 Aug 2021, 08:38:47 AM IST Market outlook Markets are likely to stay rangebound on Friday while trends in SGX Nifty indicate a flat opening. The BSE Sensex ended at 52,586.84, down 66.23 points or 0.13%. The Nifty was at 15,763.05, down 15.40 points or 0.10%. (Read here) Share Via 02 Aug 2021, 08:34:38 AM IST Stocks to Watch Airline stocks, auto stocks, HPCL, IOC, power, Vedanta, among other stocks may be in the news today. (Read here) Share Via 02 Aug 2021, 08:18:57 AM IST LIC Housing waiting for bourses response on ₹2,334 cr preferential issue The non bank lender is still awaiting for clearances from the stock exchanges before it could go ahead with the ₹2,334 crore preferential issue to its parent Life Insurance Corporation even though capital market regulator Sebi had not raised any query and the mortgage lender denied approaching the Securities Appellate Tribunal (SAT) in this regard, people close to the matter said. (Read here) Share Via 02 Aug 2021, 07:56:43 AM IST Unemployment rises in India The labour market seems to have recovered from the impact of second wave of covid-19, with unemployment rate dropping and the labour force participation rate (LFPR) and employment rate improving by the end of July.However, this is primarily driven by the agriculture real estate sectors. In contrast, mining and manufacturing have shed millions of jobs, while the employment figures in the services sector has remained largely unchanged, according to monthly data accessed on Sunday from the Centre for Monitoring Indian Economy (CMIE). (Read here) Share Via 02 Aug 2021, 07:47:38 AM IST Passenger vehicle dispatches improve in July as curbs eased India’s leading passenger vehicle manufacturers increased production and dispatches to dealerships in July, compared to the preceding month, as states eased lockdown restrictions further following a sustained decline in covid-19 cases. Most dealerships resumed operations across India and manufacturers moved in to fill the inventory levels. In the March quarter, most passenger vehicle manufacturers reported a sustained recovery in retail sales, while supply constraints because of shortage of semiconductors led to high waiting period for some models and depleted vehicle inventory. (Read here) Share Via 02 Aug 2021, 07:34:17 AM IST Asian markets open higher Most Asian stocks rose with U.S. equity futures Monday as some of the concerns over China’s regulatory crackdown eased and progress on a U.S. infrastructure spending plan aided sentiment. Treasury yields edged up.Equities jumped in Japan and Australia, where Afterpay Ltd. surged after digital-payments platform Square Inc. agreed to buy the buy-now, pay-later company. Futures on the S&P 500 and Nasdaq 100 climbed, with a $550 billion infrastructure package getting closer to passage in the Senate this week.S&P 500 contracts rose 0.5% as of 10:55 a.m. in Tokyo. The S&P 500 fell 0.5%Nasdaq 100 futures added 0.4%. The Nasdaq 100 fell 0.6%Japan’s Topix index rose 1.7%Australia’s S&P/ASX 200 Index rose 1.4%South Korea’s Kospi index gained 0.1%Hong Kong’s Hang Seng Index shed 0.4%China’s Shanghai Composite Index fell 0.6% Share Via Never miss a story! Stay connected and informed with Mint. Download our App Now!!

This Rakesh Jhunjhunwala stock dips 15% in one month. Experts give 'buy' tag

02 Aug, 2021, 07:34AM | Livemint

Rakesh Jhunjhunwala portfolio is being scanned by retail stock market investors to find out which way smart money is moving. This exercise works as Rakesh Jhunjhunwala tips for them in finding the value picks. However, it seems that market experts are not much moved by recent decision of Big Bull to trim stake in Tata Motors. Despite Rakesh Jhunjhunwala trimming stake in Tata Motors, they have been maintaining buy on every dip in Tata Motors share price. In the last one month, Tata Motors share price has dipped to the tune of near 15 per cent and market experts have called it 'good opportunity to buy' and hold it for long term as the auto stock is expected to go up to ₹430 per stock mark in next 12 months. Speaking on the triggers that will fuel Tata Motors share price rally; Ravi Singhal, Vice Chairman at GCL Securities said, "After the launch of CNG variant vehicles in the passenger segment by Tata Motors, Maruti Suzuki India Limited or MSIL is fast losing its market share to Tata Motors, which is expected to boost company’s numbers in upcoming quarterly results. Apart from this, India's Scrappage Policy coming in 2022 and Chinese growth fueling Land Rover and Jaguar sales are some of the major triggers that may go on to boost sharp rise in Tata Motors share price." MORE FROM THIS SECTIONSee All Premium Premium Devyani International IPO: Key points to consider Premium Premium Sensex gains 350 points, Nifty above 15,850; realty, au .... Premium Premium Windlas Biotech IPO: GMP, price band, date, and more de .... Premium Premium Bhel stock gains 3% as Street shrugs off weak Q1 results On this Rakesh Jhunjhunwala company's stock price outlook; Sumeet Bagadia, Executive Director at Choice Broking said, "After the sharp decline in Tata Motors share price, it's ideal to buy around ₹275 to ₹280 levels for immediate target of ₹300. The stock is facing mild hurdle at ₹300 but once it breaks this level, we may witness sharp upside moves in this Rakesh Jhunjhunwala stock." Advising investors to buy this Rakesh Jhunjhunwala portfolio stock for long term; Ravi Singhal of GCL Securities said, "One can buy this counter at around ₹280 levels for the target of ₹430 in next 12 months. However, one must maintain stop loss at ₹250 while taking position in the counter." Rakesh Jhunjhunwala share holding in Tata Motors Recently, the 'Warren Buffett of India' hit the headlines for trimming his stake in Tata Motors from 1.29 per cent to 1.14 per cent. As per Tata Motors shareholding pattern for recently ended June 2021 quarter, Rakesh Jhunjhunwala holds 3,77,50,000 Tata Motors shares, which is around 1.14 per cent of the net company shares. MINT PREMIUM See All Premium Vax hesitancy, coverage differ sharply across religious lines: New survey Premium Devyani International IPO: Key points to consider Premium The famed Lipstick effect is now playing out in India Premium The famed Lipstick effect is now playing out in India Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

SGX Nifty, global cues: Things to know before the stock market opens today

02 Aug, 2021, 07:27AM | Livemint

Indian indices closed lower on Friday with Sensex ending the session at 52,586.8, down 66.23 points or 0.13%, and Nifty at 15,763.05, down. Autos and pharma were top gainers, whereas metals and banks were top drags. This week domestic equity markets would be driven by macroeconomic data, quarterly earnings, and RBI interest rate decisions. Besides, global trends and the pace of vaccination would also guide the local equities. 5 things to know before market opens: MORE FROM THIS SECTIONSee All Premium Premium Devyani International IPO: Key points to consider Premium Premium Sensex gains 350 points, Nifty above 15,850; realty, au .... Premium Premium Windlas Biotech IPO: GMP, price band, date, and more de .... Premium Premium Bhel stock gains 3% as Street shrugs off weak Q1 results Wall Street: Major US indices, Dow, Nasdaq and S&P 500 indexes fell on Friday following a glum quarterly earnings report from Amazon, whereas data showing a strong rise in June consumer spending reinforced optimism about a steady economic rebound. Asian markets: Asian stocks and U.S. equity futures rose early Monday as some of the concerns over Covid-19 reopening disruption and China’s regulatory crackdown eased, reported Bloomberg. Japan, South Korea and Australia stocks surged in early deals. Futures on the S&P 500 and Nasdaq 100 climbed, with a $550 billion infrastructure package getting closer to passage in the Senate this week. SGX Nifty: SGX Nifty indicates a flat opening for the Indian stock markets today. Singapore Nifty (SGX Nifty) is the Indian Nifty that is traded in Singapore Stock Exchange and is considered to be the first indication of the Indian markets opening. Earnings today: HDFC, Punjab National Bank (PNB), RBL Bank, Emami are among of the companies scheduled to announce their quarterly earnings today. Events this week: This week domestic equity markets would be driven by macroeconomic data, quarterly earnings, and RBI interest rate decisions. Amid fears of a third wave of coronavirus pandemic and hardening of retail inflation, the Reserve Bank is likely to maintain status quo on interest rate and watch the developing macroeconomic situation for some more time before taking any decisive action on monetary policy. (With inputs from agencies) MINT PREMIUM See All Premium Devyani International IPO: Key points to consider Premium The famed Lipstick effect is now playing out in India Premium The famed Lipstick effect is now playing out in India Premium How the second wave walloped Bandhan Bank Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Day trading guide for Monday: 8 stocks to buy or sell today — 2 August

02 Aug, 2021, 06:47AM | Livemint

Day trading guide for Monday: Indian benchmark equity indices once again failed to hold on to intraday gains on July 30 on the back of weakness in markets elsewhere. The NSE Nifty last week lost 103 points or 0.65 per cent and closed at 15,763 levels while BSE Sensex lost 381 points last week and closed at 52,586 mark. However, mid-cap and small-cap stocks continue to attract bulls throughout last week as BSE mid-cap index ended 0.16 per cent higher while small-cap index surged 0.80 per cent in this period. Trade view on Nifty today MORE FROM THIS SECTIONSee All Premium Premium This Dolly Khanna portfolio stock gives multibagger return Premium Premium Tejas Networks hit 5% upper circuit after huge block deal Premium Premium Devyani International IPO: Key points to consider Premium Premium Sensex gains 350 points, Nifty above 15,850; realty, au .... Speaking on day trading guide for Monday; Deepak Jasani, Head of Retail Research at HDFC Securities said, "Nifty has repeatedly run into resistance in the 15,862 to 15,899 band over the past 6 sessions. It closed lower for the second consecutive week, though by a small per cent. However the lower shadows (area between the lows and close) are growing over the past three weeks, suggesting sharp recovery post higher selling pressure. How long such recoveries will continue is a moot point. Nifty could remain in the 15,578 to 15,899 band in this week." Day trading stocks to buy today On the basis of these facts and figures, stock market experts — Sumeeet Bagadia, Executive Director at Choice Broking; Jay Thakkar, VP & Head of Equity Research at Marwadi Shares and Finance and Sandeep Matta, Founder at TRADEIT Investment Advisors — recommended 8 shares to buy today. Sumeeet Bagadia's stocks to buy today 1] L&T Finance Holdings or L&T FH: Buy at ₹88, target ₹92 to ₹94, stop loss ₹85 2] Cadila: Buy at ₹585, target ₹600 to ₹610, stop loss ₹571 MINT PREMIUM See All Premium Vax hesitancy, coverage differ sharply across religious lines: New survey Premium Devyani International IPO: Key points to consider Premium The famed Lipstick effect is now playing out in India Premium The famed Lipstick effect is now playing out in India Jay Thakkar's shares to buy today 3] JSW Steel: Buy at ₹737, target ₹775 to ₹785 4] PVR: Buy at ₹1399.50, target ₹1500 to ₹1575, stop loss ₹1310 5] LTI: Buy at ₹4700, target ₹4900, stop loss ₹4590 Sandeep Matta's trade views today 6] Vodafone Idea: Buy at ₹8.30, target ₹9.30 to ₹10, stop loss ₹7.00 7] Hero Motocorp: Buy above ₹2770, target ₹2860 to 2935, stop loss ₹2700 8] Symphony: Buy above ₹945, target ₹975 to ₹1030, stop loss ₹890. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Infra push, China’s hike on export tax boost metal stocks

02 Aug, 2021, 01:10AM | Livemint

Expectations of aggressive spending by India on infrastructure alongside a Chinese move to hike export tariffs and remove export tax rebates for steel products from next month have given metals the record rally seen this week —the first in years, analysts said. China’s move, analysts believe, will favour Indian steelmakers, helping them gain in terms of market share as well as profit. MORE FROM THIS SECTIONSee All Premium Premium How the second wave walloped Bandhan Bank Premium Premium The hidden reason behind RBI's calm in the face of infl .... Premium Premium Retail investors prefer UPI route to join the IPO f .... Premium Premium Despite signs of revival, outlook is dull for Kansai Ne .... Buoyed by global cues the BSE Metal Index last week gained 8.40% and the Nifty Metal Index gained 7.78%. The BSE Metal Index gained 81.14% and the Nifty Metal Index 77.30% year to date. On a monthly basis the BSE Metal Index gained 12.57% and the Nifty Metal Index 10.63%. “The big outperformer during the week was the metals sector, which got a big boost with China announcing the removal of export tax rebates and raising of export tariffs for steel products to ensure domestic supply amid production cuts," said Milind Muchhala, executive director, Julius Baer, a global investment bank India saw its June crude steel production improve 21% year to date to 9.4 million tonnes, up 2% from May. Global crude steel production for June increased 11.6% year-on-year to 167.9 million tonnes. The robust growth was largely attributed to low base effect across globe. China accounted for 55.9% of global steel production, down 560 bps year-on-year and 110bps on a month-on-month basis. “While steel consumption was flat m-o-m to 6.2 million tonnes, it increased 28% y-o-y on covid-related low base effect. Current domestic HRC (hot-rolled coil) at ₹65,500 per tonne fell 3% m-o-m. Domestic prices are still at a 17-20% discount on imported steel. The discount between imported vs domestic iron ore remained around 46%," said Phillip Capital in a report dated 27 July. MINT PREMIUM See All Premium How the second wave walloped Bandhan Bank Premium The hidden reason behind RBI's calm in the face of inflation Premium For the first time, Wipro poised to grow fastest among peers Premium Margin pressures are up; so why is Marico stock soaring? Steel companies are seeing a demand revival, particularly from the automotive, white goods and infrastructure sectors. The construction sector which is expected to pick up steam with the onset of the festive season is also expected to boost demand for metals. Analysts said higher local demand is likely to impact the export of steel, which stood at 17 million tonnes last year. Indian steel companies are likely to divert more supply to meet domestic demand. Last month, JSW Steel, India’s most valuable steelmaker, posted a record profit of ₹5,900 crore for the first quarter amid a surge in the price of the alloy. The company had reported a loss of ₹582 crore in the corresponding quarter of the previous year. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Kitex’s exit revives a debate in Kerala

01 Aug, 2021, 11:31PM | Livemint

It was a Sunday evening. A spirited debate is underway on the Clubhouse app with more than 1,200 eager Keralites glued to their cell phones. The discussion was on an issue that has in recent weeks animated the discourse in the southern state. Kitex Garments Ltd, a large employer and garment manufacturer, had announced it would not invest further in Kerala and would take a proposed investment worth ₹3,500 crore elsewhere. The immediate provocation, the company’s managing director Sabu Jacob said at the time, was a series of inspections—11 in less than a month—the company was subjected to, in what it claimed was an exercise in political intimidation. Within days of him making the announcement, Telangana government sent a private jet to ferry Jacob and officials to the state. “The world has changed a lot, but Kerala refuses to change. We are 50 years behind other states," Jacob told reporters as he departed for Telangana. Kerala chief minister Pinarayi Vijayan said Jacob’s moves were “motivated" and meant to sully the state’s investor-friendly image. The markets reacted a bit differently, however. Kitex’s stock rose 86% in one week—between 7 and 14 July—after its decision to move became public. There is some political context to the dispute. In 2015, Jacob floated a voluntary organization called Twenty20—backed by Kitex’s corporate social responsibility (CSR) funds. The outfit undertook a range of charitable activities in the company’s home panchayat. As its popularity rose, it started fielding candidates in the local body elections and started winning a number of seats. It also fielded eight candidates in the assembly polls this year. View Full ImageEconomic pluse Share Via So while the political tussle is localized, the episode has served to revive the debate around industry and jobs in the state. The highly literate state, which has social and development indicators comparable to European nations, also has an unemployment problem, which means a large number of Malayalis live and work elsewhere in the country or overseas. The unemployment rate among the youth was 36% in 2018-19, double the national average of 16%, according to the Economic Review tabled in the Kerala assembly in January 2021. Kerala has few major new industries, and although service sector jobs are now growing, the state has failed to harness the IT (information-technology) boom of the last thirty years in a substantial way. Engineers from the state work in large numbers in the IT industry clusters in cities such as Bangalore, Chennai and Hyderabad. The Clubhouse discussion mirrored some of these issues. High wages in the state means industries will always find it cheaper to be located elsewhere, one person said. “Unfortunately, the wages are always linked to the profit and the owner’s willingness to share it. When the labourer demands higher wages, the industry captains smirk away," said one of the moderators of the room, organized by a Left-leaning study circle. Return of the expats The Kitex controversy has come at a time when the state is realizing it might soon have to reckon with its dependence on remittance monies. Kerala ranks among the top ten in Indian states by per capita income. But 17-18% of its workforce are emigrants and about 14% of its net state domestic product is contributed by remittance, according to a 2020 paper by K.P. Kannan of Centre for Development Studies in Thiruvananthapuram and K.S. Hari of Gokhale Institute of Economics and Politics in Pune. The latter figure used to be about 23% till 2015 and has since seen a relative decline. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Nearly 1.5 million non-resident Keralites (NRKs) have returned home since the onset of the pandemic, as per the data compiled by the Department of Non-Resident Keralites Affairs (NORKA). It is an opportunity and a challenge for the state government. “Many have approached us to scout for potential business opportunities in the state," says Vivek Govind, former president of Kerala Management Association (KMA) and partner of Varma & Varma, a chartered accountancy firm. Arun K., a senior manager at Choppies in South Africa, is among them. He wants to come back and start a business venture in Kerala. Toby Jose, another Malayali businessman from Bahrain, wants to set up a small waste-management unit in the Kochi-Alappuzha belt. They know Kerala is not what it used to be two decades ago when they left—an investor-unfriendly state. And that there have been efforts to bring in investments and create job opportunities. Yet, they are guarded. What plays out in their mind is the 1989 movie Varavelpu, which memorably depicts a Gulf returnee who is forced to go back in tears after his venture goes bust in an extremely hostile milieu. Many believe it is the overhang of communism. The state faces an unusual dichotomy. As India turns increasingly capitalist, Kerala strives to remain an island of socialist ideologies, unmindful of the growing gap between reality and aspirations. While wages for skilled and semi-skilled workers are the highest in the country, an array of professionals—engineers, doctors, nurses, researchers—turn eventually migrants and move out in search of better-paying jobs and opportunities. If the previous migration waves had been to plantations in Sri Lanka and Burma, the later lot went to West Asia at the onset of the oil boom. Now many are migrating to Europe, Australia, Canada and the US. Hostile to investors? Thomas Isaac, former finance minister of Kerala and an economist, says Kerala faces an image problem. “It is an ideological construct. The number of strikes, lockouts and industrial disputes in the state has dropped sharply and is now way below the national average. There are, of course, some bottlenecks, especially in the construction and transportation sectors. They need to be reformed," Isaac told Mint. R. Ramakumar, a member of the Kerala State Planning Board, and professor of School of Development Studies, Tata Institute of Social Sciences (TISS), cites a few historical reasons. “Kerala as a state does not historically have an illustrious history of the culture of entrepreneurship and industrialization. The propensity to take risk while investing capital was poor." Of course, he says, there were labour movements and trade unions that demanded decent work conditions. “These may also have contributed to the poor inflow of industrial capital, as these demands for decent work are easily perceived as hostility to the industrial capital," he says. Despite sustained efforts to change the state’s impression, Kerala could not easily wriggle out of its perception trap. A series of global investment meets may have put the spotlight on Kerala as an investment destination for IT and knowledge sectors, but these haven’t translated into an industrial revival. “From the 1970s, remittances began to flow in. It gave rise to a sharp rise in consumption expenditure. Yet, Kerala could not use this advantage to hasten industrial production in the state, as other cheap labour options existed outside the state. Thus, potential employment opportunities and its multiplier effects in the form of increases in income levels and demand were leaked out of the state," says Ramakumar. Kerala is also an ecologically-fragile state, with 44 rivers, numerous backwaters, streams and ponds; a large green cover; and a huge hilly region in the Western Ghats. Kerala can ill-afford the kind of large industries seen in Tamil Nadu or Gujarat. Land is also scarce. It is clear that there is a vast difference between the issues faced by large industries and small-scale industries. Govind of KMA believes that large manufacturing units face several legacy issues related to the labour unrest and union problems. “Also, there are so many redundant laws related to pollution, affluents, environment, construction and so on," he says. Small investors, too, find it difficult to set up a unit, though the challenges may be different. Joson Therattil, a young Keralite entrepreneur who runs a small balloon-printing unit for clients like McDonald’s, says there are several roadblocks to getting a project off the ground. He shares his travails of setting up a tiny unit in the state. “I did apply for space in an industrial estate five years ago, but have not heard from them yet. Many influential people take up the space and lease it out to others for a cut." He bought a piece of land in Thrissur and wanted to develop a unit there. “We faced a tough time getting the building plan approved. The officials routinely returned the file citing deficiencies and non-compliance, but without explaining what they wanted us to do, in one go. The approval came after six months. Then you face issues related to pollution, water, electricity, labour, etc. Most of the laws are antiquated and redundant, and worse, officials interpret them their own way. Investors will run from pillar to post, get drained, and finally abandon the project," he says, adding that his project—a backward integration to manufacture quality balloons—is still on the drawing board. Exit of Kitex Kitex Garments, the second largest producer of children’s apparel in the world, is not the only big business group that shunted Kerala for neighbouring states. Many others, including V-Guard Industries Ltd and MRF, have done it in the past. Kitex’s Jacob told Mint that his decision to not invest anymore in Kerala is “final". He, however, cites the increasing cost of labour and land as two important factors. “In fact, my decision is based on several factors. Apart from labour and land, water and electricity are important too. Though there is a lot of water in Kerala, we find it difficult to source water for industrial use. We invested ₹10 crore to upgrade government substations and lay the transmission lines to our substation. If you manage to address all these issues, you face a string of others— political issues, bureaucratic hurdles and a general attitudinal issue from the public," he says. His clients such as Walmart Inc. do not look at the cost factor. “If you pay higher wages, your client is happy. But he will not pay a single penny more for the product. It’s an extremely competitive world. Salaries in Bangladesh are half of that available in Bhubaneswar, where the daily wage is around ₹200 per day, which, in turn, is much lower than Kerala wages. Our average cost-to-company (CTC) of an employee is around ₹25,000 per month. We have survived here only because of our efficiencies and better technologies," says Jacob. The company that went public in 1995 has completed 26 years of its existence in Kerala. “Had I invested in some other state, I would have grown 10-fold," he rues. Ramakumar avers that Kitex moved out to benefit from low wages in Telangana. “Kitex is a company that employs non-Keralites as more than 70% of its workforce. Their wages are lower than the reservation wage of an average Malayali worker, but the average wage rate in Telangana will be even lower than the average wage of a non-Malayali worker in Kitex. The demand for decent work will also be muted in a state like Telangana. So, Kitex would anyway have moved out given this advantage, if at all the news of the move is correct," he says. Jacob clarifies that 51% of the labour force in his garment company are Keralites. In the group, which has over 15,000 employees, 68% are from the state, he says. Knowledge economy There are many who believe that Kerala should focus on the high technology industries of the future as its high prevailing wages makes it an unattractive destination for manufacturing businesses. “Kerala’s advantage is not in sweatshops, but in new-age knowledge-based industries, precision engineering and so on, where it is rapidly attracting major investments," says Ramakumar. There are several segments of the industry where Kerala wants to specialize in. Tourism, health, IT, biotechnology, nanotechnology, food processing, the list is pretty long. Govind calls Kerala’s forays into the development of info-parks and knowledge industries productive. “The state has continued to attract investments by IT biggies such as TCS, Wipro and Cognizant. TCS is setting up two new campuses in Thiruvananthapuram and Kalamassery, near Kochi. It has taken 100 acres of land in Technocity while it has taken space in Kochi just outside the existing IT park, for one-third rent it pays outside. In the IT and services sector, there are no union-related issues. The units in info-parks work normally even during hartals (strikes)," he says. Kerala’s quest for a transformative knowledge-based economy has taken wings. After the two oldest IT parks—Technopark in Thiruvananthapuram, which is one of world’s greenest tech campuses, and InfoPark in Kochi—have become nearly fully occupied, similar parks are mushrooming elsewhere in the state. Isaac says the world is moving towards a work-from-home (WFH) and gig economy. “Kerala is poised to benefit from it," he adds. Several Malayali IT workers from across the globe have come back home under WFH policies, to enjoy the rains and serenity, and of course, the quality medical facilities in the state. In March, Cognizant picked Kochi, Kerala’s commercial capital, as the only Indian city to be part of its coveted 21 Places of the Future list, considering a number of factors, including physical infrastructure, environment, lifestyle, culture and entertainment, talent pools, and affordability, among others. As most major tech hubs in India are reaching their saturation point, Kerala’s efforts to transform itself into a high-tech knowledge hub have drawn attention. But that means young people from families that could afford them a good education will find employment, and those among the lower social economic strata, who typically raise themselves up through at least one generation of employment in manufacturing, may get left behind. Rising automation in tech also means IT firms might need fewer programmers in the future, although newer and more specialized jobs might get created. The state has to find an answer for its employment problem at the confluence of these factors. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!! Topics Long Story long-reads

Behind the rise of US solar power, a mountain of Chinese coal

01 Aug, 2021, 10:20PM | Livemint

Solar panel installations are surging in the U.S. and Europe as Western countries seek to cut their reliance on fossil fuels. But the West faces a conundrum as it installs panels on small rooftops and in sprawling desert arrays: Most of them are produced with energy from carbon-dioxide-belching, coal-burning plants in China. Concerns are mounting in the U.S. and Europe that the solar industry’s reliance on Chinese coal will create a big increase in emissions in the coming years as manufacturers rapidly scale up production of solar panels to meet demand. That would make the solar industry one of the world’s most prolific polluters, analysts say, undermining some of the emissions reductions achieved from widespread adoption. For years, China’s low-cost, coal-fired electricity has given the country’s solar-panel manufacturers a competitive advantage, allowing them to dominate global markets. Chinese factories supply more than three-quarters of the world’s polysilicon, an essential component in most solar panels, according to industry analyst Johannes Bernreuter. Polysilicon factories refine silicon metal using a process that consumes large amounts of electricity, making access to cheap power a cost advantage. Chinese authorities have built an array of coal-burning power plants in sparsely populated areas such as Xinjiang and Inner Mongolia to support polysilicon manufacturers and other energy-hungry industries. Producing a solar panel in China creates around twice as much carbon dioxide as making it in Europe, said Fengqi You, professor of energy systems engineering at Cornell University. In some countries or regions that don’t rely heavily on fossil fuels for electricity generation, such as Norway and France, installing a high-carbon, Chinese-made solar panel might not reduce emissions at all, Mr. You said. “Yes, we are clean" in the West, said Mr. You. “But then the process of getting these panels from another country—China now, maybe somewhere else later—produces a lot of emissions." Scientists say, however, that installing Chinese-made panels almost always results in a net reduction in carbon dioxide emissions over time, because the panels are usually replacing electricity generated from fossil fuels. The emissions avoided after the first few years of a solar panel’s 30-year lifespan can offset the emissions required to produce it. Some Western governments and corporations are attempting to shift the solar industry away from coal. Companies that buy renewable energy are laying the groundwork to favor low-carbon solar panels when financing solar projects. The U.S. federal government is drafting a policy to do the same when it buys solar panels, said a spokesman for the Environmental Protection Agency. And the European Union is considering whether to regulate the carbon content of panels sold throughout the 27-nation bloc, EU officials say. These policies would also help rebuild the West’s solar industry, which has withered under competition from higher-polluting Chinese producers, Western executives say. U.S. solar power capacity in the last two years has jumped 48%, according to consulting firm Wood Mackenzie. In Europe, it is up 34%. Those installations amount to tens of thousands of solar panels shipped each year. “Large energy buyers can influence supply chains," said Jen Snook of the Renewable Energy Buyers Alliance, which represents Amazon.com Inc., Salesforce.com Inc. and more than 200 other corporations. “Solar hopefully will continue on a very strong growth rate, and we want to ensure that growth is sustainable." MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff The dilemma is becoming more apparent as world leaders prepare to meet in Glasgow, Scotland, in November to make a new push to reduce greenhouse gas emissions. Part of that effort involves coaxing China, the world’s largest emitter, to shift away from coal-burning electricity to slash emissions even as the West gorges on Chinese gear from solar panels to lightweight aluminum for electric vehicles. At a July meeting of environment ministers from the Group of 20 leading economies, China and India blocked an agreement to phase out coal-fired electricity. Finding alternatives won’t be easy. China’s surging and cheaper polysilicon production has harmed U.S. producers, forcing the shutdown of several factories that use power sources with lower carbon emissions than Chinese producers. Wacker Chemie AG, the West’s largest producer of solar-grade polysilicon, pays up to four times as much for power at its factories in Germany compared with Chinese producers in Xinjiang, said company spokesman Christof Bachmair. China has pushed down the price of panels so sharply that solar power is now less expensive than electricity generated from fossil fuels in many markets around the world. Imports of the solar cells that make up the panels are also flooding into the U.S. and Europe. Those shipments are either coming directly from China or contain key components made in China. “If China didn’t have access to coal, then solar power wouldn’t be cheap now," said Robbie Andrew, a senior researcher at the Center for International Climate Research in Oslo. “Is it OK that we’ve had this huge bulge of carbon emissions from China because it allowed them to develop all these technologies really cheaply? We might not know that for another 30 to 40 years." Some Chinese polysilicon producers are well-placed to respond to Western demand for low-carbon panels. Tongwei, the world’s largest producer, has some factories that run on hydropower. However, Daqo New Energy and GCL Poly, Tongwei’s main Chinese competitors, rely overwhelmingly on coal, according to the companies. France is one of the few countries that regulate the carbon content of solar panels, requiring low-carbon panels for large solar projects. That has encouraged some Chinese panel manufacturers to use renewable energy in some processes, allowing them to sell into the French market. South Korea this year adopted rules inspired by the French system, and other European countries have expressed interest, officials from the region say. China’s dominance of the solar supply chain also makes it harder on the handful of companies that are trying to rebuild solar-panel capacity in the West. China is home to most of the companies that slice polysilicon into wafers, package the wafers into cells and assemble the cells into panels. U.S. tariffs on Chinese solar panels and cells have pushed Chinese companies to set up factories for these parts in other countries. JinkoSolar, a Chinese firm, built a panel assembly plant in Florida to supply NextEra Energy, one of the largest U.S. renewable-energy companies. But the wafer and polysilicon are from China, analysts say. Italian energy company Enel SpA is planning to expand its solar-panel factory in Sicily, one of the few left in Europe, but the factory will still rely on silicon wafers coming from China. “We would be happy if the other part of the value chain would be established in Europe," said Antonello Irace, director of the factory in Sicily. “Think about sustainability, think about labor conditions, think about logistics costs and proximity." Beijing has further hobbled Western efforts by placing tariffs on U.S. polysilicon as part of a long-running trade dispute over solar panels. That blocked U.S. producers from selling raw material to Chinese wafering factories—which have more than 95% of global capacity—leaving them with almost no buyers for their product. The tariffs led REC Silicon ASA in 2019 to idle a plant in Moses Lake, Wash., that runs on carbon-free hydropower. The company hoped negotiations between the Trump administration and Beijing would result in the tariffs being dropped. Instead, Beijing last year extended the tariffs for five years. “We have a lot of polysilicon capacity," said David Feldman, a researcher at the U.S. government’s National Renewable Energy Laboratory, “and it would be good for them to have customers." This story has been published from a wire agency feed without modifications to the text Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

One leading S&P 500 sector just posted its best win streak in more than a year

01 Aug, 2021, 07:36PM | CNBC

VIDEO3:1203:12Trading Nation: Two traders on their materials outlook as the infrastructure bill progressesTrading Nation One S&P 500 sector has quietly broken out in recent days.The materials sector, which holds stocks such as Linde and Sherwin-Williams, ended last week up nearly 3% in the top performance on the benchmark index. The group also closed out its ninth straight day of gains, its best daily win streak since June 2020.Steve Chiavarone, portfolio manager at Federated Hermes, sees several tailwinds that should carry the group even higher."We think it's really kind of four stories â infrastructure, earnings, the sensitivity to inflation and then the fourth is they're cyclical and that's why we went overweight the sector last August," Chiavarone told CNBC's "Trading Nation" on Friday.He said progress with the infrastructure bill in Congress certainly was a positive development for the materials sector â that White House-backed and bipartisan proposal advanced in the Senate and proposes roughly $550 million in new federal spending.And, on inflation, Chiavarone says the materials sector is more easily able to pass on price increases to customers given their position at the beginning of the supply chain.Nearly half of the XLB industrials ETF is set to report earnings in the coming week â some of those companies include Eastman Chemical, Mosaic and Vulcan Materials. The sector is expected to post 114% earnings growth in its second quarter, according to S&P Global estimates."We remain overweight the sector. We think this is a really good place to be in the market," said Chiavarone.Craig Johnson, chief market technician at Piper Sandler, says the charts support more upside for materials, too."We are just in the process of closing above this kind of $83 level. If we close back above this 50-day moving average, we could see a move all the way back up to $89," Johnson said during the same interview. "Steel stocks are making new highs, you're seeing the aluminum companies very strong, there's a lot of things inside of this XLB that look quite strong." Zoom In IconArrows pointing outwards The XLB ETF closed Friday just above $84. A move to $89 implies 6% upside."Then we also need to keep into consideration what the dollar is doing. There's been a negative correlation between the XLB and the dollar, and if the dollar continues to weaken that's only going to further underpin the strength of what we're going to see in the XLB," said Johnson. Zoom In IconArrows pointing outwards The U.S. dollar index has fallen slightly over the past month as the XLB ETF has risen 2%.Disclaimer

India's crude steel output up 21.4% at 9.4 MT in June: Worldsteel

01 Aug, 2021, 07:04PM | Livemint

India's crude steel production rose by 21.4 per cent year-on-year to 9.4 million tonnes (MT) in June, according to the World Steel Association. The crude steel output was 6.9 MT steel in the same month a year ago. "The production for the 64 countries reporting to the World Steel Association (worldsteel) was 167.9 MT on June 2021, an 11.6 per cent increase compared to June 2020, " the global industry body said in its latest report. MORE FROM THIS SECTIONSee All Premium Premium Assam to waive 20% surcharge in power bills of tea gard .... Premium Premium Rajasthan govt to soon bring policy for protection of f .... Premium Premium Telangana: Two MBA graduates held for chain-snatching Premium Premium Heatwave, unusually late monsoon, record rains: Delhi's .... China remained the global leader in the production of steel in June, registering 1.5 per cent year-on-year growth in output at 93.9 MT during the month compared to 91.6 MT in the same month last year. Japan's steel output increased to 8.1 MT from 5.6 MT in June 2020. The US produced 7.1 MT steel in the month under review. Its output was at 4.7 MT in June 2020. While Russia's output in June was at 6.4 MT, South Korea produced 6 MT, Germany 3.4 MT, and Iran 2.5 MT. Turkey and Brazil both produced 3.4 MT and 3.1 MT of crude steel respectively in June 2021. With members in every major steel-producing country, Brussels-based worldsteel represents steel producers, national and regional steel industry associations, and steel research institutes. Its members represent around 85 per cent of the global steel production. TRENDING STORIESSee All Premium Ahead of Ola electric scooter launch, Bhavish Aggarwal .... Premium Glenmark Life, Rolex Rings IPOs: Latest GMP, allocation .... Premium Your ₹1 lakh would have become ₹57 lakh in this BSE S .... Premium IMD predicts extremely heavy rainfall in two states til .... Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!! Topics

IPO bonanza to continue this week as four issues to open for subscription. Details here

01 Aug, 2021, 06:42PM | Livemint

The IPO bonanza seems to continue in August with as many as four companies scheduled to hit the capital markets with their initial public offerings (IPOs) in the first week of the month. Windlas Biotech, Devyani International, Exxaro Tiles and Krsnaa Diagnostics are expected to launch their public issue on the same day i.e., August 4. IPOs this week - MORE FROM THIS SECTIONSee All Premium Premium Devyani International IPO: Key points to consider Premium Premium Sensex gains 350 points, Nifty above 15,850; realty, au .... Premium Premium Windlas Biotech IPO: GMP, price band, date, and more de .... Premium Premium Bhel stock gains 3% as Street shrugs off weak Q1 results Windlas Biotech: Manufacturer of pharmaceutical formulations Windlas Biotech will launch its initial public offering (IPO) next week on Wednesday, August 4. The three-day public issue will conclude on August 6 and the company has fixed the price band of the initial share sale at ₹448-460 per share. The IPO comprises fresh issuance of equity shares worth ₹165 crore and an offer for sale (OFS) of up to 5,142,067 equity shares. The issue is expected to garner more than ₹400 crore. Devyani International: Food and beverages major and the largest franchisee of Pizza Hut, KFC, and Costa Coffee, Devyani International's initial public offering (IPO) will open for subscription next week on August 4. The issue, which will close on August 6, has has fixed the price band of its initial share sale at ₹86-90 per share, and the firm will raise about ₹1,838 crore. The quick service restaurant (QSR) company's IPO consists of a fresh issue of ₹440 crore and an offer for sale (OFS) of upto 155.33 million shares. Krsnaa Diagnostics: Diagnostics chain Krsnaa's issue to open on 4 August and close on 6 August with the price band fixed at ₹933-954 a share for its initial public offer (IPO). The IPO will comprise a fresh issue of ₹400 crore and an offer for sale (OFS) of up to 9.42 million shares. Exxaro Tiles: Another IPO to open on Wednesday, August 4 is of Exxaro Tiles, a leading manufacturer of vitrified tiles. The price band is fixed at ₹118-120 per share and the firm is is expected to raise ₹150-160 crore. MINT PREMIUM See All Premium Vax hesitancy, coverage differ sharply across religious lines: New survey Premium Devyani International IPO: Key points to consider Premium The famed Lipstick effect is now playing out in India Premium The famed Lipstick effect is now playing out in India The IPO of up to 1.34 crore equity shares will comprise a fresh issue of up to 1.12 crore equity shares and an offer for sale of up to 22.38 lakh equity shares by Dixitkumar Patel, according to its draft papers. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Utilities are struggling to keep the lights on as fires, drought plague California

01 Aug, 2021, 06:22PM | CNBC

A customer shops for groceries at La Tapatia Market during a blackout in Napa, California, on Wednesday, Oct. 9, 2019.David Paul Morris | Bloomberg | Getty Images The electric grid in the West is being tested like never before amid extreme-weather events, including raging wildfires and severe droughts fueled by climate change. Utility companies are struggling to respond. Californians have had power cut preemptively when the risk of fire is high, while rolling blackouts have been implemented when supply is stretched thin.There's also the danger that aging and poorly maintained infrastructure poses. PG&E filed for bankruptcy after the company's equipment sparked several wildfires in the past few years, including the 2018 Camp Fire blaze that killed more than 80 people and razed the town of Paradise, California."The amount of environmental pressures that are on utilities, given aging infrastructure, plus more wildfires and more hurricanes and more pressures like that, when there has been a systematic lack of investment in resiliency and reliability, it does catch up with you," said Thomas Deitrich, CEO at Itron, which helps utilities manage and analyze energy and water usage. "And that's what you see in some cases, with certain utilities today."There are steps that utilities can take toward becoming resilient, including installing tech-enabled sensors for a more accurate snapshot of the conditions around power lines. Further, sophisticated forecasting can help utilities understand what their power needs will be down the line. VIDEO17:5117:51Here's how California's PG&E is trying to fight its massive wildfire problemTech However, making the necessary updates to infrastructure is a costly endeavor. The electricity infrastructure investment gap is estimated to be $208 billion through the end of the decade, according to the American Society of Civil Engineers."Even though the grid in any particular area is really one big machine where everything has to work in concert â¦ that machine has millions of individual parts," said Steven Weissman, a lecturer at the Goldman School of Public Policy at the University of California, Berkeley."Orchestrating all of this, getting all of these individual players to do their part, is an enormous challenge," said Weissman, a former administrative law judge for the California Public Utilities Commission.California and the West's power problems have taken center stage this summer, but there are issues across the U.S. as well. The need to make power infrastructure across the country more resilient has been a focus of President Joe Biden's spending proposals. The latest version of the $550 billion bipartisan infrastructure plan earmarks $73 billion for investment in power infrastructure, which the plan's fact sheet says is the "single largest investment in clean energy transmission in American history." Investing in grid resiliency and reliability A hotshot crew from Redding with a strike team from the LAFD work the Dixie Fire near Taylorsville, California, U.S., July 29, 2021.David Swanson | Reuters There are a number of short- and long-term improvements that utilities are implementing to better manage their systems.One of the most important steps in making the grid more resilient is improving situational awarenessâ that is, having a better understanding of what's going on in the network â according to Scott Aaronson, vice president of security and preparedness at Edison Electric Institute, which is the trade association for investor-owned utilities. This includes installing sensor arrays, which provide granular snapshots of what's going on at every point in the system. Companies can monitor wind speeds and dried vegetation levels so that they're aware of the areas with the highest fire risk. With enhanced situational awareness, grid operators can also make decisions in near real time about whether to deenergize lines if conditions become too dangerous. The amount of environmental pressures that are on utilities, given aging infrastructure â¦ when there has been a systematic lack of investment in resiliency and reliability, it does catch up with you. Thomas DeitrichCEO at Itron Ground fault interrupters can also automatically cut power so that if a line breaks because of high winds, it doesn't spark. Utilities are also implementing network segmentation so that when power does go out, it affects the fewest number of people possible."These are investments that companies all throughout the West are making to both get better situational awareness and to have more automated controls," said Aaronson.Weissman of the University of California, Berkeley noted that separating equipment from vegetation is the most critical factor, and if that can't be guaranteed, upgrades need to be made on the infrastructure itself. Embattled PG&E said earlier this month that it will put 10,000 miles of power lines in high fire-threat areas underground. The announcement came after the company said its equipment might have sparked the Dixie Fire, which has burned more than 240,000 acres since July 13 and is still active. Risk mitigation measures VIDEO1:0801:08Bootleg fire continues its tear through OregonNews Videos Other infrastructure safety upgrades include replacing wooden poles with those made from steel, as well as coating wires to reduce fire risk. Erik Takayesu, Southern California Edison's vice president for asset strategy and planning, said the company takes a 360-degree view of its infrastructure. In addition to utilizing ground patrols, the company also deploys drones and helicopters to take high-resolution images in an effort to detect even the smallest anomalies."We've had operational practices around wildfire mitigation for years. But as things intensify with the wildfire risk we've stepped up our wildfire mitigation strategy," he said. This year, the company, which supplies roughly 15 million people in central, coastal and southern California, plans to spend around 20% of its budget on wildfire mitigation. This includes a team of meteorologists and fire science experts that are constantly monitoring conditions."We see the effects of it [climate change] now, and we know if we don't get control of this, the effects are only going to get worse," Takayesu said.Power infrastructure is ubiquitous, and implementing these changes is costly. Investor-owned utilities serve about 75% of all customers across the U.S. These companies must seek regulatory approval before raising prices on consumers. While they're encouraged to invest in new capital infrastructure, there are incentives to underspend on operation and maintenance."It is very much a relationship between the utility and the utility commission," said Itron's Deitrich. "They're trying to balance rates to consumers, and how much risk to take on the resiliency and reliability side of things." Problems on the supply side Fallen power lines touch the ground on Camino Diablo road in Lafayette, California, U.S., on Monday, Oct. 28, 2019.David Paul Morris | Bloomberg | Bloomberg | Getty Images Utilities are also facing issues on the supply side of the equation as climate change raises temperatures and widespread drought reduces the available hydropower. Unlike public safety power shutoffs, which occur because of safety risks, rolling blackouts are implemented when the grid doesn't have enough supply.Already this summer the California Independent System Operator has asked residents to conserve power on multiple occasions in order to cut unnecessary usage when demand is expected to spike. One of these flex alerts was issued as recently as Wednesday, July 28.The state is the largest power importer in the country, according to the U.S. Energy Information Administration. With record temperatures and severe drought occurring all over the West, some of the out-of-state power that California has traditionally relied on has been compromised. Record wildfires this summer throughout the West have also threatened key transmission lines between states.As renewable energy becomes a greater portion of power generation, new problems also arise for grid operators. When the sun goes down, all of the consumers who were using panels to power their homes during the day tap the grid at exactly the same time. Utilities are incorporating more and more grid-scale battery storage to smooth out inconsistencies when demand exceeds supply, but these batteries aren't yet capable of storing power over multiple days."I think anything we can do to make the demand curve more consistent ultimately makes power generation or power delivery more reliable," said Aaronson. "Being able to have a more consistent, knowable demand allows for system planners to make sure there's enough power online for those customer needs."Gaining better visibility into demands on the grid is one of the areas that Itron helps utilities manage. The company offers demand response software that reduces load during peak usage, and also provides forecasting services that help utilities model their future power needs. This includes population growth and usage patterns as well as increased electrification as things like EVs move onto the grid. The grid was initially built as a one-way system, but with consumers increasingly turning to on-site solar and storage as a way to guarantee power resiliency even if the grid goes down, utilities also have to adapt to power flowing both ways.The rolling blackouts instituted in California in 2020 were the first in nearly two decades, demonstrating the struggles the grid faces as weather patterns change and extreme climate events become more regular. The grid wasn't built with climate change in mind and â as companies in the West have seen more and more in recent summers â companies need to factor in the impacts to ensure long-term viability.Become a smarter investor withÂ CNBC Pro.Â Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.Â Sign up to start aÂ free trial today

Jet fuel prices hiked again; up 57% annually as demand improves

01 Aug, 2021, 05:36PM | Livemint

NEW DELHI : The price of aviation turbine fuel (ATF), or jet fuel, were once again hiked on Sunday with oil marketing companies (OMCs) increasing ATF prices by about 1.28% over the past month and by more than 57.37% on an annual basis, as global crude oil prices firmed up on improved demand. On Sunday, the ATF price in New Delhi was ₹69,136.47 per kilolitre, according to a notification by Indian Oil Corp. Ltd (IOC). The ATF price in Mumbai was ₹67,384.77, while in Chennai it was at ₹71,068.76 and in Kolkata it was at ₹73,191.48 per kilolitre. MORE FROM THIS SECTIONSee All Premium Premium RBI likely to maintain status quo on interest rate Premium Premium Petrol consumption back at pre-Covid level as fuel dema .... Premium Premium Unclear guidelines create business uncertainty: Sameer Nair Premium Premium India's appeal against Vodafone arbitration award in se .... In comparison, on 1 July, the ATF price in New Delhi, Mumbai, Chennai and Kolkata stood at ₹68,262, ₹66,482.90, ₹70,011.44 and ₹72,295.24 per kilolitre, respectively. ATF prices differ across cities because of the taxes levied by states and are updated every fortnight. Global crude prices have risen to about $74 a barrel from $41 a barrel during a year ago. The rise in ATF prices will hurt carriers, with jet fuel accounting for about a fourth of expenses for major airlines. Rising ATF) prices will likely offset the recovery for Indian airlines as passenger demand slowly improves amid the ongoing covid-19 pandemic. Rating agency Icra Ltd in its 6 July report on aviation said that rising ATF prices remain a near-term challenge for airlines. “While until February, ATF prices were lower on a year-on-year (y-o-y) basis, in March, April, May and June, prices were higher by 3.0%, 59.8%, 103.4% and 86.3%, respectively, on a y-o-y basis. In July, the prices have been higher by 59.7% on a y-o-y basis, attributed to the low base of July 2020 when prices declined y-o-y by 31.1% because of the impact of the pandemic," it said. Rising ATF prices is an added challenge for airlines during the pandemic, a senior official of a no-frills carrier said on the condition of anonymity. “The government government must put jet fuel under the goods and services tax (GST) regime as early as possible. Failing to do so could lead to many airlines piling up losses and struggling to survive," the official said further. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

North-East states' borders to be demarcated through satellite imaging: Centre

01 Aug, 2021, 04:15PM | Livemint

New Delhi: The Centre has decided to demarcate boundaries of the Northeastern states through satellite imaging to settle inter-state border disputes that are often becoming a cause of concern and sometimes even leading to violence. Two senior government functionaries said the task has been given to the North Eastern Space Application Centre (NESAC), a joint initiative of the Department of Space (DoS) and the North Eastern Council (NEC). MORE FROM THIS SECTIONSee All Premium Premium Delhi: Less than 1,000 people fined for not wearing for .... Premium Premium Kerala: Streets remain deserted in Thiruvananthapuram, .... Premium Premium From pizza discounts to Uber reminders: UK offers schem .... Premium Premium Karnataka cabinet expansion: CM says directions from BJ .... The NESAC helps augment the developmental process in the Northeast region by providing advanced space technology support. The inter-state border disputes have come under fresh focus recently after five Assam Police personnel and a civilian were killed in clashes along the Assam-Mizoram border. The idea for demarcation of inter-state boundaries through satellite imaging was mooted by Union Home Minister Amit Shah a few months ago. Shah had suggested roping in NESAC for mapping the inter-state borders and forests in the Northeastern region and coming up with a scientific demarcation of boundaries between states. The Shillong-based NESAC is already using space technology for flood management in the region. Since there will be scientific methods in the demarcation of borders, there will no scope for any discrepancy and there shall be better acceptability of the boundary solutions by the states, the government functionaries said. TRENDING STORIESSee All Premium Ahead of Ola electric scooter launch, Bhavish Aggarwal .... Premium Your ₹1 lakh would have become ₹57 lakh in this BSE S .... Premium Glenmark Life, Rolex Rings IPOs: Latest GMP, allocation .... Premium Mahindra XUV700 design, interiors, features revealed in .... Once the satellite mapping is done, the boundaries of Northeastern states could be drawn and the disputes could be resolved permanently, they said. Five Assam Police personnel and a civilian were killed and over 50 others including a superintendent of police were injured when the Mizoram Police opened fire on a team of the Assam officials on July 26 following clashes along the two states' border. While the Mizoram government claimed that a 509 square-mile stretch of the inner-line reserve forest notified in 1875 under the Bengal Eastern Frontier Regulation of 1873 belongs to it, the Assam side insisted that the constitutional map and boundary, drawn by the Survey of India in 1993, was acceptable to it. After a massive tussle in 2018, the border row resurfaced in August last year and then in February this year. However, the escalating tensions were successfully defused after a series of parleys with the intervention of the Centre. On June 5, two abandoned houses along the Mizoram-Assam border were burnt down by unidentified persons, fuelling tension along the volatile inter-state border. Nearly a month after this incident, a fresh border standoff cropped up again with both trading charges of encroachment on each other lands. The major objectives of the NESAC are: to provide an operational remote sensing and geographic information system-aided natural resource information base to support activities on development, management of natural resources and infrastructure planning in the region. It provides operational satellite communication applications services in the region in education, health care, disaster management support, and developmental communication. The other objectives include taking up research in the area of space and atmospheric science and establishing an instrumentation hub and networking with various academic institutions of the region. Also, to enable single window delivery of all possible space-based support for disaster management and to set up a regional level infrastructure for capacity building in the field of geospatial technology. This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

India's crude steel output up 21.4% at 9.4 MT in June: Worldsteel

01 Aug, 2021, 02:48PM | Economic Times

Hitachi 'reimagining' India as global hub for new age tech solutions

01 Aug, 2021, 01:55PM | Business Standards

Japanese conglomerate Hitachi is "reimagining" India as a global hub in terms of new age technologies and solutions which will drive its businesses in the country as well as global markets, a top company official has said. The company, which has augmented its capacities through a concerted approach in India, is now looking at the country to be a hub in many new segments, including technology, artificial intelligence, energy storage and fast charging or environmentally friendly solutions, according to Hitachi India Managing Director Bharat Kaushal. Hitachi, which has a presence in infra, manufacturing and IT sectors among others, has now got a wider canvass to play in the country through its global acquisition such as the powergrid business of the Swedish-Swiss company ABB and Italian transport company Ansaldo STS. "We invested and found that our global capabilities are getting translated to on-ground capacities. And when we are successful in India, it is also a licence to take more of these businesses from India, which is a disruption of the 100-year old history of Hitachi where we did businesses from outside and brought in our technologies to do business in India," Kaushal told PTI. Now, Hitachi is "reimagining whether in infrastructure and solutions or manufacturing or digital to take solutions out of India to other markets", and contribute more not just to the Hitachi's economy but also to other regions from India, he added. After investments in technology and research augmented, Hitachi realised that "India has to become a leader in certain of the many new drivers whether in technology or artificial intelligence or hydrogen (and) the next driver for energy and energy storage and fast charging or even environmentally friendly solutions, which are eventually going to get monetised on balance sheets". Hitachi, which is operating several joint ventures in India, has invested substantially and wants them to grow and cater to the global markets from here, making the country a hub. "We want to do more business from India to the world," said Kaushal adding that with so many joint ventures and other things coming, "we expect to grow the business intelligently enough..., he added. In India, Hitachi is operating with 31 group companies and as of March 31, 2021, it clocked a consolidated revenue of around 195 billion Yen (approx. Rs 13,127 crore). "We are going to consolidate this year more. We have more than 30 companies in India and several of the companies, which are getting added, are companies that have been part of the acquisition, he said adding various processes such as getting the approval of the fair trade regulator Competition Commission and others are underway. India, which has the oldest overseas presence of Hitachi, was converted into a region in 2012. Hitachi has five regions outside Japan, in which two of them are large emerging countries - India and China and the rest are divided in the US, Europe and Asia. As India is the newest region for Hitachi, hence it is the smallest one, while other are substantially bigger one, he added. When asked about the growth expectation from the Indian market, Kaushal said: "We should be at par with other regions." Hitachi business in India is broadly in IT, manufacturing and infra sectors and has a sizeable presence in India construction machinery business, railways sector and payment business, he added. While talking about the role of some of the companies which Hitachi has acquired globally such as powergrid business of ABB, Ansaldo STS, pentaho and GlobalLogic, Kaushal said some of these companies are playing an important role in the Indian market. Hitachi, which has a long history in India, helping the country with turbines of Bhakra Nangal Dam to the Locomotive of Indian railways in 1950s, is also working into the water and smart city projects besides some others. It employs around 18,000 people in the country as of March 21, 2021. Kaushal is the first Indian to be appointed as Managing Director at Hitachi India. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Torrent Power firming up electricity play

01 Aug, 2021, 01:40PM | Livemint

New Delhi: As part of its strategy, Torrent Power Ltd is ramping up its energy play across fuel sources and the electricity distribution space. A recent case in point being Torrent Power signing a pact with Lightsource Renewable Energy for buying a 50 megawatt (MW) solar power plant in Maharashtra for ₹317 crore. This comes in the backdrop of Torrent Power placing the highest bid for power discoms of the Union territories for Dadra and Nagar Haveli, and Daman and Diu. Also, it is among firms that have bid to acquire the Chandigarh discom. MORE FROM THIS SECTIONSee All Premium Premium Deals sizes of Happiest Minds' infrastructure and secur .... Premium Premium Expenditure on Covid vaccines for people other than sta .... Premium Premium LIC Housing waiting for bourses response on ₹2,334 cro .... Premium Premium Businesses can now self-certify GST annual returns, ins .... “Torrent Power Ltd has entered into a Securities Purchase Agreement with Lightsource India Ltd and Lightsource Renewable Energy (India) Ltd for the acquisition of 100% of the share capital and all securities of LREHL Renewables India SPV 1 Pvt. Ltd (SPV)," Torrent Power said in a statement on 30 July. “The SPV operates a 50MW solar power plant, commissioned in April 2018, situated in Maharashtra. It has a long-term Power Purchase Agreement with Solar Energy Corporation of India Ltd for full capacity for a period of 25 years. Enterprise value estimated for this acquisition is around ₹317 crore including the VGF receivable," the statement added. Torrent Power has an installed power generation capacity of 3.87 gigawatt (GW) and is one of India’ largest integrated power utility with presence across generation, transmission and distribution space. It supplies electricity to 3.65 million customers in Ahmedabad, Gandhinagar, Surat, Dahej special economic zone, Dholera special investment region, Bhiwandi, Shil, Mumbra, Kalwa and Agra. The growing private sector interest in India’ electricity distribution space comes in the backdrop of the Electricity (Amendment) Bill, 2021, with proposed amendments, such as measures to “de-licence" the power distribution business and make the sector more competitive. The Union cabinet may shortly consider the Bill and post the cabinet’s approval, the draft law is expected to be introduced in the ongoing monsoon session of Parliament. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!! Topics

4 IPOs to keep market buzzing this week; Rs 3,600 cr to be raised

01 Aug, 2021, 01:06PM | Economic Times

NEW DELHI: There is no dearth of companies lining up for raising money from primary market investors. After a couple of issues that closed last week, this week will see four companies vying for investor attention. These companies and their shareholders will look to raise up to Rs 3,614 crore. The initial public offer of Windlas Biotech , Devyani International, Krsnaa Diagnostics and Exxaro Tiles will open on August 4, Wednesday. All issues will close on Friday, August 6. Analysts and traders expect the issues to sail through given the demand for fresh issues in the market. The grey market premium has also jumped for some of the upcoming issues. Did you Know? Stock score of Steel Authority of India Ltd moved up by 3 in 6 months on a 10-point scale.View Latest Stock Report » As many as 12 firms have raised a staggering Rs 27,000 crore through IPO route in the first four months of the ongoing fiscal. Even beyond this week, the pipeline is pretty strong for other issues during the month. Windlas Biotech: The price band for the same has been fixed at Rs 448-460 per share with a face value of Rs 5 each. Dehradun-based Windlas Biotech is one of the top companies in the domestic pharmaceutical formulations contract development and manufacturing organization (CDMO) in India. Windlas Biotech and shareholders will raise a total Rs 402 crore through the issuance of fresh equity shares and offer-for-sale (OFS), respectively. Investors can bid for a minimum of 30 equity shares and in multiples of 30 shares thereafter. The net proceeds from the fresh equity issue will be utilised for purchase of equipment required for capacity expansion of the existing facility, repaying of certain borrowings and working capital requirements. Devyani International: The quick service restaurant operator has fixed the price band for its forthcoming IPO at Rs 86-90 range. On the block is a fresh issue of shares aggregating Rs 440 crore and an offer for sale (OFS) of up to 15.53 crore shares. The company will raise a total Rs 1,838 crore. Apart from operating Pizza Hut , KFC and Costa Coffee, the company also owns brands such as Vaango , Food Street, Masala Twist, Ile Bar, Amreli and Ckrussh Juice Bar Devyani claims to be the single largest quick-service restaurant (QSR) company in India to be listed on Swiggy and was among the largest QSR companies in India to be listed on the Zomato platform in 2019 and 2020. In the grey market, shares of the company are trading at a premium of Rs 54-56 per share, i.e., 62 per cent above the upper band of the issue price, said Dinesh Gupta of UnlistedZone. Krsnaa Diagnostics: The price band of the IPO of Krsnaa Diagnostics has been fixed at Rs 933-954 per share, as per reports. The public issue comprises a fresh issue of Rs 400 crore and an offer for sale of up to 85,25,520 equity shares by existing selling shareholders. They will raise a total Rs 1213 crore from investors. The offer includes a reservation of Rs 20 crore worth of shares for employees, who will get a discount of Rs 93 per share. The company will utilise net proceeds of the fresh issue for establishing diagnostics centres at Punjab, Karnataka, Himachal Pradesh and Maharashtra; repaying of debts; and general corporate purposes. In the grey market, shares of the company are trading at a premium of Rs 410-420 per share, i.e., 44 per cent above the upper band of the issue price, said Gupta. Exxaro Tiles: The price band for the offer has been decided at Rs 118-120 per equity share. Under the IPO, the company will issue 111,86,000 equity shares and one of its shareholders will sell 2,238,000 shares, raising a total Rs 161 crore. The company proposes to utilize the net proceeds from the fresh issue towards payment of borrowings and funding its working capital requirements besides utilizing it for general corporate purposes. Interestingly, most of the shares are reserved for HNI and retail investors. Those who wish to apply for the IPO can do so in a lot of 125 shares, meaning maximum application size of Rs 15,000. The issue is priced at PE multiple of 16.43 as of FY21 earnings.

12 firms raise ?27,000 cr via IPO route between April-June in FY 22

01 Aug, 2021, 12:55PM | Livemint

A total of 12 Indian companies have raised ₹27,000 crore through the IPO route between April and July of the current fiscal year, so far. Of the total ₹27,000 crore mopped up during the period under review, the digital food delivery platform contributed immensely. A total of ₹9,375 crore raised by Zomato claims almost 35% of the total funds garnered. MORE FROM THIS SECTIONSee All Premium Premium FPIs pull out net ₹6,105 crore from Indian capital mar .... Premium Premium RBI MPC meet, macro data among 5 factors to drive marke .... Premium Premium Smaller stocks give higher returns to investors this fiscal Premium Premium Six of top-10 firms lose ₹96,642 crore in valuation la .... Apart from these, PowerGrid InvIT, the infrastructure investment trust (InvIT) sponsored by the Power Grid Corporation of India, mopped up ₹7,735 crore through its IPO. Other big-ticket IPOs were -- Sona BLW Precision Forgings, which collected ₹5,550 crore, Macrotech Developers ( ₹2,500 crore) and Krishna Institute of Medical Sciences ( ₹2,144 crore). Amid the season of IPO, four other companies are to go public this week. The initial share sales of four other companies Devyani International, Windlas Biotech, Krsnna Diagnostics and Exxaro Tiles are schedule to open on August 4. In addition to this, Paytm and Nykaa would be among the list of highly-buzzed IPOs that are in the queue. Further, a lot of retail investors associated brands are going to list on the Indian bourses. According to Kaushlendra Singh Sengar, founder and CEO at INVEST19, the IPOs of Paytm, Mobikwik, Policy Bazaar, CarTrade Tech, Delhivery and Nykaa will keep investors busy in the FY22. Sengar of INVEST19 believes that investors have started considering IPOs as an asset class that generate bumper returns on listing if they are lucky enough to get allotment. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Therefore, initial share sales are receiving tremendous applications from the investors and IPOs have been subscribing multifold times. This has pushed companies to raise funds through IPO, he added. Hemang Kapasi, Head of Equities at Sanctum Wealth Management told PTI news agency that 40 initial public offers (IPOs) are lined up for the rest of the year looking to raise ₹70,000 crore. Explaining the IPO buzz, Sandeep Matta, founder, TRADEIT Investment Advisor, said "exuberant equity bull run, higher participation of first-time investors, expectation of quick money, rewarding exit for existing investors, access to unconditional money are the major reasons behind companies going public". Companies like Tatva Chintan Pharma Chem, Rolex Rings, G R Infraprojects, Clean Science and Technology, Shyam Metalics and Energy, India Pesticides, Dodla Dairy, Glenmark Life Sciences and Zomato subscribed in the range of 29 times to 180 times. Interestingly, the ongoing financial year saw most of the IPOs opening with a premium over the issue price suggesting strong investors appetite. In fact, all the companies, which got listed in the current fiscal, are trading above their issue price, giving smart returns in the range of 14 to 110%, since listing, to investors. In 2019-20, a total of 13 companies collected ₹20,352 crore through IPOs, while 14 firms had floated IPOs in 2018-19 to raise ₹14,719 crore. FY 2017-18 saw 45 main-board IPOs collectively mobilising ₹82,109 crore. (With PTI inputs) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

IPOs fundraise tops Rs 27,000 crore in first four months of ongoing fiscal

01 Aug, 2021, 12:14PM | Business Standards

As many as 12 firms have raised a staggering Rs 27,000 crore through IPO route in the first four months of the ongoing fiscal, and the pipeline is pretty strong for the remaining part of the year too. Further to this, initial share sales of four other companies Devyani International, Windlas Biotech, Krsnna Diagnostics and Exxaro Tiles are schedule to open on August 4. Hemang Kapasi, Head of Equities at Sanctum Wealth Management, said that as many as 40 initial public offers (IPOs) are lined up for rest of the year looking to raise Rs 70,000 crore. Further, a lot of retail investors associated brands are going to list on the Indian bourses. The initial share sales of Paytm, Mobikwik, Policy Bazaar, CarTrade Tech, Delhivery and Nykaa will keep investors busy in the current fiscal, Kaushlendra Singh Sengar, founder and CEO at INVEST19, said. He further said the main reason for opting the IPO route is the recent bull run in the Indian markets. The bull market has facilitated companies to raise funds from equity market at high valuations. The companies are diluting their stakes at higher valuations which pushed promoters to file their preliminary papers with capital markets regulator Sebi, he added. Sandeep Matta, founder, TRADEIT Investment Advisor, said "exuberant equity bull run, higher participation of first-time investors, expectation of quick money, rewarding exit for existing investors, access to unconditional money are the major reasons behind companies going public". According to an analysis of data available with the stock exchanges, 12 companies have raised Rs 27,052 crore through IPOs in the first four months (April-July) of the current fiscal 2021-22. Apart from these, PowerGrid InvIT, the infrastructure investment trust (InvIT) sponsored by the Power Grid Corporation of India, mopped up Rs 7,735 crore through its IPO. This comes following a fund raising of Rs 31,277 crore by 30 firms in the entire 2020-21. The fundraise numbers look high compared to last couple of financial years when capital markets were subdued. In 2019-20, a total of 13 companies collected Rs 20,352 crore through IPOs, while 14 firms had floated IPOs in 2018-19 to raise Rs 14,719 crore. The financial year 2017-18 saw 45 main-board IPOs collectively mobilising Rs 82,109 crore. Adding depth to the IPO markets, companies from diverse sectors like, technology, specialty chemicals, dairy, pharmaceutical have made their way to the IPO space during the period under review. Also, many tech startups are opting for the IPO route, which is a great thing for the industry, because it sets a benchmark, Prateek Singh, founder and CEO of LearnApp.com, said. "Right from seed funding to an IPO is a full cycle for a startup and it is very encouraging to see that kind of growth. It also goes to show that startups are a great place to invest and grow your wealth which is an encouraging sign," he added. Sengar of INVEST19 believes that investors have started considering IPOs as an asset class that generate bumper returns on listing if they are lucky enough to get allotment. Therefore, initial share sales are receiving tremendous applications from the investors and IPOs have been subscribing multifold times. This has pushed companies to raise funds through IPO, he added. Companies like Tatva Chintan Pharma Chem, Rolex Rings, G R Infraprojects, Clean Science and Technology, Shyam Metalics and Energy, India Pesticides, Dodla Dairy, Glenmark Life Sciences and Zomato subscribed in the range of 29 times to 180 times. Interestingly, the ongoing financial year saw most of the IPOs opening with a premium over the issue price suggesting strong investors appetite. In fact, all the companies, which got listed in the current fiscal, are trading above their issue price, giving smart returns in the range of 14 to 110 per cent, since listing, to investors. Of the total Rs 27,000 crore mopped up during the period under review, digital food delivery platform contributed immensely. A total of Rs 9,375 crore raised by Zomato claims almost 35 per cent of the total funds garnered. Other big ticket IPOs were -- Sona BLW Precision Forgings, which collected Rs 5,550 crore, Macrotech Developers (Rs 2,500 crore) and Krishna Institute of Medical Sciences (Rs 2,144 crore). Milan Desai, Lead Equity Analyst, Angel Broking, said the current trend in fundraising environment is extremely supportive. Apart from the companies with solid fundamentals that would usually hit the market, those who would have had a hard time launching the IPO in a tougher environment are also witnessing success owing to a better demand environment, he added. Going forward, Desai expects the IPO environment to remain buzzing during FY22. Unless there is an adverse economic event or a third wave of COVID, "we are likely to see a robust IPO season", Subramanya SV, CEO and Co-founder of Fisdom, said. According to Angel Broking's Desai, some small finance bank IPOs that are mandated to get listed would capitalise on the opportunity and augment their Tier-I capital base. Also, many tech startups are expected to go public as Sebi, earlier this year, eased norms for startups companies coming for listing, Sanctum Wealth Management's Kapasi said. "Large part of the offerings (both primary and offer for sell) are likely to be from new tech startups which have lined up for public offerings post successful listing of Zomato," he added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

IPOs raise over Rs 27,000 cr in Apr-Jul; issues worth Rs 70K cr in pipeline

01 Aug, 2021, 11:29AM | Economic Times

New Delhi: As many as 12 firms have raised a staggering Rs 27,000 crore through IPO route in the first four months of the ongoing fiscal, and the pipeline is pretty strong for the remaining part of the year too. Further to this, initial share sales of four other companies Devyani International , Windlas Biotech , Krsnna Diagnostics and Exxaro Tiles are schedule to open on August 4. Hemang Kapasi, Head of Equities at Sanctum Wealth Management, said that as many as 40 initial public offers ( IPOs ) are lined up for rest of the year looking to raise Rs 70,000 crore. Further, a lot of retail investors associated brands are going to list on the Indian bourses. The initial share sales of Paytm, Mobikwik, Policy Bazaar, CarTrade Tech, Delhivery and Nykaa will keep investors busy in the current fiscal, Kaushlendra Singh Sengar, founder and CEO at INVEST19, said. He further said the main reason for opting the IPO route is the recent bull run in the Indian markets. The bull market has facilitated companies to raise funds from equity market at high valuations. The companies are diluting their stakes at higher valuations which pushed promoters to file their preliminary papers with capital markets regulator Sebi , he added. Sandeep Matta, founder, TRADEIT Investment Advisor , said "exuberant equity bull run, higher participation of first-time investors, expectation of quick money, rewarding exit for existing investors, access to unconditional money are the major reasons behind companies going public". According to an analysis of data available with the stock exchanges, 12 companies have raised Rs 27,052 crore through IPOs in the first four months (April-July) of the current fiscal 2021-22. Apart from these, PowerGrid InvIT, the infrastructure investment trust (InvIT) sponsored by the Power Grid Corporation of India, mopped up Rs 7,735 crore through its IPO. This comes following a fund raising of Rs 31,277 crore by 30 firms in the entire 2020-21. The fundraise numbers look high compared to last couple of financial years when capital markets were subdued. In 2019-20, a total of 13 companies collected Rs 20,352 crore through IPOs, while 14 firms had floated IPOs in 2018-19 to raise Rs 14,719 crore. The financial year 2017-18 saw 45 main-board IPOs collectively mobilising Rs 82,109 crore. Adding depth to the IPO markets, companies from diverse sectors like, technology, specialty chemicals, dairy, pharmaceutical have made their way to the IPO space during the period under review. Also, many tech startups are opting for the IPO route, which is a great thing for the industry, because it sets a benchmark, Prateek Singh, founder and CEO of LearnApp.com, said. "Right from seed funding to an IPO is a full cycle for a startup and it is very encouraging to see that kind of growth. It also goes to show that startups are a great place to invest and grow your wealth which is an encouraging sign," he added. Sengar of INVEST19 believes that investors have started considering IPOs as an asset class that generate bumper returns on listing if they are lucky enough to get allotment. Therefore, initial share sales are receiving tremendous applications from the investors and IPOs have been subscribing multifold times. This has pushed companies to raise funds through IPO, he added. Companies like Tatva Chintan Pharma Chem, Rolex Rings, G R Infraprojects, Clean Science and Technology, Shyam Metalics and Energy, India Pesticides, Dodla Dairy, Glenmark Life Sciences and Zomato subscribed in the range of 29 times to 180 times. Interestingly, the ongoing financial year saw most of the IPOs opening with a premium over the issue price suggesting strong investors appetite. In fact, all the companies, which got listed in the current fiscal, are trading above their issue price, giving smart returns in the range of 14 to 110 per cent, since listing, to investors. Of the total Rs 27,000 crore mopped up during the period under review, digital food delivery platform contributed immensely. A total of Rs 9,375 crore raised by Zomato claims almost 35 per cent of the total funds garnered. Other big ticket IPOs were -- Sona BLW Precision Forgings, which collected Rs 5,550 crore, Macrotech Developers (Rs 2,500 crore) and Krishna Institute of Medical Sciences (Rs 2,144 crore). Milan Desai, Lead Equity Analyst, Angel Broking, said the current trend in fundraising environment is extremely supportive. Apart from the companies with solid fundamentals that would usually hit the market, those who would have had a hard time launching the IPO in a tougher environment are also witnessing success owing to a better demand environment, he added. Going forward, Desai expects the IPO environment to remain buzzing during FY22. Unless there is an adverse economic event or a third wave of COVID, "we are likely to see a robust IPO season", Subramanya SV, CEO and Co-founder of Fisdom, said. According to Angel Broking's Desai, some small finance bank IPOs that are mandated to get listed would capitalise on the opportunity and augment their Tier-I capital base. Also, many tech startups are expected to go public as Sebi, earlier this year, eased norms for startups companies coming for listing, Sanctum Wealth Management's Kapasi said. "Large part of the offerings (both primary and offer for sell) are likely to be from new tech startups which have lined up for public offerings post successful listing of Zomato," he added.

Adani Enterprises incorporates new petrochemicals subsidiary

31 Jul, 2021, 10:26PM | Livemint

Adani Enterprises informed the regulators that it has incorporated Adani Petrochemicals Ltd (APL) as a wholly-owned subsidiary. This new unit will put marks the entry of Adani group into petrochemicals sector, which is a legacy business of Reliance Industries. "We would like to inform you that the Company has incorporated a wholly-owned subsidiary namely, 'Adani Petrochemicals Limited (APL) on July 30, 2021," the Gautam Adani-led conglomerate said in a regulatory filing on Saturday. MORE FROM THIS SECTIONSee All Premium Premium From the sky, this $9.95 million Sun Valley mansion loo .... Premium Premium OfBusiness becomes latest entrant to India’s unicorn club Premium Premium IDFC First Bank Q1 results: Covid provisioning leads to .... Premium Premium MoEngage raises $32.5 million funding to fuel growth Adani Petrochemicals Limited (APL) will have authorised and paid-up share capital of ₹1 lakh, the parent company said in its filing. There is no turnover to report as the company is yet to commence operations, it further clarified. APL will carry on business of setting up refineries, petrochemicals complexes, specialty chemicals units, Hydrogen and related chemical plants and other such similar units. APL is incorporated in India and registered with the Registrar of Companies, Gujarat at Ahmedabad on July 30, 2021. This is the one of the numerous subsidiaries Adani group has incorporated since the beginning of this fiscal, with interests ranging from road construction to power transmission and wind turbine manufacturing. The conglomerate had ventured into cement business in June with its new subsidiary Adani Cement. Adani's interest in infrastructure businesses could be an indication of its optimism towards demand returning to the market in future. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!! Topics

Adani Enterprises incorporates new petrochemicals subsidiary

31 Jul, 2021, 10:24PM | Livemint

From the sky, this $9.95 million Sun Valley mansion looks like a starship

31 Jul, 2021, 08:27PM | Livemint

The 12,500-square-foot property is made of concrete, steel, glass and reclaimed antique wood and has a prow-like architectural protrusion over its entryway Dubbed the Sun Valley Starship due to its unusual aerial footprint, a quirky home about 20 miles south of the resort city of Sun Valley, Id., is on the market for $9.95 million. Designed to look like a ship, the house has an enormous prow-like architectural protrusion over the entryway. It spans roughly 12,500 square feet, has five-bedrooms and comprises concrete, steel, glass and reclaimed antique wood from the 1800s. The property includes a circular bar, a rooftop pool, a gym and a man-made reflecting pond with trout and exposed concrete and wood interiors. A 300-foot long driveway descends into a courtyard nicknamed the “gladiator’s pit." The seller is Gary Engman, who works locally in the lumber and development business. While he is not the house’s original owner, his company coincidentally provided all the exterior siding for the construction, he said. Mr. Engman, 70, bought the house for $1.125 million in 2019, he said. It was built around 2009 but the original owner fell into financial trouble and the house was taken over by the bank. When the bank was then subsequently taken over by the U.S. Government, the house was mothballed for about six years before selling to an investor, who flipped it to Mr. Engman. The original owner had more than $6 million invested in the project, but had not finished the interior, Mr. Engman said. Mr. Engman added his own distinct touches to the project in the form of unexpected commercial artifacts, giving it an industrial flavor. On a set of doors by the circular bar, he installed a huge 12-foot-diameter sprocket that was made for use in copper mining in Montana. Mr. Engman said it would have been used to run cable to take miners down as many as 5,000 feet. For the entrance to the master suite, he purchased a set of 17th Century blue-green wood and steel doors that came from India, he said. He said he drew inspiration for an old-school cage elevator in the home from one he saw in Paris a few years ago. He took pictures of it and then commissioned the construction of a replica made from antique reclaimed steel from a steel mill in Colorado. At the top of the driveway, Mr. Engman installed two roughly 5,000-pound antique mooring buoys, in keeping with the ship theme. He said they were used in Lake Washington in the early 1920s for ships moored from World War I. He obtained them when he dismantled a salmon cannery on the Washington Coast a few years ago. Mr. Engman said he has spent millions finishing the house. He is selling because he’s engaged to marry a woman who lives in Napa, Calif., and they want to streamline their lives. “I said, ‘Well, let’s flip a coin. Whoever loses the coin toss, then they have to sell their house," he laughed. While the property is atypical, Mr. Engman said he is not concerned about finding a buyer, since the Sun Valley market has been extremely active in recent months. He also said he believes the property is more in style than ever. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff “I would not be surprised if I had an offer on the house by the end of the week," he said. Lisa Squires of Coldwell Banker Distinctive Properties has the listing. This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

FIIs cut stake in India's biggest companies in June quarter

31 Jul, 2021, 05:08PM | Livemint

MUMBAI: Institutional shareholding in India’s biggest listed companies reduced slightly in the three months ending June. Foreign institutional investors (FIIs) holding in the Nifty 500 companies was down 60 basis points while domestic institutional investors (DIIs) stake slipped 10bps at the end of June quarter compared to preceding three months, based on data analysed by Motilal Oswal Financial Services Ltd. Shareholding by FIIs in these set of companies was at 21.7% in June quarter compared to 22.3% Q1, but increased from 20.8% in June quarter of previous fiscal. Further analysis of the data showed that FIIs increased ownership in 52% of Nifty 500 companies but 54% of Nifty companies. MORE FROM THIS SECTIONSee All Premium Premium Exxaro Tiles IPO: GMP, price, other details that you sh .... Premium Premium Multibagger stocks: These 5 shares doubled share holder .... Premium Premium Rolex Rings IPO: What GMP signaling as all eyes set on .... Premium Premium This Dolly Khanna stock gives multibagger return in 6 m .... Fear of rising virus cases during the second wave in India had spooked FIIs leading to massive sell-off of foreign funds in April. FIIs were net sellers of India equities worth $1.48 billion in April, first sell-off in the year, resulting into a total inflow of mere $757.72 million in June quarter. In June quarter, Nifty had jumped 7% while Nifty 500 was up over 9% while Nifty Bank rallied over 4%. Sectorwise, FIIs are significantly overweight in private banks/ non-banking financial companies (NBFCs) and underweight in consumer, capital goods, metals, healthcare and PSU banks. “Financials has had a dominant run over the past few years. However, BFSI’s (private banks, NBFCs, insurance, and PSU banks) underperformance has continued to reflect in the FII allocation – down to 38% in the Nifty-500 as of June, from 45.1% in December 2019 and 40% in March 2020. This has resulted in the trimming of weight by 130 bps q-o-q (quarter-on-quarter)," said Gautam Duggad, head of research - Institutional Equities, Motilal Oswal Financial Services Ltd. Tata Steel, Tata Motors, Cipla, NTPC, M&M, Axis Bank, and IndusInd Bank were the top stocks to see an increase of more than 1% in FII holdings on a sequential basis. SBI Life Insurance, Hero MotoCorp, Adani Ports, Tech Mahindra, BPCL, Kotak Mahindra Bank, and ITC were the top stocks to see declines in FII holdings by more than 1% on a q-o-q basis. “While the near-term indicators are looking a little stretched for equities, the medium-term outlook for Indian equities remains attractive. We continue to expect some profit-booking especially by the foreign investors. While the June quarter earnings could be weak, the focus would shift to the outlook post June quarter results, which looks positive supported by the reopening of the economy. We continue to prefer mid-caps over large caps, albeit with a lower conviction now," Credit Suisse Wealth Management, India said in a note on 22 July. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff The FII-DII ownership ratio in the Nifty500 declined marginally to 1.5 times in Q1FY22 from 1.6 times in the previous quarter. Overall, the top five sectoral holdings of DIIs in the Nifty500 account for 65% of the total allocation – BFSI (27.4%), technology (11.8%), oil & gas (9.8%), consumer (9.7%), and healthcare (6.3%). There is a mixed trend in promoter holdings—an increase of 50bps q-o-q, down 50 bp year-on-year, data showed. Promoter stake in Coforge, Indian Bank, Union Bank, Crompton Greaves Consumer, TVS Motor, and HDFC Life Insurance declined on account of stake sales and capital raising exercises. Conversely, United Breweries, Vedanta, and Tata Motors posted an increase in promoter stake q-o-q. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

MoEngage raises $32.5 million funding to fuel growth

31 Jul, 2021, 04:53PM | Livemint

BENGALURU: Bengaluru-based MoEngage, an insights-led customer engagement platform, announced a fresh Series C1 fundraise of $32.5 million led by Multiples Alternate Asset Management. Existing investors Eight Roads Ventures, F-Prime Capital and Matrix Partners also participated while Exfinity Venture Partners made an exit in this round. MORE FROM THIS SECTIONSee All Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Premium Premium SpiceJet to add 16 new flights from August “The funding will support and accelerate its global growth strategy and further strengthen the product’s artificial intelligence (AI) and predictive capabilities. Over 1,000 global consumer brands across 35 countries use MoEngage to power digital experiences for over 900 million users every month," the company said in a statement. MoEngage said it has added over 250 new customers in the past year. It counts large brands such as McAfee, Nestle, Domino's, Deutsche Telekom, Travelodge, Ally Financial, Byju's, Flipkart, CIMB Bank and JD.ID as customers. “Over the last 12 months, we have seen rapid global adoption of insights-led customer engagement. Our customer base and recurring revenue doubled in the last 12 months and our business growth in the US and Europe has tripled in the first half of 2021 as compared to the second half of 2020. This funding will help us further accelerate our global growth and product innovation," said Raviteja Dodda, co-founder and CEO of MoEngage. As part of this funding round, MoEngage also completed an employee stock option plan (ESOP) buyback of $1.5 million for its current and former employees to acknowledge their belief in the vision and contribution over the years. This is the first ESOP buyback by the company or its investors. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

NTPC Q1 profit rises 17% to ?3,443 cr as revenue grows

31 Jul, 2021, 04:38PM | Livemint

State-run power producer NTPC reported a 17 per cent rise in consolidated net profit to ₹3,443.72 crore for the quarter ended June 30, 2021, compared to ₹2,948.94 crore in the year-ago period. The in profit came on the back of rise on revenues. Revenue from operations increased to ₹29,888.02 crore during the quarter under review, as compared to ₹26,194.76 crore in the corresponding quarter of the last fiscal. Total income during this period rose to ₹30,390.60 crore from ₹26,794.68 crore in the same period of the last year. MORE FROM THIS SECTIONSee All Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Premium Premium SpiceJet to add 16 new flights from August Premium Premium HPCL ties up with CESL to set up EV chargers in Delhi, .... NTPC saw gross power generation in the June quarter this fiscal rise to 71.74 billion units (BU), as against 60.18 BU in the same period a year ago. Meanwhile, the company's domestic coal supply for its plants in Q1 FY22 stood at 45.81 million tonnes, up from 40.19 million tonnes in Q1 FY22. NTPC's coal production from captive mines during the June quarter rose to 2.46 million tonnes from 2.41 million tonnes in the same period a year ago. Coal imports of the firm rose to 0.47 million tonnes in June quarter from 0.20 million tonnes in the year-ago period. The company's plant load factor (PLF) or capacity utilisation of coal-based power plants also increased to 69.68 per cent in the June quarter this fiscal, up from 68.22 per cent in the same period a year ago. Average power tariff stood at ₹3.73 per unit in April-June quarter of 2021, down from ₹3.98 per unit in the same period a year ago. The company said that its board of directors has approved a proposal to raise up to ₹18,000 crore through the issue of secured/ unsecured, redeemable, taxable/tax-free, cumulative/non-cumulative, non-convertible debentures ("Bonds/NCDs") in one or more tranches, not exceeding 30, through private placement in domestic market. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!! Topics

SpiceJet to add 16 new flights from August

31 Jul, 2021, 01:41PM | Livemint

New Delhi: No-frills carrier SpiceJet Limited on Saturday said it will add 16 new flights from 20 August. Besides flying between Gwalior and Jaipur, Kishangarh (Ajmer) and Mumbai, Belagavi and New Delhi, Vishakhapatnam and Bengaluru, the airline will add frequency on the Delhi-Jammu sector. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn SpiceJet will be the first and the only airline to operate direct non-stop flights connecting Bhavnagar with New Delhi and Surat, Gwalior with Jaipur, and Kishangarh (Ajmer) with Mumbai, the airline said. Many of these routes are under the government's regional connectivity scheme (RCS) connecting metropolitan cities with underserved airports in smaller cities. The carrier operates a fleet of Boeing 737s, Q-400s, and is the country’s largest regional player operating 63 daily flights under RCS. “Strengthening regional connectivity between metros and underserved cities is at the heart of SpiceJet’s mission and vision and we are delighted to add the beautiful city of Bhavnagar to our fast expanding domestic network," said Shilpa Bhatia, chief commercial officer at SpiceJet, in a statement. "SpiceJet is well aligned and fully committed to aid the recovery of air travel and realise India’s dream of having a strong, stable and progressive aviation market by constantly adding new routes and destinations," Bhatia added. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Why is Scarlett Johansson suing Disney over her own movie ‘Black Widow’?

31 Jul, 2021, 01:12PM | Livemint

Walt Disney Co.’s latest Marvel movie “Black Widow" opened in theaters in the U.S. and on the Disney+ on July 9. Scarlett Johansson stars in the film and has become an integral part of the Marvel universe since appearing as Black Widow in 2010’s “Iron Man 2." The Academy Award-nominated actress has starred in dozens of films including, “Lost in Translation," “Her" and “Lucy." Why is Scarlett Johansson suing Disney? Ms. Johansson filed a lawsuit Thursday in Los Angeles Superior Court against Disney, alleging her contract was breached when the media giant released the film on its Disney+ streaming service at the same time as its theatrical debut. Ms. Johansson said in the suit that her agreement with Disney’s Marvel Entertainment guaranteed an exclusive theatrical release. Ms. Johansson’s representatives reached out to Marvel before the pandemic in 2019, seeking assurance that “Black Widow" would have a theatrical-only release, according to the complaint. Her total salary for the project was based in large part on the box-office performance of the film, according to the lawsuit. It adds that Disney intentionally made the move to prevent the actress from “realizing the full benefit of her bargain with Marvel." The suit doesn’t specify how much she is suing Disney for. The decision to put the movie on Disney+ is projected to cost Ms. Johansson more than $50 million, a person familiar with details of her contract claimed. What is Disney saying? A Disney spokesman said Ms. Johansson’s suit had no merit and is “especially sad and distressing in its callous disregard for the horrific and prolonged global effects of the Covid-19 pandemic." The company said it fully complied with Ms. Johansson’s contract, adding that the releasing of the film on Disney+ with Premier Access “has significantly enhanced her ability to earn" more money than the $20 million she has received so far for “Black Widow." On Friday, the co-chairman of the Creative Artists Agency, Bryan Lourd, the talent agency that represents Ms. Johansson defended the star and called out Disney for attacking her character. “They have shamelessly and falsely accused Ms. Johansson of being insensitive to the global COVID pandemic," Mr. Lourd said in a statement. How much money has “Black Widow" made in theaters and on Disney+? During its July 9 opening weekend, “Black Widow" grossed $80 million at the domestic box office and $78 million overseas, and generated another $60 million from $30 at-home purchases on Disney+. It was the first time Disney broke out a film’s streaming performance in such detail. Disney began releasing movies simultaneously on Disney+ and in theaters partly because of the Covid-19 pandemic, when theaters were closed or at limited capacity, and partly to boost its nascent service. Why is this lawsuit important in Hollywood? The suit could be a bellwether for the entertainment industry. Major media companies are giving priority to their streaming services in pursuit of growth and are increasingly putting their high-value content on those platforms. “This will surely not be the last case where Hollywood talent stands up to Disney and makes it clear that, whatever the company may pretend, it has a legal obligation to honor its contracts," said John Berlinski, an attorney at Kasowitz Benson Torres LLP who represents Ms. Johansson. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff The issue also has implications between cinema owners and studio owners. At the end of March, theater owners were upset to learn of Disney’s decision to release “Black Widow" both in the cinema and on its Disney+ streaming service for an additional $29.99 fee. Disney also delayed the film’s release to July. Write to Joe Flint at joe.flint@wsj.com and Talal Ansari at Talal.Ansari@wsj.com Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

FIIs, MFs follow Rakesh Jhunjhunwala. Raises stake in this housing finance stock

31 Jul, 2021, 11:52AM | Livemint

Rakesh Jhunjhunwala portfolio is not just scanned by the retail investors; it seems that it is scanned by Foreign Institutional Investors (FIIs) and mutual funds (MFs) as well. A glaring example of it is Indiabulls Housing Finances stock. In April to June 2021 quarter, the 'Warren Buffett of India' bought 2.17 per cent stake in Indiabulls Housing Finance and in the same period, FIIs and MFs too raised their stake in the company. In fact, this housing finance stock is one of the 2 new entrants into the list of Rakesh Jhunjhunwala portfolio. Other new stock in which Rakesh Jhunjhunwala made fresh investment in Q1 FY 2021-22 is Steel Authority of India (SAIL). As per the shareholding pattern of Indiabulls Housing Finance for Q1 FY22, FIIs increased its stake in the company from 33.61 per cent in March 2021 quarter to 33.63 per cent in recently ended June 2021 quarter. MFs too raised its shareholding in this Rakesh Jhunjhunwala share holding company from 2.85 per cent to 2.95 per cent in this period. Currently, MFs hold 1,36,26,002 Indiabulls Housing Finance shares. MORE FROM THIS SECTIONSee All Premium Premium This retail stock has doubled share holders' money this .... Premium Premium Krsnaa Diagnostics fixes IPO price at ₹933-954 a share Premium Premium US regulators step up scrutiny of IPO hopefuls from China Premium Premium Wall Street update: Nasdaq, S&P 500 fall as Amazon earn .... Rakesh Jhunjhunwala share holding in Indiabulls Housing Finance As per Indiabulls Housing Finance shareholding pattern for June 2021 quarter, Rakesh Jhunjhunwala bought 1 crore stocks of the company, which is to the tune of 2.17 per cent of the net company shares. Indiabulls Housing Finance share price history suggests that the stock has been trading topsy-turvy for the last one month. Yesterday, Indiabulls Housing Finance shares dipped around 1.80 per cent while in the last 5 trade sessions, this Rakesh Jhunjhunwala holding stock has crashed more than 5 per cent. However, in the last one month, the stock has delivered around 5.60 per cent. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

HPCL ties up with CESL to set up EV chargers in Delhi, Mumbai, other metros

31 Jul, 2021, 11:44AM | Livemint

Convergence Energy Services Ltd (CESL) has signed an agreement with Hindustan Petroleum Corporation Ltd (HPCL) for setting up charging infrastructure in selected retail outlets at several cities across the country. Spanning 10 years, the agreement entails CESL and HPCL to jointly undertake setting up of EV charging points in Mumbai, Delhi NCR, Bengaluru, Hyderabad, Chennai, Kolkata and Pune. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn These charging points will have one or more types of chargers with fast, slow or moderate speed capacity. They will be operated through an app of CESL, which will facilitate better control and monitoring of all charging stations. CESL and HPCL will also identify major highways across India where adequate charging infrastructure can be installed and established. Mahua Acharya, Managing Director and CEO of CESL, said having a technologically-advanced and well-equipped charging infrastructure with efficient accessibility is an important factor for making the transition to electric vehicles. "This agreement is a part of our endeavour to help India achieve its e-mobility mission, and to decarbonise transport sector in totality," she said. Acharya said HPCL's established presence in several cities will be a key in our goal to propel an ecosystem for EVs and enable their widespread adoption. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Rising raw material prices force MSME secondary steelmakers to shut shop

31 Jul, 2021, 11:11AM | Economic Times

A pronounced revival in the commodity cycle rescued several steel companies and boosted their bottom-lines, but the recovery has not been equal. Several secondary steelmakers from Jharkhand, Maharashtra, West Bengal and Chhattisgarh are shutting shop – or on the verge of doing so. About 45% of India’s crude steel comes from secondary makers. Several companies were forced to shut shop due to the high cost of inputs and lesser access to export markets. “There are around 120 sponge iron, billet ingot manufacturers and rollers in West Bengal that have reduced production by 15-50 % and laid off workers, and about 10 units shut down completely in and around Durgapur, Barjora, Mejia and Asansol,” said Vivek Adukia, Chairman, Steel Rerolling Mills Association of India. Exports of iron pellets to China and other countries have contributed to this. “The secondary steel sector is still suffering. Iron ore prices have gone up, and even for Rs 9,000 to Rs 10,000 per tonne, iron ore is not available. Most secondary steelmakers in Jalna in Maharashtra and even in Ludhiana have closed completely,” JSW Steel’s joint managing director Seshagiri Rao told ET last week. As per industry sources, almost 50-55% of the secondary steelmakers manufacture long products such as TMT Bars, which are not exported at a greater quantity. As of the end of July, Flat product prices were at around Rs 64,000 to Rs 65,000 a tonne whereas long products were in the range of Rs 45,000 to Rs 50,000 a tonne. “Integrated steel plants operated at 84% capacity utilisation in Q1 of FY 22, and secondary players at around 60-70%. This difference will clearly get reflected in the economy,” JSW’s Rao said. Secondary steelmakers are losing out on margins due to high input prices “Input raw material prices like pellets and pig iron are very high. There is a 300-400% increase in raw material prices. Pellet prices were Rs 5,000 to Rs 6,000 a tonne last year; now they are around Rs 15,000 a tonne. Coal prices have also gone up 40%,” said Vijay Jhanwar, executive committee member of Chhattisgarh Sponge Iron Manufacturers Association. However, finished steel prices have not gone up that much. Billet prices are around Rs 42,000 and TMT is around Rs 45,000 to 47,000, translating into an increase of around 8-10%, Jhanwar said MSME secondary steelmakers used to have a margin of 8-10% in their Ebitda per tonne, and on average had an Ebitda margin of Rs 4,000- Rs 5,000 a tonne, however, the margins have shrunk or gone in negative for the steelmakers. “Several players have lost both export and even domestic orders,” Jhanwar said. While iron ore prices have been going up since May of 2020, secondary makers were clearing old stocks. They need to start the cycle again but input prices are too high. Some industrialists say that this could be a temporary shutdown and the companies might bounce back sooner. “MSME steelmakers are definitely at a huge loss, but most of the secondary players are EAFs ( Electric Arc Furnaces ) so they can shut down and open up easily. As and when iron ore prices stabilize they will get back,” said a top executive from a secondary steel company. “One of the main issues for the secondary steelmakers was input price and another issue like labour migration...but this is a temporary issue and we have also informed the government about this,” said Bhaskar Chatterjee, secretary-general, Indian Steel Association. Secondary steelmakers have sought 30%-40% duty on pellet exports, which now attract no levy. “Captive mine owners shall be directed to sell 25% of their mining plan capacity…kindly impose a 40% export duty on iron ore pellet to be implemented immediately to save the secondary steelmakers,” said West Bengal Iron and Steel Manufacturers Welfare Association in a letter to the Prime Minister’s Office (PMO).

Rising raw material prices force MSME secondary steelmakers to shut shop

31 Jul, 2021, 11:11AM | Economic Times

Elon Musk's complaint about Apple goes viral. Here's what he said

31 Jul, 2021, 10:22AM | Livemint

Tesla Inc Chief Executive Officer Elon Musk is not happy about Apple's fees on its App Store. Musk said Apple app store fees are a de facto 'global tax on the Internet'. SpaceX founder showed his support for "Fortnite" maker Epic Games that has challenged Apple's removal of its app. "Apple app store fees are a de facto global tax on the Internet. Epic is right," Musk said. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Apple is battling a lawsuit filed last year by Epic Games, alleging that the iPhone maker has abused its dominance in the market for mobile apps. Epic broke Apple's rules when it introduced its own in-app payment system in "Fortnite" to circumvent Apple's commissions. Apple, which has defended its App Store practices both in court and to lawmakers in hearings. Separately, Musk denied a report that he once had a chat with Apple boss Tim Cook related to a possible acquisition of the electric carmaker and taking over as the iPhone maker's CEO. "There was a point where I requested to meet with Cook to talk about Apple buying Tesla. There were no conditions of acquisition proposed whatsoever. He refused to meet," Musk said in another tweet. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

China's factory activity in July grows at slowest pace since Feb 2020

31 Jul, 2021, 08:59AM | Business Standards

China's factory activity expanded in July at the slowest pace in 17 months as higher raw material costs, equipment maintenance and extreme weather weighed on business activity, adding to concerns about a slowdown in the world's second-biggest economy. The official manufacturing Purchasing Manager's Index (PMI) eased to 50.4 in July from 50.9 in June, data from the National Bureau of Statistics (NBS) showed on Saturday, but remained above the 50-point mark that separates growth from contraction. Analysts had expected it to slip to 50.8. It was the lowest figure since the index slumped to 35.7 in February 2020, after China began lockdowns to control the coronavirus pandemic. An NBS official said in a statement the PMI's sub-index for production slipped to 51.0 from 51.9 in June, pointing to equipment maintenance and extreme weather. The new order sub-index fell to 50.9, from 51.5, reflecting a slowdown in demand. "The most alarming signal is the new export order index, which is at lowest level since July last year," said Zhiwei Zhang, chief economist of Pinpoint Asset Management. The sub-index for new export orders has dropped for three straight months starting in May. It stood at 47.7 in July. A sub-index for raw material costs stood at 62.9 in July, compared with June's 61.2, pointing to an increase in costs. High raw material prices have eaten into the profitability of industrial firms and deterred some Chinese exporters from taking on orders. Authorities are eager to prevent high factory-gate prices being passed on to consumers, which would only add to current economic headaches as underlying demand remains weak. Hit by extreme weather, the construction index dropped to 57.5, from June's 60.1, and analysts expect the sector to face headwinds amid Beijing's clampdown on the property market. To bolster a slowing economy, the People's Bank of China (PBOC) in mid-July surprised the market by lowering the reserve requirement ratio (RRR) for banks, releasing around 1 trillion yuan ($154 billion) in long-term liquidity. China's economy has largely recovered from disruptions caused by the pandemic, with the consumption and service sectors gradually catching up to the improvements in exports and manufacturing. However, manufacturers are grappling with new challenges including higher raw material prices, surging logistics costs and global supply chain bottlenecks, and the pace of gross domestic product growth is expected to moderate. The country is also racing to contain a fresh COVID-19 outbreak of the more infectious Delta variant in the eastern city of Nanjing. China's zero-tolerance approach could present significant downside risks to the current economic recovery, analysts say. Record flooding in central China may have also weighed on business activity in July, along with government moves to curb steel production in line with a drive to reduce emissions. The official non-manufacturing Purchasing Managers' Index (PMI) eased to 53.3 in July, from 53.5 in June, a separate survey from the NBS showed. (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Top headlines: Sun Pharma's strong Q1 show, India-China military talks

31 Jul, 2021, 07:07AM | Business Standards

Sun Pharma: Strong Q1 show, settlement of antitrust case pleases investors A strong Q1, 2021-22 (Apr-Jun 2021) performance saw the share price of Sun Pharma jump by 10 per cent in a single session. The pharma major had terrific year-on-year (YoY) results, boosted by the low base of Q1, 2020-21. But it also had a pretty good quarter-on-quarter (QoQ) performance versus Jan-Mar 2021 (Q4, 2020-21). The consolidated results saw operational revenues climbing to Rs 9,719 crore versus Rs 7,585 crore YoY and versus Rs 8,522 crore QoQ. Sales grew by double-digits YoY in all of its major markets. Read more EVs to account for 25% of Tata Motors' PV sales: N Chandrasekaran Electric vehicles (EVs) could constitute about 25 per cent of the total passenger vehicle sales at Tata Motors “in the medium to long term”, said the company on Friday, as it seeks to ride the electrification trend in the country. The automobile major will announce its fundraising plans to support the EV business, N Chandrasekaran, chairman, Tata Motors, told shareholders at the company’s 76th annual general meeting. At present, EVs account for 2 per cent of the company’s passenger vehicle (PV) sales. Read more Mastercard submits new audit to India after ban over data handling Mastercard has submitted a new audit report to India's central bank, it told Reuters, as it seeks to overturn a ban on card issuance linked to concerns over the U. S. giant's handling of data processed abroad. The Reserve Bank of India (RBI) on July 14 sent panic-waves through Indian banking partners by announcing a ban, effective from July 22, to prevent the U. S. giant from issuing new cards. It cited non-compliance with 2018 rules that required it to store payments data only in India. Read more Jhunjhunwala's new airline may give Boeing a chance to regain lost ground Indian billionaire Rakesh Jhunjhunwala's plan to launch an ultra low-cost airline could give planemaker Boeing a chance to regain lost ground in India after the fall of one of its biggest customers, Jet Airways, two years ago, industry executives say. Jhunjhunwala, known as India's Warren Buffett for his successful stock investments, plans to team up with former CEOs of IndiGo, the country's biggest carrier, and Jet Airways to tap into demand for domestic air travel. Read more India, China to hold 12th round of military-level talks on Saturday India and China will hold the 12th round of Corps Commander-level talks at Moldo on the Chinese side of the Line of Actual Control (LAC) on Saturday to iron out an agreement for the next phase of disengagement in Eastern Ladakh. The latest round of talks will take place after a gap of three months. Indian military delegates will meet their counterparts to discuss disengagement of troops at the friction areas such as the Hot Springs, Gogra and the Depsang plains spread over 900 sq km land. Read more

Data storage norms: Mastercard submits audit report to RBI

31 Jul, 2021, 06:54AM | Livemint

After being banned by the RBI from issuing new cards, US-based payments technology major Mastercard on Friday said it has submitted an audit report to the regulator showing compliance with the local data storage norms. The Reserve Bank had on July 14 put an indefinite ban on Mastercard from issuing new credit, debit and prepaid cards. The ban came into effect from July 22. MORE FROM THIS SECTIONSee All Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Premium Premium SpiceJet to add 16 new flights from August The restrictions were put in place because of the company's failure to comply with local data storage norms that require payments companies to store data related to Indian customers only in the country. "When RBI required us to provide additional clarifications about our data localisation framework in April 2021, we retained government-empaneled Deloitte to perform a supplemental audit to help demonstrate our compliance. "We have been in a continued dialogue with the RBI from April through the report's submission on July 20, 2021," Mastercard said in a statement in response to a set of queries sent by PTI. The company said since the RBI's 2018 directive on data localisation and storage, it has worked closely with the central bank and Indian government to ensure that Mastercard is compliant with both the letter and the spirit of the order. "This includes submitting reports as required by the RBI. We look forward to continuing our conversations with the RBI and reinforcing how seriously we take our obligations. We are hopeful that this latest filing provides the assurances required to address their concerns," it said. Further, the company said it is committed to put in whatever resources are required to meet any additional requirements raised by RBI and bring this matter to a close "expeditiously". MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff "In the meantime, we remain focused on ensuring our current business continues to operate as usual, working in lockstep with our customers and partners to minimize any impact on cardholders," it added. Mastercard, a major card issuing entity, is the third company to have been barred by RBI from acquiring new customers over data storage issues, after American Express Banking Corp and Diners Club International. RBI had said that Mastercard was found to be non-compliant with the directions on 'Storage of Payment System Data' despite being given adequate opportunities. However, the regulator had said the ban on issuing new cards was not going to impact the services of the existing customers of Mastercard in India. Mastercard is a payment system operator authorised to operate a card network in the country under the Payment and Settlement Systems Act, 2007 (PSS Act). RBI's circular on Storage of Payment System Data on April 6, 2018 had directed all system providers to ensure that within a period of six months the entire data relating to payment systems was stored only in India. They were also required to report compliance to RBI and submit a board-approved System Audit Report conducted by a CERT-In empanelled auditor within specified timelines. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Elon Musk denies he discussed Apple-Tesla merger with Tim Cook

31 Jul, 2021, 05:52AM | Livemint

Tesla Inc. Chief Executive Officer Elon Musk said on Friday that he never met with Apple Inc. about a potential takeover and slammed the tech giant’s App Store fees, calling them a “global tax on the internet." He was responding to an upcoming book that says Apple CEO Tim Cook called Musk in 2016 about taking over Tesla. The book claims that merger discussions ended when Musk told Cook he’d like to replace him as Apple’s CEO as part of the deal. According to the story -- revealed in a Los Angeles Times review of “Power Play: Tesla, Elon Musk, and the Bet of the Century" by Wall Street Journal reporter Tim Higgins -- Cook then hung up the phone after uttering an expletive. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn “Cook & I have never spoken or written to each other ever," Musk said on Twitter. “There was a point where I requested to meet with Cook to talk about Apple buying Tesla. There were no conditions of acquisition proposed whatsoever." Cook refused the meeting, Musk said. “Tesla was worth about 6% of today’s value," he said. The statement reiterated remarks from last year, when Musk said Cook refused to take a meeting about acquiring Tesla. Apple also denied the book’s anecdote and pointed to comments from Cook on a recent New York Times podcast. “You know, I’ve never spoken to Elon, although I have great admiration and respect for the company he’s built," Cook said. Musk followed up with a separate tweet Friday on Apple’s store fees. “Epic is right," he said, a reference to Epic Games Inc.’s lawsuit with Apple over its commissions. Epic sued Apple after the Cupertino, California-based company removed the game Fortnite from its store for circumventing in-app-purchase fees. Epic has attacked Apple’s practice of forcing apps to share 15% to 30% of their revenue. A California judge will rule on the suit as early as August. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Baring Asia plans partial exit from CMS via IPO

31 Jul, 2021, 12:20AM | Livemint

Baring Private Equity Asia is preparing to list CMS Info Systems Ltd, India’s largest cash management company, through an initial share sale estimated at ₹1,500 crore to ₹2,000 crore, said three people aware of the development. The private equity firm will look to exploit a runaway rally in domestic stock markets this year to profit from its 2015 purchase of the Mumbai-based firm, the people said, requesting anonymity. CMS Info Systems is a wholly owned portfolio company of Baring. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn The proposed offering will solely comprise a secondary sale of shares by Baring, the people cited above said, adding that the offer size has still to be finalized and may be increased, depending on market conditions. “Work on the draft prospectus is in the final stages, and the DRHP (draft red herring prospectus) should be filed in the first half of August. The company has enough cash reserves to meet its growth plans, and thus the IPO is only going to be an offer for sale for Baring to return money to its investors. At the current size of the offering that they are looking at, they will be returning the entire amount they spent in acquiring it," one of the two people cited above said. Investment banks Kotak Mahindra Capital, Axis Capital and DAM Capital are advising CMS on the IPO. A spokesperson for Baring declined to comment. This will be the second attempt by Baring to take CMS public. In 2017, it had filed draft papers with the markets regulator, but let its 12-month approval period lapse without launching the IPO. For more than a decade, CMS has been owned by private equity investors, first by Blackstone, which took a controlling stake in 2008, and later by Baring, which bought the company in 2015 for about ₹2,000 crore. CMS is involved in ATM and cash management, ATM installation, maintenance services and card personalization services. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff For the pandemic-impacted FY21, CMS saw its revenue fall to ₹1,311.4 crore from ₹1,383.3 crore in FY20, according to a 15 July report by credit rating agency Icra. Profit, however, rose to ₹168.5 crore in FY21 from ₹134.7 crore in the previous year. Icra had reaffirmed the company’s rating at AA on the back of its healthy financial performance, driven by improved profitability to 22.8% during FY21 from 18.4% in FY20 and continued debt-free position. “Further, the few high-value contracts worth ~ ₹2,075 crore under the managed services segment won by CMS in FY21 and Q1FY22 along with existing contracts and the likely increase in rate realizations by up to ~30% for a large number of contracts in cash management services due to expe-cted implementation of a stringent operating requirement for almost 70% of CMS’ managed ATMs in the near term provides revenue visibility over the near to medium term," Icra said. As of March-end, CMS managed 63,000 ATMs, comprising about 43% of the total outsourced ATMs in India, and 26% of the total ATMs in India. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

JSW Paints eyes spot among top three players in the country by 2025

31 Jul, 2021, 12:01AM | Business Standards

JSW Paints, part of the $13-billion JSW Group, is eyeing a 10 per cent market share and a place among the top three decorative paints players in the country by 2025. At present, JSW Paints has a market share of 1.5 per cent in the decorative segment and is targeting 3-4 per cent by the end of this financial year. Parth Jindal, managing director, JSW Paints, said: “We would like to have an overall market share of 10 per cent in the decorative business and consolidate our position as a leading manufacturer of coil coatings in the industrial division.” “With a 10 per cent, JSW Paints would be among the top three,” he added. Jindal believes by 2025 it would be achievable. However, in order to get there, JSW Paints would need a capacity of close to 1 million kilo litres (KL) per annum. The top three players in the decorative segment are Asian Paints, Berger Paints, and Kansai Nerolac. JSW Paints, currently, has a capacity of 115,000 KL per annum split between 90,000 KL in the decorative segment and 25,000 KL in the industrial segment. But it will step up capacity in the industrial segment to 60,000 KL and decorative to 150,000 KL. JSW Paints, which is present in the south and west of the country, is looking to launch in the north and the east. “We are expanding and becoming a pan-Indian player,” said Jindal. The expansion would be funded through a mix of debt and equity. JSW Steel said on Friday while announcing its results for the first quarter that its board had approved a strategic investment of approximately Rs 750 crore in JSW Paints in three-four tranches between this financial year and FY25. In the first tranche of the strategic investment, JSW Steel will invest Rs 300 crore and subscribe to equity shares equivalent to approximately 6.88 per cent (on a fully diluted basis) of the issued and paid-up equity capital of JSW Paints during Q2 FY22. Explaining the rationale behind JSW Steel’s investment, Jindal said JSW Steel’s coil coating capacity had increased from 700,000 tonnes to 2.7 million tonnes. It also acquired Asian Colour Coated and Bhushan Power & Steel, both of which have colour-coating facilities. “The requirement of coil coatings for JSW Steel has gone up,” he said. JSW Paints is supplying over 90 per cent of JSW Steel’s paint requirements. The steel major is looking to secure coil coating supplies for its colour-coated steel, a downstream value-added product. The investment from JSW Steel will be sufficient for undertaking capacity expansion at the existing JSW Paints facilities, but the paints company has plans of adding new facilities, for which it will have to raise debt. JSW Paints is evaluating options between Salboni in West Bengal, Punjab, and Maharashtra for its next facility, which will cater to the decorative segment. It now has an automated coil coatings facility at Vasind, Maharashtra, and an automated water-based decorative paints facility at Vijayanagar, Karnataka. JSW Paints had a turnover of Rs 430.48 crore for the year ended March 31, 2021. This year, it is eyeing Rs 1,100 crore. “Our strategy is to grow the topline now,” said Jindal. The company is looking to break even in FY23 and turn profitable by FY24.

Sensex ends flat, Nifty closes at 15,763; Bajaj Finance falls over 2%

30 Jul, 2021, 11:49PM | Business Standards

The Sensex and Nifty closed modestly lower on Friday after investors offloaded banking, finance and metal stocks in the last hour of trade amid sluggish global cues. The 30-share BSE Sensex slipped 66.23 points or 0.13 per cent to close at 52,586.84, while the broader NSE Nifty dipped 15.40 points or 0.10 per cent to 15,763.05. The market remained range-bound for the most part of the session as investors kept their exposure lower due to weak global cues, traders said. The selling pressure was witnessed towards the fag-end when European markets opened in the negative zone, they added. Bajaj Finance was the top loser in the Sensex pack, shedding 2.59 per cent, followed by Bajaj Finserv, SBI, Tata Steel, Titan, Asian Paints and Axis Bank. On the other hand, Sun Pharma topped the winners chart with a leap of 10.06 per cent after the drug major reported a net profit of Rs 1,444.17 crore for the June quarter, compared to a net loss of Rs 1,655.60 crore in the year-ago period. ALSO READ: Market Wrap Podcast, July 30: Here's all that happened in the markets today Tech Mahindra, Power Grid, Bajaj Auto, HCL Tech, M&M and NTPC were among the other gainers, spurting up to 7.24 per cent. On a weekly basis, the Sensex fell 388.96 points or 0.73 per cent, while the Nifty shed 93 points or 0.58 per cent. Taking support from pharma, fertilizer and auto stocks, the domestic market attempted to trade positively but failed to stick with the gains amid weak global trend. Eurozone inflation in July rose to 2.2 per cent YoY, above European Central Bank's target impacting the European market and the Chinese market was fragile too. "Pharma stocks were back on action beating early worries of weak Q1 results as recent quarterly of major companies were in favour of market expectation. Fertilizer stocks were in focus today as Chinese firms were asked to suspend exports in order to ensure domestic supply," said Vinod Nair, Head of Research at Geojit Financial Services. Sector-wise, the BSE metal, energy, bankex, oil & gas and capital goods indices slumped as much as 1 per cent, while healthcare, utilities, auto and consumer durables notched up gains. In the broader markets, the BSE midcap and smallcap indices climbed up to 0.69 per cent. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with significant losses. Equities in Europe were also trading on a negative note in mid-session deals. (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

OMERS to buy 19.36% in Azure Power Global

30 Jul, 2021, 09:56PM | Livemint

New Delhi: In what may rank among the largest clean energy deals in India, Canadian pension fund Ontario Municipal Employees’ Retirement System (OMERS) is set to buy around 19.36% in NYSE-listed Azure Power Global Ltd. “CCI receives notice of acquisition under Green Channel of 19.36% (approx.) in Azure Power Global Limited by OMERS Infrastructure Asia Holdings Pte. Ltd., from its existing shareholders," the ministry of Corporate Affairs said in a statement on Friday. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Canadian pension funds have been placing significant India bets and represent the so-called patient capital, which seeks modest yields over time. India fits the risk profile given that the markets here have matured from the early risk stage. This interest also comes amid a growing focus on environmental, social and governance (ESG) investing. OMERS Administration Corp. is one of the few pension funds India has granted income tax exemption in May this year for infrastructure investments in India. The fund’s earnings from infrastructure investments made in India between then and March 2024 will be exempt from tax. The investor will get full tax exemption on income from interest, dividend and long-term capital gains. Mint earlier reported about German development finance institution Deutsche Investitions- und Entwicklungsgesellschaft (DEG), World Bank’s private-sector development arm International Finance Corporation (IFC) and Canadian pension fund CDPQ exploring a sale of their stakes in Azure Power, India’s first renewable energy company to list on the US stock market. Founded in 2008, Azure Power has a 7 gigawatt (GW) portfolio and had developed India’s first utility-scale solar project. This deal received deemed approval from the competition regulator on filing itself under the green channel approval facility. “The Acquirer is an investment entity of OMERS Administration Corporation (OAC). OAC is the administrator of Ontario Municipal Employees Retirement System (OMERS) primary pension plan and trustee of the pension funds thereunder. OMERS is one of Canada’s largest defined benefit pension plans. It is a jointly-sponsored pension plan, with 1,000 participating employers ranging from large cities to local agencies, and over half a million active, deferred and retired members," the statement added. Overseas investments in India’s green energy space have been growing. Recently Thailand’s state owned energy major PTT Group announced its acquisition of 41.6% stake in Avaada Energy Pvt Ltd for around $454 million. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff OMERS has been scouting for acquisition opportunities in India attracted by the presence of other Canadian investors in India such as Canada Pension Plan Investment Board (CPPIB), CDPQ and Brookfield Asset Management. OMERS had also submitted bid to buy Japan’s SoftBank Group Corp’s stake in SB Energy Holding as reported by Mint earlier. In December 2015, New Delhi-based Azure Power had filed for an IPO to raise $100 million by selling 6.8 million shares at $21-23 apiece. It sold 3.41 million shares in its IPO, including 2.24 million new shares and 1.16 million shares of existing shareholders, to raise $61.36 million. Ahead of Azure’s IPO, CDPQ had picked up a stake worth $75 million as part of a private placement. In a first, Azure Power had raised $500 million through green bonds in August 2017. OMERS earlier announced an investment of $121 million for a 22.4% stake in IndInfravit Trust, an infrastructure investment trust (InvIT), marking its first infrastructure deal in India. OMERS global portfolio includes large-scale infrastructure assets in sectors such as energy, transportation, and government-regulated services. The infrastructure projects that OMERS has invested in include the London City airport, nuclear power station Bruce Power—Canada’s private nuclear generator—in Ontario, and the port of Melbourne in Australia. The global major pension funds interest comes in the backdrop of India running the world’s largest clean energy programme to achieve 175 gigawatts (GW) of renewable capacity, including 100GW of solar power by 2022. According to the Central Electricity Authority, by 2030, the country’s power requirement would be 817GW, more than half of which would be clean energy, and 280GW would be from solar energy alone. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Quality 24X7 power supply key for accelerated economic growth: R K Singh

30 Jul, 2021, 09:48PM | Business Standards

Power Minister R K Singh on Friday said that providing quality and reliable power supply round-the-clock is a key factor for accelerated growth of the economy. "Providing 24x7 quality and reliable power supply with enhanced consumer satisfaction is very important as this is the key ingredient for accelerated growth of economy and country at large," Singh said in a statement after chairing a review meeting. He chaired the virtual meeting with Additional Chief Secretaries/Principal Secretaries (Power/Energy) and CMDs/MDs of DISCOMS of all States/UTs. Minister of State for Power Krishan Pal Gurjar, Union Secretary Power Alok Kumar and senior power ministry officials were also present at the meeting. During the meeting, reforms being undertaken in the power sector as well as on the guidelines of the new Reforms Based and Results Linked Distribution Sector Scheme were reviewed. IPDS and DDUGJY Schemes were also reviewed. At the meeting, Singh said the power sector has witnessed tremendous growth over the past few years in the areas of generation, transmission and distribution. With a total installed generation capacity of 384 GW, the country has transformed from a power deficit to a power surplus country. Transmission network has been expanded to connect the whole country into one integrated grid with inter-regional transfer capacity of over 1 lakh MW, he noted. With the joint efforts of the Centre and state governments, universal access has been achieved, with 100 per cent electrification of the villages and electrification of 2.82 crore households, the minister said and emphasised that in today's scenario, all policies and programmes should be consumer centric. Under the DeenDayalUpadhyaya Gram Jyoti Yojana and Integrated Power Development Scheme for strengthening the distribution system, 2,798 new substations have been set up, 3,930 substations have been upgraded and 2.5 crore meters had been provided, among others. Singh said the revamped distribution sector scheme was the largest of its kind in the power sector and that there are enough funds to meet the requirements of the states/DISCOMs for distribution system strengthening and modernisation. While calling for a major technological push by DISCOMs, Singh said the scheme envisages extensive use of Artificial Intelligence (AI) and Information Technology (IT) for system generated energy accounting to enable energy audit and modernisation of distribution infrastructure for loss reduction as well as improvement in reliable power supply. Among others, the scheme provides for separation of agricultural feeders and DISCOMs should also take advantage of KUSUM Scheme for separation and solarisation of the agricultural feeders, Singh said. The target of the scheme is to bring down the Aggregate Technical and Commercial (AT&C) losses to 12-15 per cent at the all India level as well as to reduce the gap between Average Cost of Supply (ACS) and Average Revenue Realised (ARR) to zero by 2024-25. Singh said that a DISCOM which is making losses will not be able to access funds under the revamped distribution sector scheme unless it draws up a plan to reduce the losses, lists out the steps it will take to reduce such losses and meet other conditions. According to the minister, action plans and DPRs need to be formulated by the DISCOMs in consultation with the nodal agency/ power ministry. DISCOMs will also indicate specific activities and reforms required to improve their performance as part of the Action Plan. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Marico’s June qtr profit falls 6% to ?365 crore

30 Jul, 2021, 09:40PM | Livemint

Marico Ltd on Friday reported a 6% decline in net profit from a year earlier in the June quarter (Q1FY22) at ₹365 crore, hit by inflationary pressures over the last two quarters. The profit figure, however, beat street estimates. Consolidated revenue from operations for the three months ended 30 June rose 31% to ₹2,525 crore, the company said in a regulatory filing. A total of 15 analysts had estimated Marico’s net profit at ₹362.6 crore on consolidated revenue of ₹2,501.30 crore. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Domestic sales volumes grew 21% in the June quarter, albeit on a soft base of the year-earlier period when volumes had fallen 14%. The company said input costs remained high in the last two quarters and pricing actions partially alleviated inflationary pressure, impacting gross margins. “Gross margin was down 759 bps year-on-year (y-o-y) given the stark contrast in the cost of inputs consumed in the two quarters, as pricing interventions in the core portfolios’ could only partially alleviate the inflationary pressure, the company said. However, operating leverage benefits reduced the drop in EBITDA margin to 522 bps y-o-y, which stood at 19.0% in Q1FY22," the company said. Ebitda or earnings before interest, taxes, depreciation, and amortization expanded 3% to ₹481 crore. Analysts were disappointed with the weak gross margins for the second consecutive quarter. “Marico sales were marginally ahead of our expectations but Ebitda was well below our estimates. Gross margins were a disappointment versus expectations—this is second consecutive quarter where both gross and Ebitda margins have disappointed versus expectations," said Abneesh Roy, executive director, institutional equities, Edelweiss Securities. The 31% sales growth total was aided by price hikes as well as volume growth and a soft base, he said. Prices of copra, a key raw material for coconut oil, fell 13% sequentially in Q1FY22. However, covid-led disruptions and major weather anomalies in key growing regions led to sustained inflation in global vegetable oil prices, increasing input costs. Marcio expects commodity prices to stay volatile in the short term. The Saffola franchise comprising refined edible oils and foods recorded a 24% volume growth and 60% growth in value terms. Saffola edible oils delivered low double-digit volume growth during the quarter. Meanwhile, Saffola foods more than doubled in value terms. In-home consumption of foods helped Marico’s branded oats business post a 59% value growth in Q1FY22. Despite mobility curbs, sales volume of Marico’s core Parachute hair oil grew 12% in Q1FY22. The Beardo franchise is on course to exit the year at a run rate of ₹100 crore, the company said. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Indian Oil-Petronas JV looks to launch new auto fuel brand

30 Jul, 2021, 09:28PM | Livemint

New Delhi: IndianOil Petronas Pvt. Ltd, the joint venture between Indian Oil Corp. Ltd (IOCL) and Malaysia’s state-run oil and gas firm, Petroliam Nasional Bhd (Petronas) is planning to launch a separate brand for retailing auto fuels in India, IOCL chairman Shrikant Madhav Vaidya said on Friday. “Currently, the business is limited to LPG (liquefied petroleum gas). We have now extended our cooperation to retailing petrol and diesel, as well as natural gas." said Vaidya while adding that the new venture will not impact IOCL’s existing market share. MORE FROM THIS SECTIONSee All Premium Premium ‘FY22 will see tech IPOs lead primary markets’ Premium Premium Service sector MSMEs need special focus: Rajiv Kumar Premium Premium Privatization of UT discoms on track: Govt Premium Premium 'India ahead of US, China in...': One of India's younge .... According to rating agency Icra Ltd, India’s petrol and diesel consumption is expected to rise 14% and 10%, respectively, in FY22. In India, the world’s third-largest oil importer, fuel prices have been rising steadily over the last few months with diesel and petrol retailing above the ₹100 mark in several parts of the country. On Friday, IOCL announced a net profit of ₹5,941 crore for the June quarter, up from ₹1,911 crore a year-ago. India’s largest fuel retailer posted a jump in revenue in the first quarter to ₹155,056 crore, as compared to ₹88,939 crore in the corresponding quarter of last year due to higher inventory gains and improved petrochemical margins. “Indian Oil sold 20.325 million tonnes (mt) of products, including exports, during the first quarter of 2021-22. Our refining throughput for Q1 2021-22 is 16.719 million tonnes and the throughput of the corporation’s countrywide pipelines network is 19.875 million tonnes during the same period. The gross refining margin (GRM) during the first quarter of 2021-22 is $6.58 per bbl (barrel) as compared to $1.98/bbl in corresponding quarter of previous financial year. Core GRM for current period after offsetting inventory loss or gain comes to $2.24/bbl," Vaidya was quoted in a company statement. IOCL, which is also India’s largest refiner with 32% share of the domestic market, plans to add another 25mt to its current capacity of 80.2mt. India is a key refining hub in Asia, with an installed capacity of over 249.36 million tonnes per annum (mtpa). It has 23 refineries and plans to grow its capacity to 400mtpa by 2025. “Petrol demand has crossed pre-pandemic levels; we are currently nearly 3 to 5% more than pre-covid levels. Diesel demand is around 88-90% and I expect to get it back to pre-covid levels by Diwali. We may have to wait till the end of the current financial year to get aviation turbine fuel to come back to its normal," Vidya said. IOCL is planning to build India’s first green hydrogen plant in Mathura. The central government is considering making it mandatory for fertilizer plants and oil refineries to purchase green hydrogen as part of its plan to cut India’s dependence on fossil fuels. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Privatization of UT discoms on track: Govt

30 Jul, 2021, 08:48PM | Livemint

New Delhi: India’s plan to privatize electricity distribution companies (discoms) in the Union territories (UTs) has shown progress and the Union cabinet approval will be sought for the award of the Dadar and Nagar Haveli utility, Union power secretary Alok Kumar said. Also, the financial bids for the Chandigarh discom will be opened next week, with the technical evaluation nearing completion. MORE FROM THIS SECTIONSee All Premium Premium Indian Oil Corp.—Petronas JV to retail petrol, diesel a .... Premium Premium Service sector MSMEs need special focus: Rajiv Kumar Premium Premium 'India ahead of US, China in...': One of India's younge .... Premium Premium Prabhas' 'Radhe Shyam' release date out. Details here Torrent Power, ReNew Power, Adani Group, NTPC Ltd, Tata Power, and Sterlite Power have bid to acquire the Chandigarh discom. Both the processes saw legal challenges, but the plan is back on course. Mint had reported earlier about India working to privatize the discoms for eight UTs, the plan for which was articulated by Union finance minister Nirmala Sitharaman when she announced the fourth tranche of the ₹20 trillion stimulus package to tackle the economic fallout of the pandemic. Some UTs saw legal challenges, but the plan is back in play now, Union power and new and renewable energy minister R.K. Singh told reporters after a review meeting of state governments and head of discoms. Unlike discoms run by state governments, discoms for UTs are administered by the Centre. Deloitte is running the sale process for the discoms in Chandigarh, Puducherry, and Andaman and Nicobar Islands, while SBI Capital has the mandate for Dadar and Nagar Haveli, Daman and Diu, Jammu & Kashmir, and Ladakh. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Jeff Bezos loses $13.5 billion after Amazon disappointment

30 Jul, 2021, 08:18PM | Livemint

Amazon.com Inc.’s weaker-than-expected second-quarter results has sent its founder’s fortune tumbling. The net worth of Jeff Bezos fell $13.5 billion after Thursday’s after-market results missed Wall Street’s expectations and foreshadowed an end to the retailer’s pandemic-fueled sales surge. The drop erased 80% of his wealth gains for the year. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Amazon’s shares dropped 7.2% to $3,339.18 at 9:53 a.m. in New York, lowering the company’s ex-chief executive officer’s fortune to $193.6 billion. He still remains the world’s richest person, according to the Bloomberg Billionaires Index, some $8 billion ahead of Tesla Inc.’s Elon Musk. It’s been a mixed week for America’s richest tech billionaires. While Google-parent Alphabet Inc.’s rosy earnings boosted the net worth of co-founders Sergey Brin and Larry Page, strong results from Microsoft Corp. and Facebook Inc. didn’t translate into a wealth-bump for their billionaire shareholders. Mark Zuckerberg, who spent the week touting his vision of Facebook’s future as an all-encompassing “metaverse," lost $5.4 billion Thursday as the social networking company’s shares fell the most in two months over concern about growth in advertising sales. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

IndiGo first Indian carrier to start ESG reporting, mulls use of green fuel

30 Jul, 2021, 08:03PM | Business Standards

India’s largest airline IndiGo published its first ever Environment Social Governance Report to showcase its efforts in sustainable aviation. The report comes amid IndiGo’s process of raising Rs 3,000 crore through a Qualified Institutional Placement (QIP) process and is likely an effort to attract marquee overseas funds which are focusing increasingly more on sustainable investing. While listing down its efforts to cut carbon emission, IndiGo said that it is exploring the potential of using sustainable aviation fuel (SAF) in aircraft and the airline has signed a memorandum of understanding (MoU)with an international SAF provider. “This first report in the field of Environment, Social, and Governance (ESG), is our attempt to provide an insight into the multiple efforts being made by IndiGo to protect and nourish the biodiversity of our miraculous planet. Sustainability is being integrated with day-to-day operations, and through our membership of IATA and our own focus, we are determined to be in the leading rank of airlines around the world in this critical effort,” said IndiGo CEO Ronojoy Dutta. The airline said that in order to cut carbon footprint, it is undertaking steps like fleet modernisation by phasing out older Airbus A320 CEO aircraft for the more fuel efficient A320 Neo aircraft, implementing weight reduction measures on board; optimising flight routes; improving flight operations; and following fuel-efficient best practices. "At IndiGo, we also believe that the use of all the above practices combined together cannot match the impact which can be created by sustainable aviation fuels (SAF). However, we also understand that SAF is not in mass production," the airline said, adding that it aims to reduce its carbon dioxide (CO2) emission by 18 percent per available seat kilometer (ASK) in 2022-23 as compared to 2015-16. ASK measures passenger carrying capacity of the airline and it is calculated by multiplying the total number of seats in flights to the total number of kilometres flown by them. The airline said it saved 4.67 lakh tonnes of aviation turbine fuel between 2014-15 to 2020-21. Many airlines, which are among the world’s biggest carbon emitters, have started taking steps to improve their environmental impact, a move intended to appease both climate-conscious consumers, regulators and lenders. Banks are beginning to shun high-emitting industries, such as coal, there is a growing push to help carbon-intensive companies make their operations greener. American airline JetBlue recently raised a $550m sustainability-linked loan, which was set up by French bank BNP Paribas which is priced according to its performance on environmental and social matters- the first of its kind in the airline industry. Its counterpart American Airlines also publishes a regular ESG Report intended to develop intermediate goals for reduction of carbon footprint. “Investors will increasingly favour aviation businesses with high ESG ratings — signalling more resilience and creating long-term business bets. ESG incentives in financing and investment present an opportunity for the aviation industry to shake off its reputation for greenwashing and to positively impact environmental sustainability over the long-term,” Baker McKenzie, one of the world’s largest law firms said in a recent note.

Top headlines: Sun Pharma posts profit in Q1; Bandhan Bank Q1 net falls 32%

30 Jul, 2021, 07:50PM | Business Standards

Bandhan Bank Q1 net profit falls 32% to Rs 373 cr, asset quality weakens Bandhan Bank on Friday reported 32 per cent decline in net profit at Rs 373.10 crore for June quarter 2021-22 as provisions for bad loans spiked. The bank had posted a net profit of Rs 549.80 crore in the same quarter a year ago. Read more Vedanta starts winding-off operations at oxygen plant in Tuticorin Vedanta Ltd on Friday said its oxygen plant at its copper smelting unit, Sterlite Copper, in Tamil Nadu's Thoothukodi will start winding-off of operations. According to Vedanta, the start of winding-off operations on Friday is done to allow enough time for the defrosting process before the date indicated by the Supreme Court. Read more European economy grows 2% in second quarter, ending double-dip recession Europe emerged from a double-dip recession in the second quarter with stronger than expected growth of 2% over the quarter before, according to official figures released Friday, as hard-hit southern European economies Spain, Italy and Portugal delivered surprisingly strong results. But the economy in the 19 countries that use the euro currency still lagged pre-pandemic levels and trailed the faster recoveries in the US and China, with the delta variant continuing to cast a shadow of uncertainty over the upturn. Read more Sun Pharma posts consolidated net profit of Rs 1,444 crore in Q1 Drug major Sun Pharmaceutical Industries on Friday reported a consolidated net profit of Rs 1,444.17 crore for the June 2021 quarter, mainly on account of robust sales across markets. The company had posted a net loss of Rs 1,655.60 crore for the corresponding period of the previous fiscal, Sun Pharma said in a regulatory filing. Read more

Trajectory of Covid cases registering sustained decline after May: Govt

30 Jul, 2021, 07:49PM | Business Standards

After showing a resurgence from mid-February and peaking in May, the trajectory of COVID-19 cases in the country is now registering a sustained and considerable decline, the government said Friday. However, Kerala and Maharashtra are still recording high number of cases while certain northeastern states are also showing an upward trend, Minister of State for Health Bharati Pravin Pawar informed the Lok Sabha Friday. States like Punjab and Rajasthan are showing a decreasing trend of COVID-19 cases, she added in her written response to a question. "As on 28th July 2021, the trajectory of cases in the country after showing a resurgence from mid-February 2021, peaked in May 2021, is now registering a sustained and considerable decline," she said. Pawar said although health is a state subject, the Centre has provided required technical support and also aided states through logistics and finances to tackle the pandemic. A three-tier arrangement of dedicated COVID-19 health facilities -- COVID Care Center (CCC); Dedicated COVID Health Centre (DCHC) and Dedicated COVID Hospital (DCH) -- has been implemented in the country to reduce the risk of cross-infection as well as to maintain continuity of non-COVID essential health services, she said. The Centre has roped in tertiary care hospitals under other ministries to supplement the hospital facilities, she said, adding many large temporary treatment facilities were established by the DRDO to manage the surge in COVID-19 cases. The isolation bed capacity and ICU bed capacity were also enhanced continuously, she said. The daily liquid medical oxygen (LMO) supply was increased by the enhancement of LMO production in steel plants as well as in other LMO plants. Further, restrictions were also imposed on industrial use of oxygen, she said. In order to avoid the wastage of medical oxygen, guidelines on rational use of oxygen were issued on 25th September 2020, and further revised and disseminated to States on 25th April 2021, the reply stated. Also, to generate oxygen at the health facility level, PSA plants are being established in each district hospitals to reduce the burden on the medical oxygen supply grid across the country, she added. Further, to fast-track the availability of medical oxygen in rural and peri-urban areas, more than 39,000 oxygen concentrators have been allocated to various states, she said. State drugs controllers have been requested to verify the stock of the drugs and check other malpractices and take effective steps to curb hoarding and black-marketing of Remdesivir, the reply said. Under the National COVID Vaccination Program, the Centre is procuring vaccines and providing them free of cost to states and UTs, she said, adding as on July 25, a total of about 44.91 crore doses have been supplied to states and UTs from all sources. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Macrotech Developers posts ?160.75 crore profit in June quarter

30 Jul, 2021, 07:40PM | Livemint

Bengaluru: Macrotech Developers Ltd, which operates under the ‘Lodha’ brand, posted a net profit of ₹160.75 crore in the June-ended quarter, compared to a net loss of ₹133.43 crore in the corresponding year-ago quarter, when the nationwide lockdown due to the pandemic impacted construction and sales. Its revenue grew more than three-fold to ₹1712.36 crore compared to ₹572.53 crore during the same period. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn The Mumbai-based developer said that while the second wave of covid-19 did leave an impact in April and May, June saw a quick turnaround. It reported sales of ₹650 crore in June alone even when restrictions were not completely lifted in Mumbai Metropolitan Region (MMR). “…We are on a disciplined growth path with expansion across MMR and Pune region. There are significant growth opportunities in these markets for us given our strong brand and track record of delivering quality product. We believe that housing is at the start of a multi-year bull run which will see growth in prices as well as volume. We remain committed to ensuring that every Indian can have a high-quality home to enable their families to fulfill their potential," said Abhishek Lodha, MD and CEO, Macrotech Developers. The real estate firm reduced its net debt by ₹3600 crore during the April-June quarter. Lodha said the company is focused on “housing and digital infrastructure (warehousing, data centres, and industrial parks) and both these asset classes are benefitting significantly from the macro trends in our economy." During the quarter, Macrotech expanded its residential portfolio in MMR and Pune with four joint development agreements (JDA) with a combined area of 3.3 million sq ft and an estimated sales value of ₹3500 crore. “We see digital infrastructure as a huge opportunity. Number of ongoing discussions around our digital infrastructure park at Palava strengthens our belief in this space," Lodha added. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Earlier this week, Macrotech said it has signed an agreement to sell 22.3 acres in Palava Industrial and Logistics Park near Mumbai, to third-party logistics (3PL) provider Flyjac Logistics, a subsidiary of Japanese firm Hitachi Transport System Group. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Core sector output rises 8.9% YoY in June, sequential growth 1.1%

30 Jul, 2021, 07:38PM | Business Standards

The output of the eight-industry core sector grew 8.9 per cent year-on-year in June, as the impact of a low base continued to linger, data released by the commerce and industry ministry showed. However, the impact of a low base fell substantially in June as compared to April and May, when the growth was 60.9 per cent and 16.3 per cent, respectively. In June 2020, the core sector output contracted 12.4 per cent due to the restrictions imposed across the country to control the spread of Covid-19. On a sequential basis, the core sector output, captured by the index of eight core industries (ICI), grew 1.1 per cent, even as several states across the country kickstarted the unlock process, after the imposition of localised lockdown to curb the second wave of the pandemic. Besides, the ICI continued to remain below April's level. “While the core index rose in MoM terms in June 2021, it remained below the April 2021 level, particularly on account of cement, electricity and petroleum products, consistent with the picture of an incomplete recovery revealed by various other high frequency indicators. Moreover, the core sector index in June 2021 was a moderate 4.7% lower than the pre-covid level of June 2019, on account of all the components except fertilisers and natural gas,” Aditi Nayar, Chief Economist at ICRA said. During April-June, the core sector output grew 25.3per cent as compared to the same period a year ago, data showed. “For Q1 FY2022 as a whole, the core sector recorded a base-effect led YoY expansion of 25%, while remaining 4.5% lower than the pre-Covid level of Q1 FY2020, reflecting the impact of the second wave of Covid-19 on economic activity,” Nayar said. The eight sectors--coal, steel, cement, fertilizers, electricity, natural gas, refinery products, and crude oil--comprising nearly two-fifths of India's total industrial production. Out of the eight sectors, barring crude oil, all sectors registered positive growth in June as compared to a year ago period. Production of coal, natural gas, refinery, fertilizer, steel, electricity and cement witnessed 7.4 per cent, 20.6 per cent, 2 per cent, 25 per cent, 7.2 per cent and 4.3 per cent respectively in June as compared to last year. Crude oil production contracted 1.8 percent, following the same trend over a year now, “Growth in steel at 25% and cement at 4.3% should be juxtaposed with the fiscal numbers of the government where the capex spending was slightly lower in terms of proportion of budgeted number this year,” Madan Sabnavis, chief economist at CARE Ratings said.

Tata Motors lost 91 people to Covid, 'will do everything' to help their families: N Chandrasekaran

30 Jul, 2021, 07:34PM | Livemint

Tata Motors lost 91 people from its ecosystem to Covid-19, informed Chairman N Chandrasekaran during the virtual annual general meeting on Friday. The company "will do everything" in its power the families of employees who succumbed to the virus, he added. "For our company, Tata Motors, it was a very difficult year. Our immediate focus during the year was the safety and well-being of our employees and our ecosystem partners. Despite our best efforts, we lost 91 people in this fight. Our heartfelt condolences to their families and loved ones," Chandrasekaran said while talking to the shareholders. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Chandrasekaran assured that the company "will do everything" it can to support the families of the deceased. Talking about the impact of the pandemic, the Tata Motors' Chairman said that crisis has hampered consumer demand as well as supply chain and retail networks. "To address this crisis, we put in place a comprehensive business continuity plan. Our agile and ecosystem-centric ways of working helped us to absorb the initial shock of total lockdowns," Chandrasekaran added. He noted that as the demand started coming back, Tata Motors "shifted gears to significantly scale up capacities and move fast to serve customer demand and thereby ending the year on a much stronger note." Even after facing the difficulties of the last fiscal year, which "has been amongst the most challenging to date", Tata Motors is well on the way to become a zero-debt company. "The company declared a goal to become a zero debt company by FY24. Last year with internal cash flows and tight management were able to reduce the debt by over ₹7,500 crore. And we are very much on our path and stay committed to meet our target of FY24," Chandrasekaran told shareholders. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff In the quarter ended June 31, 2021, Tata Motors reported net automotive debt of ₹61,286 crore. Chandrasekaran said the company's three fundamental strong businesses - India passenger vehicles, commercial vehicles, and JLR - although run independently, have drawn synergies wherever possible by facilitating strong collaboration. The businesses have achieved a lot of efficiency through various transformation initiatives in such a way that the breakeven volumes have come down in each of these businesses, he said. "So we believe the company is well poised to capture and deliver very strong financial performance as the volumes pick up in each one of these individual segments as the demand picks up in the commercial vehicles, and the supply side issues get resolved in the passenger car businesses and JLR businesses in addition to additional pickup in demand," he added. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!! Topics

Easing curbs, non-adherence to Covid norms behind surge in infections: Govt

30 Jul, 2021, 07:32PM | Business Standards

Easing of lockdown combined with pandemic fatigue, lack of community adherence to Covid-appropriate behavior, and circulation of more transmissible variants of SARS-CoV-2 can be attributed to the surge in new cases in some states and union territories, the Lok Sabha was informed on Friday. In a written reply, Minister of State for Health Bharati Pravin Pawar said, according to the WHO, there is some evidence to indicate higher transmissibility for cases infected with variants of SARS-CoV-2 like Delta and Delta plus. "The ministry of health after expert deliberations has concluded that the existing clinical management protocol for managing COVID-19 cases suffices for treatment of cases infected with variants of COVID-19 and doesn't warrant any change, Pawar said. "Easing of lockdown combined with pandemic fatigue, lack of community adherence to COVID appropriate behavior and evolution and circulation of more transmissible variants of SARS-CoV-2 viruses can be attributed for the surge in Coronavirus cases in some states and UTs," the minister said. Pawar was responding to a question on whether new strains like Delta plus and Lambda are more infectious and the reasons for the recent surge in coronavirus cases in some states and UTs including Kerala, Arunachal Pradesh, Tripura, Odisha, Chhattisgarh and Manipur. Elaborating on the steps taken by the government for urgent control and containment measures of the disease, Pawar said, although health is a state subject, the Union government has provided the required technical support and also provided logistic and financial support to the states to further strengthen the existing health infrastructure to tackle the COVID-19 pandemic. A three-tier arrangement of dedicated COVID-19 health facilities [(i) COVID Care Center (CCC); (ii) Dedicated Covid Health Centre (DCHC) and (iii) Dedicated COVID Hospital (DCH)] has been implemented in the country to reduce the risk of cross infection to non-COVID patients as well as to maintain continuity of non-COVID essential health services in the country, Pawar said. The central government has roped in tertiary care hospitals under other ministries to supplement the hospital facilities. Further, many large temporary treatment facilities were established by the DRDO to manage the surge in COVID-19 cases in the country, the minister said. The isolation bed capacity and ICU bed capacity was also enhanced continuously, Pawar said. The daily liquid medical oxygen (LMO) supply was increased by enhancement of LMO production in steel as well as other plants. Further, restrictions were also imposed on industrial use of oxygen, the minister said. Online digital solutions like Oxygen Demand Aggregation system (ODAS) and Oxygen Digital Tracking System (ODTS) have been developed to ascertain the demand for medical oxygen from all medical facilities and to track their transportation, Pawar said. To avoid wastage of medical oxygen, guidelines on rational use of the life-saving gas were issued on September 25, 2020, and further revised and disseminated to states on April 25, 2021, the reply stated. To generate oxygen at the health facility level, PSA plants are being established in each district hospital to reduce the burden on the medical oxygen supply grid across the country. To fast-track the availability of medical oxygen in rural and peri-urban areas, more than 39,000 oxygen concentrators have been allocated to various states, Pawar said. A Covid Drugs Management Cell (CDMC) has been set up in the Department of Pharmaceuticals (DoP) to oversee the management of smooth supply of drugs used in COVID-19 management, the minister said. Action is initiated at the national level to augment production of critical drugs including import besides support in terms of equitable distribution of the critical supplies, Pawar said. All the states and UTs and state drugs controllers have been requested to verify stock of drugs and check other malpractices and take effective steps to curb hoarding and black marketing of Remdesivir, a key medicine in COVID-19 treatment. Under the National Covid Vaccination Programme, the Union government is procuring vaccines and providing them free of cost to states and UTs. As on July 25, a total of about 44.91 crore doses have been supplied to the states and UTs from all sources. The Union government has provided financial support to the states and UTs for ramping up health infrastructure and all aspects of management of COVID-19. Providing details of the efficacy of the vaccine available in the country in fighting the existing and new strains of coronavirus, the minister said, the ICMR-NIV has conducted in-vitro laboratory assays to determine the neutralisation potential of variant strains of SARS-CoV-2 in comparison to the standard strain with D614G mutation. Similar studies have also been done by other laboratories across the world. As far as data of in-vitro laboratory neutralisation assays is concerned, in case of Alpha variant, the baseline titers of neutralising antibodies are high in both Covishield and Covaxin. In case of the Delta variant, the baseline titres of neutralising antibodies are very high in Covishield and significantly high in Covaxin. These are sufficient to neutralise the delta variant strain, the reply stated. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Rolex Rings IPO subscribed 130.44 times on final day

30 Jul, 2021, 07:23PM | Livemint

Mumbai: The ₹731 crore initial public offering (IPO) of auto-components manufacturer Rolex Rings received an overwhelming response from all the categories of investors. The issue was subscribed 130.43 times on the final day. The offer received bids for over 741.5 million equity shares against the total issue size of 5.69 million equity shares, according to the exchanges showed. MORE FROM THIS SECTIONSee All Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Premium Premium SpiceJet to add 16 new flights from August Qualified institutional buyers (QIBs) portion was subscribed 143.58 times, while those of non-institutional investors were subscribed 360.11 times and that of retail individual investors (RIIs) was subscribed 24.48 times. The issue comprised a fresh issue of shares worth ₹56 crore and an offer for sale of shares worth ₹675 crore by Rivendell PE LLC. The price band for the offer was set at ₹880-900 apiece. From the share sale, the company will only get ₹56 crore, which will be used for funding long-term working capital requirements and general corporate purposes, the company said. The company manufactures hot rolled forged and machine bearing rings and automotive components that are used across vehicle segments and other segments namely industrial machinery, wind turbines and railways. Anand Rathi in an IPO note said “At the Upper end, the company is offered at a price to equity of 28.2 times on basis of its FY21 Earnings attributable to Post Issue Equity Share demanding a Market Cap of ₹24,510 million. The company has a comprehensive product portfolio, manufacturing capabilities which offer scale, flexibility and locational advantage, strong management team and the company reported return on net worth (RoNW) of 24.38% in FY21". Rolex Rings supplies bearing rings and automotive components to over 60 customers in 17 countries primarily located in India, USA, and Thailand and European countries. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Amazon hit with $886 million EU data privacy fine

30 Jul, 2021, 07:13PM | Livemint

Amazon.com Inc has been hit with an $886.6 million (746 million euro) European Union fine for processing personal data in violation of the EU's General Data Protection Regulation (GDPR), the e-commerce giant said on Friday. The Luxembourg National Commission for Data Protection (CNPD) imposed the fine on Amazon Europe Core in a July 16 decision, the company disclosed in a regulatory filing. MORE FROM THIS SECTIONSee All Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Premium Premium SpiceJet to add 16 new flights from August "We believe the CNPD's decision to be without merit and intend to defend ourselves vigorously in this matter," Amazon said in the filing. GDPR requires companies to seek people's consent before using their personal data or face steep fines. The Wall Street Journal had reported in June that the company could be fined more than $425 million under the European Union's privacy law, citing people familiar with the matter. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Vedanta seeks to run oxygen plant at Tuticorin beyond July, SC hearing next week

30 Jul, 2021, 07:07PM | Livemint

The Supreme Court will next week hear the petition by Vedanta, seeking to operate the oxygen plant at Tuticorin beyond 31 the July deadline. Advocate Harish Salve, appearing for Vedanta, said that the court had allowed the oxygen plant to run from 27 April till 31 July in view of the oxygen crisis during the second wave of Covid-19. MORE FROM THIS SECTIONSee All Premium Premium 'This is like a nightmare': Thousands displaced as floo .... Premium Premium Gujarat: Hospital under scanner after video showing ant .... Premium Premium Chinese firm eyeing US listings must file more disclosu .... Premium Premium Param Bir Singh, six other police officers booked for a .... “We would like to continue operating the plant," he said, adding that an application has been filed for it. Representing the Tamil Nadu government, senior advocate Kapil Sibal said that the state opposes the petition because it now has enough supply of life-saving gas. He told the bench that he does not have the application filed by Vedanta in the matter. A bench of Justices DY Chandrachud and MR Shah asked Salve to serve the copy of the application to Sibal and directed for the listing of the matter next week. Approval for plant On 27 April, the top court had allowed Vedanta to operate its closed oxygen plant at Tuticorin, saying the order has been passed in view of “national need" for oxygen and there should be no “political bickering" over the generation of the gas by the company as the country is facing a “national crisis". TRENDING STORIESSee All Premium India bans all international flights till August 31. De .... Premium Karnataka govt directs additional Covid curbs for Benga .... Premium NMC to conduct National Exit Test in first half of 2023 Premium UPSC releases final result of IES, ISS examination 2020 .... The apex court made it clear that Vedanta shall not be allowed to enter and operate its copper smelting plant under the garb of this order and that permission to operate an oxygen plant would not create any equity in the company's favour. It had directed the state government to form an oversight committee to oversee the functioning of the plant which would include District Collector and Superintendent of Police (SP) of Tuticorin, District Environmental Engineer, Sub-Collector Tuticorin and two government officials. The court had said the order allowing Vedanta to operate its oxygen plant would be in operation till 31 July after that it will assess the ground situation of the Covid-19 pandemic. On 23 April, the top court had said people are dying due to lack of oxygen, and questioned the Tamil Nadu government on why it can't take over Vedanta's Sterlite copper unit at Tuticorin, closed since May 2018 over pollution concerns, for producing oxygen to treat Covid-19 patients. It was hearing Vedanta's plea seeking opening of its Sterlite copper unit at Tuticorin on the ground that it would produce thousand tonnes of oxygen and give it free of cost to treat patients. Sterlite plant The apex court on 2 December 2020 had rejected the plea of Vedanta that it be permitted to inspect its Sterlite copper plant and to operate it for a month to assess the pollution level. Vedanta had sought handing over of the plant for three months saying it requires two months to start the unit and the company should be allowed to run it for four weeks to ascertain whether its polluting or not. Vedanta, in August last year, moved the apex court challenging the Madras High Court order refusing it to allow the reopening of the Tuticorin plant. The high court had upheld the orders of Tamil Nadu Pollution Control Board (TNPCB) directing closure of the unit in May 2018. Vedanta had approached the high court in February 2019, seeking to reopen the Sterlite plant which was closed following an order of May 2018 issued by the TNPCB in the backdrop of violent protests against the unit which left 13 people dead in police firing on 21 and 22 May. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Vedanta starts winding-off operations at oxygen plant in Tuticorin

30 Jul, 2021, 06:59PM | Business Standards

Vedanta Ltd on Friday said its oxygen plant at its copper smelting unit, Sterlite Copper, in Tamil Nadu's Thoothukodi will start winding-off of operations. According to Vedanta, the start of winding-off operations on Friday is done to allow enough time for the defrosting process before the date indicated by the Supreme Court. "Our application for extension of the facility for a period of 6 months, is listed to be heard by the Hon'ble Supreme Court on August 6, 2021," it said. As per the apex court's order on April 27, 2021, Vedanta has completed the three month duration granted by the court to operate the oxygen plant until July 31, 2021. The company said, till date it has supplied 2,132 tons of medical grade oxygen and has a stock of 134 ton liquid medical oxygen. The company said it is optimistic of further orders from the Supreme Court on resuming production. "We have also requested the state government to allow us 2 MW of power supply, which will be used to keep the oxygen plant in standby condition and will also be essential in dispatching the stock of oxygen remaining at our plant," Vedanta said. The Tamil Nadu government had ordered the closure of the copper smelter plant in 2018 following a violent protest that led to the death of 13 persons in police firing. The Supreme Court had allowed the company to operate its oxygen plant in April when the country faced shortage of oxygen while treating the Covid-19 patients. Sterlite Copper has 1,050 ton per day (tpd) oxygen production capacity of which 200 tpd will be liquid oxygen and the balance is in gaseous form. The 400,000 tonne Sterlite copper smelter plant has been operating in Thoothukodi for over 25 years with a cumulative investment of about Rs 3,000 crore but was closed after the violence and opposition by locals. --IANS vj/vd (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

State-owned BHEL first quarter loss narrows to Rs 448 crore

30 Jul, 2021, 06:56PM | Business Standards

State-owned BHEL on Friday reported narrowing of consolidated net loss to Rs 448.20 crore for June quarter 2021-22 mainly due to higher revenues. The company had reported a net loss of Rs 893.14 crore for the year-ago period, a BSE statement said. Total income in the quarter rose to Rs 2,966.77 crore from Rs 2,086.43 crore. The group's operations were impacted by the second wave of the pandemic and the recovery was seen in the latter part of the quarter, it said. Based on its assessment of the business/economic conditions as on date, the group expects to recover the carrying value of assets, and will continue to evaluate the pandemic-related uncertainty and update its assessment, it added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

SC to hear next week Vedanta's plea to continue operating Tuticorin plant

30 Jul, 2021, 06:54PM | Business Standards

The Supreme Court Friday agreed to hear next week Vedanta's plea seeking to continue operating its oxygen plant at Tuticorin beyond the July 31 deadline set by the top court. A bench of Justices D Y Chandrachud and M R Shah agreed to hear the matter next week after senior advocate Harish Salve, appearing for Vedanta, mentioned that the court had allowed the oxygen plant operations on April 27 till July 31 in view of oxygen crisis due to the COVID pandemic. We would like to continue operating the plant, he said, adding that an application has been filed for it. Senior advocate Kapil Sibal, appearing for Tamil Nadu government, said that he was opposing the petition as the state has enough supply of Oxygen. He told the bench that he does not have the application filed by Vedanta in the matter. The bench asked Salve to serve the copy of application to Sibal and directed for listing of the matter next week. On April 27, the top court had allowed Vedanta to operate its closed oxygen plant at Tuticorin, saying the order has been passed in view of national need for oxygen and there should be no political bickering over the generation of the gas by the company as the country is facing a national crisis. The apex court made it clear that Vedanta shall not be allowed to enter and operate its copper smelting plant under the garb of this order and that permission to operate an oxygen plant would not create any equity in the company's favour. It had directed the state government to form an oversight committee to oversee the functioning of the plant which would include District Collector and Superintendent of Police (SP) of Tuticorin, District Environmental Engineer, Sub-Collector Tuticorin and two government officials. The court had said the order allowing Vedanta to operate its oxygen plant would be in operation till July 31, 2021 after that it will assess the ground situation of the COVID-19 pandemic. On April 23, the top court had said people are dying due to lack of oxygen, and questioned the Tamil Nadu government on why it can't take over Vedanta's Sterlite copper unit at Tuticorin, closed since May 2018 over pollution concerns, for producing oxygen to treat COVID-19 patients. It was hearing Vedanta's plea seeking opening of its Sterlite copper unit at Tuticorin on the ground that it would produce thousand tonnes of oxygen and give it free of cost to treat patients. The apex court on December 2, 2020 had rejected the plea of Vedanta that it be permitted to inspect its Sterlite copper plant and to operate it for a month to assess the pollution level. Vedanta had sought handing over of the plant for three months saying it requires two months to start the unit and the company should be allowed to run it for four weeks to ascertain whether its polluting or not. Vedanta, in August last year, moved the apex court challenging the Madras High Court order refusing it to allow reopening of the Tuticorin plant. The high court had upheld the orders of Tamil Nadu Pollution Control Board (TNPCB) directing closure of the unit in May 2018. Vedanta had approached the high court in February 2019, seeking to reopen Sterlite plant which was closed following an order of May, 2018 issued by the TNPCB in the backdrop of violent protests against the unit which left 13 people dead in police firing on May 21 and 22. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Fortification of PDS rice to stem nutrient deficiency unnecessary: paper

30 Jul, 2021, 06:49PM | Business Standards

As the Centre looks to expand its programme on the fortification of rice distributed through the Public Distribution System (PDS) to address chronic anemia and micro-nutrient deficiency, around 18 experts in a recent paper have argued that programme ignores the central role of balanced and diverse diet in addressing a variety of nutritional problems of India. Advocating extreme caution while going ahead with the programme, the authors said that the new nutrient recommendations of the Indian Council of Medical Research and National Institute of Nutrition (NIN) show that a diverse natural diet is adequate to meet the normal micronutrient need of the population. “Therefore, fortification of rice with iron without diversifying the diet will make very little difference, if at all,” the paper said. The paper titled, ‘When the cure might become the malady: The layering of multiple interventions with mandatory micronutrient fortification of foods in India”, was published in the American Journal of Clinical Nutrition on July 28, 2021. The Centre in a recent reply in Parliament had said that it is running a pilot scheme on fortification of rice and its distribution through the PDS for a period of 3 years starting from 2019-20 with a total outlay of Rs 174.64 crore. The pilot focuses on 15 districts across 15 states, preferably 1 district per and so far six states namely Andhra Pradesh, Gujarat, Maharashtra, Tamil Nadu, Chhattisgarh and Uttar Pradesh have started distribution of fortified rice under the Pilot Scheme in their selected districts. The Centre in the reply also said that FCI which is responsible for procurement and supply of fortified rice for ICDS and mid-day meal programmes has so procured 0.66 million tonnes of fortified rice. Meanwhile, Professor H P S Sachdev, one of the key authors of the paper in a statement said that fortification expenditure of only the rice delivered through the social safety networks will cost the public exchequer about Rs 2600 Crores annually, which in the backdrop of the already ongoing public health initiatives of iron supplementation, this represents an avoidable and wasteful expenditure with no palpable benefits, but on the contrary the risk of potential harm. On the prevalence of chronic anemia, which has been elaborated as one of the main reason for the fortification programme, Dr Anura Kurpad, the lead author of the paper said that it is magnified because of the use of inappropriate haemoglobin cut-offs to diagnose the malady in children and pregnant women. "It creates an ongoing perception of a stagnant or worsening anemia prevalence, however, it does not reflect the true nutritional status of a population," Kurpad said in the statement.

APEDA trains start-ups to boost agri exports from Rajasthan

30 Jul, 2021, 06:23PM | Livemint

NEW DELHI: In a bid to give a fillip to the start-up ecosystem for promotion of agricultural product exports, Agricultural and Processed Food Products Export Development Authority (APEDA) in association with Agriculture University, Jodhpur, Rajasthan organized a programme where more than 430 farmers, students, traders and other stakeholders participated. “The orientation programme for start-ups in agri-export was aimed at creating awareness among farmers and agriculture students in the western region of Rajasthan on agri-exports. The focus of the programme was to urge the Rajasthan government to adopt ‘agriculture export’ as a business opportunity for boosting livelihood and farmers’ income," the commerce ministry said in a statement. MORE FROM THIS SECTIONSee All Premium Premium OMERS to buy 19.36% in Azure Power Global Premium Premium Marico’s June qtr profit falls 6% to ₹365 crore Premium Premium Jeff Bezos loses $13.5 billion after Amazon disappointment Premium Premium Macrotech Developers posts ₹160.75 crore profit in Jun .... The aim of the programme was to support the farmers, agriculture students and other stakeholders in the export-oriented supply chain that generates rural employment. During the programme, APEDA officials explained issues around agricultural exports and challenges in the export-oriented agri supply chain. They also explained various government initiatives on agriculture exports such as financial assistance schemes, risk management in agriculture export, RBI guidelines, pesticides issues, digital traceability among others. The agriculture department of Rajasthan, Agricultural University, Jodhpur and other state government officials discussed the agriculture export potential from the west zone of Rajasthan especially in crops such as barley, caster, legums, mustard, pomegranate, dates, etc. The programme also discussed the export potential of commercial crops including capparis decidua, (locally called karira or kerda), acacia senegal (kummat), prosopis cenararia (sangari). The export potential of cumin, isabgol, pomegranate, anise seeds, caster, guargam, hina was discussed. The programme emphasized the need for automation, mechanization in agriculture for achieving quality production, which would enhance competitiveness in the international market. APEDA has been focusing on a collaborative approach to bring synergy with a number of organizations and institutions having inherent professional and specialized expertise in different areas for capacity building of various stakeholders, providing solutions for addressing some of the identified interventions for the development of agriculture and its export enhancement in consonance with the objectives set under Agri Export Policy (AEP) announced by the government of India in 2018. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff APEDA has been engaged with state governments for the implementation of AEP. The States of Maharashtra, U.P., Kerala, Nagaland, Tamil Nadu, Assam, Punjab, Karnataka, Gujarat, Rajasthan, Andhra Pradesh, Telangana, Manipur, Sikkim, Uttarakhand and M.P. have finalized the State-specific Action Plan for exports while the action plans of other states are at different stages of finalization. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Rakesh Jhunjhunwala's new ultra-low-cost airline may give Boeing chance to rise up again

30 Jul, 2021, 06:17PM | Livemint

Indian billionaire Rakesh Jhunjhunwala's plan to launch an ultra low-cost airline could give planemaker Boeing a chance to regain lost ground in India after the fall of one of its biggest customers, Jet Airways, two years ago, industry executives say. Jhunjhunwala, known as India's Warren Buffett for his successful stock investments, plans to team up with former CEOs of IndiGo, the country's biggest carrier, and Jet Airways to tap into demand for domestic air travel. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn While plans to launch Akasa Air come at a time when India's aviation industry is reeling from the impact of the pandemic, with airlines losing billions of dollars, the sector's long-term prospect makes it a hot market for planemakers Boeing and Airbus. "There will be a big fight between Airbus and Boeing," said Nitin Sarin, managing partner at law firm Sarin & Co, which advises lessors and airlines. "For Boeing this is a great opportunity to step in and up their game, considering they don't have any other major operator for their 737 aircraft in India apart from SpiceJet," Sarin said, referring to Boeing's narrowbody aircraft. Boeing did not comment on Akasa's plans, but in a statement to Reuters said it always sought opportunities and talks with current and potential customers about how it can best support their fleet and operational needs. Details of the venture, including any decision on plane orders, have not been formally disclosed, but Jhunjhunwala told Bloomberg he plans to have a 40% stake in Akasa, which will have 70 aircraft of up to 180 seats within four years. Jhunjhunwala, valued at $4.6 billion by Forbes, did not respond to an interview request. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Indian skies are dominated by low-cost carriers (LCCs) including IndiGo, SpiceJet, GoFirst and AirAsia India, with the majority of them operating a fleet of Airbus' narrowbody planes. Boeing dominates India's widebody market of 51 planes but fare wars and high costs have led to casualties among full-service carriers, including Kingfisher Airlines in 2012 and Jet in 2019, making LCCs and Airbus even more dominant. Boeing's share of India's 570 narrowbody planes fell to 18% after Jet's demise from 35% in 2018, data from consultancy CAPA India shows. Jet was recently rescued from bankruptcy and is expected to fly again. Indian carriers have over 900 planes on order of which 185 are Boeing 737 aircraft and 710 are Airbus, which counts IndiGo as one of its biggest customers globally. "If you have to lease an aircraft there is an abundance and lessors would be happy to provide competitive rates, even better than pre-COVID times," Sarin said. He, however, warned that India is still a difficult place to do business, with regulatory hurdles and expensive and under-developed airports making LCCs less efficient than in overseas markets. Even as Akasa faces tough competition in a battered, post-COVID market which has pushed airlines to renegotiate terms with lessors and vendors, raise fresh funds and trim costs, starting with a clean slate and good capital will give it an advantage. Akasa's other co-founders are Aditya Ghosh, who spent a decade with IndiGo and was credited with its early success, and Vinay Dube, former CEO of Jet who has also worked with Delta. "It will be a long haul and the new airline will be very severely tested but the capitalisation and the start team gives confidence that it is possible for them to be successful," CAPA India head Kapil Kaul said. This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

5 things to know before the stock market opens Friday

30 Jul, 2021, 06:12PM | CNBC

In this articleDOW Here are the most important news, trends and analysis that investors need to start their trading day:Stocks to open lower, but July still tracking for gainsFed's favorite inflation gauge slightly below estimatesMixed stock reactions from Dow companies' earningsAmazon posts another $100 billion quarter but still missesCDC expected to publish data behind new mask recommendations 1. Stocks to open lower, but July still tracking for gains Traders at the New York Stock Exchange, July 20, 2021.Source: NYSE Wall Street is set to open lower on the final trading day of July as investors got three Dow stock earnings reports and another reading on inflation to digest. Nasdaq futures were leading the way down Friday, with a decline of more than 1% as Amazon shares fell nearly 7% in the premarket after its first revenue miss in three years. The Dow Jones Industrial Average and S&P 500 hit all-time highs during Thursday's trading and broke two-day losing streaks. But they failed to top Monday's record closes. The Nasdaq advanced modestly, but still finished about 0.4% away from its latest record close on Monday. All three stock benchmarks were tracking for solid monthly gains. 2. Fed's favorite inflation gauge slightly below estimates A child passes by the Marriner S. Eccles Federal Reserve Board Building on Constitution Avenue, NW, on Monday, April 26, 2021.Tom Williams | CQ-Roll Call, Inc. | Getty Images The Federal Reserve's favorite inflation gauge came in slightly below expectations for June. The Commerce Department's latest core personal consumption expenditures price index rose 3.5% on a year-over-year basis, up slightly from May's advance, which was the fastest pace since the early 1990s. At the conclusion of its July meeting on Wednesday, the Fed noted "progress" on inflation and employment goals, which was seen as a signal that changes to easy-money policies, particularly monthly bond buying, could be on the way. Central bankers made no adjustments to asset purchases and near-zero interest rates. 3. Mixed stock reactions from Dow companies' earnings Gas prices nearing $5.00 a gallon are displayed at Chevron and Shell stations on July 12, 2021 in San Francisco, California.Justin Sullivan | Getty Images Dow stock Chevron just reported a second straight profitable quarter as improving demand for petroleum products and a jump in oil prices boosted operations. The company also reinstated its share repurchase program. The oil giant earned an adjusted $1.71 per share on $37.6 billion in revenue, both topping estimates. Shares rose about 1.5% in the premarket. Exxon, no longer a Dow stock, also beat estimates with earnings and revenue. Shares rose in the premarket. Caterpillar Inc. excavators are displayed for sale at the Whayne Supply Co. dealership in Louisville, Kentucky, U.S., on Monday, Jan. 27, 2020.Luke Sharrett | Bloomberg | Getty Images Caterpillar, another Dow component, dropped nearly 2.5% in Friday's premarket, despite the heavy equipment maker saying it earned an adjusted $2.60 per share on nearly $12.9 billion in revenue. The industrial bellwether has been benefiting from higher infrastructure spending around the globe. Bottles of Tide detergent, a Procter & Gamble product, are displayed for sale in a pharmacy on July 30, 2020 in Los Angeles, California.Mario Tama | Getty Images Procter & Gamble on Friday topped estimates with quarterly earnings and revenue as consumers bought more premium health and personal care products. The Dow stock rose 1% in the premarket. P&G reported a per-share profit of $1.13 on almost $19 billion in revenue. However, the company warned that increasing commodity costs could hit its earnings in the upcoming year. 4. Amazon posts another $100 billion quarter but still misses Boxes move along a conveyor belt at an Amazon fulfillment center on Prime Day in Raleigh, North Carolina, U.S., on Monday, June 21, 2021.Rachel Jessen | Bloomberg | Getty Images Amazon said second-quarter revenue grew by 27% year over year to more than $113 billion, the third $100 billion quarter in a row but actually a slower pace of growth from the blistering 41% advance in the year-ago period. The e-commerce and cloud giant reported Q2 earnings per-share of $15.12, which exceeded expectations. Looking ahead, Amazon warned about lower sales numbers and a lower growth rate for the third quarter. The guidance echoed similar warnings from Facebook and Apple, which said this week that revenue growth rates would decelerate from pandemic highs. 5. CDC expected to publish data behind new mask recommendations U.S. President Joe Biden and Vice President Kamala Harris receive an update on the fight against the coronavirus disease (COVID-19) pandemic as they visit the Centers for Disease Control and Prevention (CDC) in Atlanta, Georgia, March 19, 2021.Carlos Barria | Reuters Unpublished CDC data that was the basis for the decision to recommend that fully vaccinated people begin wearing masks indoors again in places with high Covid transmission rates is expected to be released Friday, according to The Washington Post. The internal CDC document, obtained by the Post, reveals that the delta variant is as contagious as chickenpox. It also shows vaccinated people who get infected by delta can spread it just as easily as unvaccinated people. Members of Congress were briefed on the CDC data by Director Rochelle Walensky on Thursday, the Post reported.â Reuters contributed to this report. Follow all the market action like a pro on CNBC Pro. Get the latest on the pandemic with CNBC's coronavirus coverage.

India, China to hold 12th round of military-level talks on Saturday

30 Jul, 2021, 06:05PM | Business Standards

India and China will hold the 12th round of Corps Commander-level talks at Moldo on the Chinese side of the Line of Actual Control (LAC) on Saturday to iron out an agreement for the next phase of disengagement in Eastern Ladakh. "The talks will begin at 10.30 am," said a military source. The latest round of talks will take place after a gap of three months. Indian military delegates will meet their counterparts to discuss disengagement of troops at the friction areas such as the Hot Springs, Gogra and the Depsang plains spread over 900 sq km land. While the build-up in Depsang was not considered as part of the current standoff that started in May last year since the escalations here took place in 2013, India has insisted during the recent military commander-level meetings to resolve all the issues along the LAC. "The initial attempt will be to resolve the issues in Gogra and Hot Springs. Finding a solution to Depsang might be tricky and take longer time," said an officer. In April, during the 11th round of Corps Commander-level talks, the focus was on disengagement at the friction points of Gogra, Hot Springs and Depsang. On February 20, the two sides had held the 10th round of military dialogue to de-escalate tension along Line of Actual Control. China has been enhancing military infrastructure across the LAC for some time now. Looking at it, India has changed its posture towards China, and unlike its previous defensive approach that placed a premium on fending on Chinese aggression, India is now catering military options to strike back and has reoriented its forces accordingly. India has reoriented around 50,000 troops whose main focus is on the disputed borders with China. The reorientation comes at a time when China is refurbishing its existing air-fields in the Tibetan Plateau that will allow twin-engine fighter aircraft to be stationed, sources said. In addition, China has also also brought troops from the Tibet military region to the Xinjiang region. The Chinese side is also rapidly building infrastructure in the Tibetan Plateau. --IANS sk/arm (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Takeda, Frazier Healthcare to launch biopharma company for norovirus vaccine

30 Jul, 2021, 06:00PM | Livemint

New Delhi: Takeda Pharmaceutical Company Limited and Frazier Healthcare Partners (Frazier) on Friday announced a collaboration to launch HilleVax, Inc, a biopharmaceutical company to develop and commercialize Takeda’s norovirus vaccine candidate. Takeda has granted licence to HilleVax for the exclusive development and commercialization rights to its norovirus vaccine candidate, HIL-214 (formerly TAK-214), worldwide outside of Japan. Takeda will retain commercialization rights in Japan and HilleVax will integrate certain Japan development activities into its global development. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn This collaboration allows Takeda to focus primarily on dengue, covid-19, pandemic influenza and Zika, Takeda said in a statement. HIL-214, which is a virus-like particle (VLP) based vaccine candidate, completed a randomized, placebo-controlled Phase 2b field efficacy study in 4,712 adult subjects in which HIL-214 was well-tolerated and demonstrated clinical proof of concept in preventing moderate-to-severe cases of acute gastroenteritis from norovirus infection. To date, the candidate has been studied in nine human clinical trials with safety data from over 4,500 subjects and immunogenicity data from over 2,000 subjects. "With a third of the global population in India, there is a higher level of risk to people from viruses and infectious diseases. Today there is sufficient proof and data that vaccinations have contributed to a decrease in infectious diseases and associated mortality rates. This partnership announcement between Takeda and Frazier Healthcare Partners will allow Takeda to continue developing innovative treatments for high-risk and high-burden diseases prevalent in India, such as dengue and Zika virus while alleviating some of the immense pressures on public healthcare institutions across the country due to the ongoing covid-19 global pandemic," Simon Gallagher, Interim General Manager of Takeda India said. Norovirus is a common intestinal infection marked by diarrhea, vomiting, abdominal cramps, nausea and sometimes fever that may lead to clinically significant dehydration.2 Norovirus is recognized as the leading cause of acute gastroenteritis across the age spectrum.3 It is estimated that norovirus causes nearly 700 million cases of illness and more than 200,000 deaths worldwide per year with significant additional economic and social burden.3 No vaccines are currently approved for norovirus infection, and HIL-214 continues to be the most advanced norovirus vaccine candidate in human clinical trials. “Takeda and Frazier have a history of successfully partnering together, and we are confident in HilleVax’s capabilities to progress HIL-214, the most advanced norovirus vaccine candidate in development with the potential to address the huge global burden of norovirus-associated acute gastroenteritis," said Rajeev Venkayya, M.D., President of the Global Vaccine Business Unit, Takeda. “This will allow Takeda to focus its efforts and resources on our dengue vaccine, which we have begun filing for licensure around the world, our pandemic programs, and our partnership with the US Government to develop a Zika vaccine." MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

India's core sector output in June grows 8.9% year-on-year: Govt

30 Jul, 2021, 05:37PM | Livemint

The output of eight core sectors grew by 8.9% in June, compared with 16.8% in the previous month, as the high base effect of 2020 began to fizzle out, the official data released by the industry department on Friday showed. India's infrastructure output, which comprises eight sectors including coal, crude oil and electricity and accounts for nearly 40% of industrial output, rose by 25.3% on year in the first quarter of the fiscal year beginning in April, the data showed. MORE FROM THIS SECTIONSee All Premium Premium Border dispute: India, China to hold 12th round of talk .... Premium Premium India-China to hold 12th round of military talks on Sat .... Premium Premium CBDT drops redundant rules, forms in a clean up of lega .... Premium Premium Serum Institute to work with CII to expand vaccination .... Refinery output and steel production eased from double digit growth last month while fertilizer production turned positive. Positive growth was seen in seven out of eight sectors with crude oil output continuing to remain in negative territory. Infrastructure growth for March was revised to 12.6% from an earlier estimate of 6.8%. The International Monetary Fund (IMF) has sharply scaled down India's economic growth projection by 300 basis points to 9.5% for the current fiscal from 12.5% estimated earlier in April. IMF said the downward revision is due to the "lack of access to vaccines", a possibility of renewed waves of Covid-19 and slow recovery in consumer confidence. “Growth prospects in India have been downgraded following the severe second Covid wave during March-May and expected slow recovery in confidence from that setback," IMF said in the latest edition of its flagship World Economic Outlook (WEO) report, released on Tuesday. TRENDING STORIESSee All Premium India bans all international flights till August 31. De .... Premium Zomato sold shares in IPO at only half their worth, acc .... Premium CBSE Class 12th Result 2021 declared: 99.37% pass, no m .... Premium Glenmark Life vs Rolex Rings IPO: GMP, subscription and .... Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

June eight core industries growth at 8.9%: Govt data

30 Jul, 2021, 05:34PM | Business Standards

The output of eight core sectors grew 8.9 per cent in June, mainly due to a low base effect and uptick in production of natural gas, steel, coal and electricity, official data showed on Friday. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 12.4 per cent in June 2020 due to the lockdown restrictions imposed to control the spread of coronavirus infections. In May this year, these key sectors had recorded a growth of 16.3 per cent, while it was 60.9 per cent in April. According to the commerce and industry ministry data, production of coal, natural gas, refinery products, steel, cement and electricity jumped by 7.4 per cent, 20.6 per cent, 2.4 per cent, 25 per cent, 4.3 per cent and 7.2 per cent, respectively, in June 2021, as against (-) 15.5 per cent, (-) 12 per cent, (-) 8.9 per cent, (-) 23.2 per cent, (-) 6.8 per cent and (-) 10 per cent in the same month last year. Crude oil output contracted by 1.8 per cent during the month under review as against a negative growth of 6 per cent in June 2020. Fertiliser segment recorded a growth of 2 per cent in June. During April-June period this fiscal, the eight sectors grew by 25.3 per cent against a contraction of 23.8 per cent in the same period last year. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Marico June quarter profit down 6%; domestic volumes jump 21%

30 Jul, 2021, 05:30PM | Livemint

New Delhi: Parachute hair oil maker Marico Ltd on Friday reported a 6% drop in June quarter profit to ₹365 crore as inflationary pressures over the last two quarters continued to impact profitability. The company, however, beat Street estimates on profits. The company's revenue from operations for the three months ended June 30 rose 31% to ₹2,525 crore. In the year-ago period, the company’s revenue from operations stood at ₹1,925 crore. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Estimates by 15 analysts pegged Marico’s consolidated revenues at ₹2,501.30 crore during the quarter with profit estimates at ₹362.60 crore. India operations reported underlying volume growth of 21%, albeit on a soft base and constant currency growth of 21% in the international business. Underlying volumes declined 14% in the year-ago period. The company said input costs remained high in the last two quarters, and pricing actions partially alleviated inflationary pressure. This impacted gross margins at the company. “Gross margin was down 759 bps year-on-year given the stark contrast in the cost of inputs consumed in the two quarters, as pricing interventions in the core portfolios’ could only partially alleviate the inflationary pressure, the company said. However, operating leverage benefits reduced the drop in EBITDA margin to 522 bps year-on-year, which stood at 19.0% in Q1FY22," the company said. EBITDA, or earnings before interest, taxes, depreciation, and amortization was up 3% at Rs481 crore. Analysts tracking the company said gross margins were a disappointment for the second consecutive quarter. “Marico sales were marginally ahead of our expectations but EBITDA was well below our estimates. Gross margins were a disappointment versus expectations—this is second consecutive quarter where both gross and EBITDA margins have disappointed versus expectations," said Abneesh Roy, executive director, institutional equities, Edelweiss Securities. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff The 31% sales growth was aided by price hikes as well as volume growth and a soft base, he said. Copra prices were down 13% sequentially in Q1, the company said. However, covid-19 led disruptions and major weather anomalies in key growing regions led to sustained inflation in global vegetable oil prices adversely impacting input costs. Marcio expects prices to be volatile in the short term. The company’s Saffola franchise comprising refined edible oils and foods, recorded a 24% volume growth and 60% growth in value terms. Saffola edible oils delivered low double-digit volume growth during the quarter. Meanwhile, Saffola foods grew by more than 100% in value terms during the quarter. In-home consumption of foods helped the company’s branded oats business report a 59% value growth in Q1FY22. Despite the restrictions in mobility—Marico’s core Parachute hair oil grew by 12% in volumes in Q1FY22. The Beardo franchise is on course to exit the year at a run rate of ₹100 crore, the company said. “Unlike the first wave, the pandemic affected deeper pockets of the country, but business was not as disrupted as in the last year given that supply chains were able to weather localized and staggered lockdowns and retail stores operated for certain number of hours during the day," it said. The company said rural growth moderated but is still outpacing urban. Marico will continue to prioritize “volume-driven growth" and franchise expansion in the medium term, said Saugata Gupta, the company’s MD and CEO. “The core portfolios continued to deliver good growth in the Indian business, while the new launches in foods are rapidly gaining scale. Each of international businesses also recovered well on a year-on-year basis, thereby reaffirming stable medium-term growth prospects," Gupta said. The company’s international business posted a broad-based recovery relative to the varying levels of impact in each of the markets in the base quarter. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Bandhan Bank Q1 results: Net profit slips 32% to ?373 cr as provisions grow

30 Jul, 2021, 05:17PM | Livemint

Private sector lender Bandhan Bank reported a 32.1 per cent decline on annual basis in its net profit for the quarter ended June 30, 2021 at ₹373.1 crore. The bank had posted a net profit of ₹549.8 crore in the year-ago period, it said in a regulatory filing on Friday. The decline in net profit came on the back of rise in provisions on bad loans, which grew by 62 per cent during the quarter under review. Provisions and contingencies (other than taxes) grew to ₹1,374.9 crore during June quarter this fiscal, compared to ₹849.1 crore in the corresponding quarter last fiscal. MORE FROM THIS SECTIONSee All Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Premium Premium SpiceJet to add 16 new flights from August "Bank have made accelerated provision on NPA accounts of ₹751 crore, resulting in PCR of 62 per cent as against 50 per cent in Q4 FY21. In addition to this, Bank is also carrying additional standard assets provision amounting to ₹323 crore and provision on restructured assets amounting to ₹529 crore," Bandhan Bank said in its filing. The bank reported a net interest income (NII), the difference between interest earned and interest expended, at ₹2,114.1 crore for Q1 FY22, up 16.7 per cent from ₹1,811.5 crore in Q1 FY21. Net interest margin increased to 8.5 per cent, against 8.2 per cent as on June 30, 2020. Operating Profit for the quarter increased by 18.1 per cent to ₹1,871.1 crore against ₹1,584.2 crore in the corresponding quarter of the previous year. Total advances, including on book, off book, TLTRO and PTC, grew by 8.1 per cent to ₹80,356.9 crore as on June 30, 2021 against ₹74,330.5 crore as on June 30, 2020. Total deposits in June quarter increased by 27.6 per cent to ₹77,335.5 crore, as compared to ₹60,610 crore in year-ago period. CASA ratio increased to 42.9 per cent in Q1 FY22 from 37.1 per cent in Q1 FY21. Capital Adequacy Ratio (CRAR) was at 24.8 per cent, lower compared to 26.5 per cent in Q1 FY21. Tier I capital ratio was at 23.8 per cent, while CRAR (including profit) was 25.3 per cent for the period under review. Gross non-performing assets, as on June 30, 2021, stood at ₹6,440.4 crore, or 8.2 per cent of gross advances. The bank had reported gross NPAs to the tune of ₹1,006.6 crore or 1.43 of gross advances as on June 30, 2020. Net NPAs also grew to ₹2,457.9 crore during June quarter from ₹335.8 crore crore in year-ago period. Net NPA ratio increased to 3.3 per cent from 0.5 per cent. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff "Typically, second half of the financial year is always better for the bank in terms of growth and collections. With easing of Covid second wave and upcoming festive season, we are confident of achieving better performance going forward," said Chandra Shekhar Ghosh, Managing Director and CEO of Bandhan Bank. On Friday, Bandhan Bank shares closed the day's trade at ₹291.30, down 1.25 points or 0.43 per cent. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Edtech startup SP Robotic Works raises $3 mn in Series A funding

30 Jul, 2021, 05:08PM | Livemint

Mumbai: SP Robotic Works, an artificial intelligence-based edutainment start-up, has raised $3 million in Series A funding led by Mount Judi India Growth Fund. The funding round also witnessed participation from BCCL, existing investors Indian Angel Network, and multiple renowned angel investors including Ajai Chowdhry (founder, HCL), Raman Roy (chairman and managing director - Quatrro). MORE FROM THIS SECTIONSee All Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Premium Premium SpiceJet to add 16 new flights from August The proceeds from funds raised will be used to strengthen and amplify its user base and expand the product portfolio. With this round, SP Robotic Works' total funding through seed, angel and Series A funding stands at $4 million. “SP Robotic Works believes in building a scalable and highly qualitative platform that can enable practical learning of concepts in a fun way. As a means to scale with quality, we developed SPARKY which today teaches all our customers in a personalized manner – a best teacher for every student. The aim is to encourage children to develop a liking for the practical aspect of concepts that will enable a boost in their cognitive, problem solving and logical thinking skills. The funding will help us to further take this ambition to new heights and diversify our product portfolio and strengthen our user base" said Sneha Priya, co-founder and CEO at SP Robotic Works. The company has over 75 collaborative learning centres (SP Robotics Maker Lab) across 27 cities in India. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

These stocks and ETFs could be the biggest beneficiaries of the infrastructure bill

30 Jul, 2021, 04:18PM | CNBC

VIDEO5:1205:12These could be the biggest beneficiaries of the infrastructure bill, traders sayTrading Nation Infrastructure stocks took off late this week as a bill backed by President Joe Biden cleared another key hurdle.Late Wednesday, the Senate voted to advance the infrastructure bill, which includes $550 billion in new spending for such projects as moving the country to clean energy reliance, building roads and rails and expanding internet access.The PAVE ETF, whose stocks include Deere and Union Pacific, rose more than 1% on Thursday on the heels of that progress.While the bill has a way to go with the details still unknown, any influx of spending could have an outsized impact on industrials, materials and utilities stocks. CNBC's "Trading Nation" asked its traders on Thursday about what companies they see as key beneficiaries."There's a lot of ways to play this," said Gina Sanchez, CEO of Chantico Global and chief market strategist at Lido Advisors. She pointed to the PAVE or IFRA infrastructure ETFs as two broad ways to gain exposure.But her favorite way to play the space is through the materials sector."They have been putting one foot in front of the other to the tune of over 30% this year, and so you could play the broad materials ETF or you could play specific names like BHP Billiton or Cleveland-Cliffs. ...These are steel names, and you need steel, you need aggregates, Vulcan Materials, and so those are the kinds of names that we're looking at right now to sort of really get ahead of this trade," she said.JC O'Hara, chief market technician at MKM Partners, said "follow the money" by investing in the areas where the most funds are earmarked within the bill."We found two key segments that we want to explore further â first, power infrastructure. A big portion of money is allocated to this, so you have to look at utilities, and the second portion is water. We have $50 billion for water infrastructure proposed at this time, another $55 billion for replacing all the country's lead pipes, so that's a big chunk of this bill," O'Hara said.There's one name in particular that stands out to O'Hara â American Water Works, a $31 billion utilities company that has gained 11% in July. Zoom In IconArrows pointing outwards "If you look at the chart, there has been strong accumulation over the last 12 months. This week, the utilities are breaking out to new highs, so technically very sound. And finally, this utility sports a decent dividend yield in line with the U.S. 10-year, but what we like about this is the dividend growth growing at 10% a year," said O'Hara.American Water yields 1.4%, slightly better than the S&P 500. The stock has underperformed the S&P 500 this year, but has picked up steam in the past month.Disclaimer

Wasabi raises $1.8 million seed round led by Ankur Capital

30 Jul, 2021, 04:13PM | Livemint

MUMBAI: Wasabi, a Bengaluru-based tech startup, has raised $1.8 million in seed round, led by Ankur Capital with participation from Binny Bansal-backed 021 Capital and Sparrow Capital. The round also saw participation from angel investors such as Ankit Bhati - Ola; Mekin Maheshwari - Udhyam Learning; Lalit Keshre - Groww; Revant Bhate - Mosaic Wellness; Abhishek Goyal - Tracxn; and Ashish Goel - Urban Ladder. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Funds raised will used to develop its product platform, build its engineering team, and get traction from the market. On the funding, co-founder Pradeep Dodle said, “With an increasing number of customers going digital and intense competition from large e-commerce platforms, many small businesses are facing an existential threat. We believe that they can thrive only by going digital while continuing to build closer relationships with their customers and providing them with personalised service." Founded in January 2021 by Dodle and Nikhil Goenka, Wasabi is building a communications and growth platform for small and medium businesses in India to help them manage customer relationships better and grow their business. Ritu Verma, co-founder and managing partner, Ankur Capital, said, “We see SMBs as the backbone of Indian commerce and the opportunity to expand their offerings and grow their businesses to compete in the new digital age as table stakes. Simple, easy to use products will define winners in tech and we believe the team at Wasabi is already well on its way to building a world-class product." According to industry estimates, there are more than 60 million registered small and medium businesses in India and many more millions of home-based businesses. “The biggest moat for small businesses is their relationship and proximity to customers. While they do this exceptionally well offline, they are struggling to extend the same experience digitally. We want to simplify this, help them build stronger customer relationships, and grow their business." Nikhil added. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Wasabi believes the next 3-5 years will be transformational where millions of these small businesses will go digital to survive and thrive. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Toyota to increase Innova Crysta prices by up to 2% from August

30 Jul, 2021, 03:20PM | Times Of India

NEW DELHI: Toyota Kirloskar Motor (TKM) on Thursday said it will increase prices of its multi purpose vehicle Innova Crysta by up to 2% with effect from next month. The company would realign the price of Innova Crysta by up to 2% effective August 1, 2021, the automaker said in a statement. The increase is necessitated to partially offset the substantial increase in input costs, it added. The price increase has been tapered down considering the impact on the company's customers, TKM stated. "As a customer-centric company, we remain committed to cater to the ever-evolving needs and requirements of our customers by consciously minimising the impact of rising costs on consumers," it noted. Prices of precious metals like rhodium and palladium have gone up significantly over the last one year. Steel prices have also remained high during the period. On Wednesday, Tata Motors said it would increase prices of its entire range of passenger vehicles from next week. Earlier this month, the country's largest carmaker Maruti Suzuki India hiked prices of hatchback Swift and CNG variants of other models by up to Rs 15,000 to counter increase in input costs. Similarly, Honda has also announced increasing prices of its entire model range in India from August as it looks to offset the impact increase in commodity prices.

Hindustan Zinc to invest $1 billion to replace diesel vehicles with battery EVs

30 Jul, 2021, 03:04PM | Livemint

Mining major Hindustan Zinc Ltd will be investing about USD 1 billion (around ₹7,440 crore) to replace diesel-run vehicles and equipment with battery electric vehicles across its eight mines in the next five years, company CEO Arun Misra said on Friday. The company, which has signed an agreement with Finnish technology firm Normet Group Oy to introduce front line battery-powered service equipment in underground mining, will deploy three of Normet SmartDrive EVs – a 'Spraymec', an 'Agitator', and a 'Charmec' - in their underground mines, in the first phase. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn "We have a timeline of next five years of replacing all our current equipment as and when the replacements are due. Then they will be replaced by battery operated equipment, so that in five to six years time our mines will be free from diesel operated equipment. We have hundreds of them, not even ten or twenty," Misra told PTI. When asked how much investments will the company put in the exercise, he said "it can go up to say (USD) 200 to 250 million per year" and for the five year time frame "close to about a billion (USD)". Earlier this year, HZL had signed an MoU with Epiroc Rock Drills AB to introduce another fleet of battery electric vehicles (BEV) in their underground mines for production equipment, Misra said adding the partnership with Normet is for support equipment. "So, the two together will complete one mining operation section of a mine. We have got eight mines (in India). This is the beginning," he said, adding this would help the company test and understand the pros and cons and the infrastructure required for maintenance and take the process forward. HZL said the Normet SmartDrive EV will significantly help it in saving a huge amount in high speed diesel (HSD) and its maintenance. By substituting the HSD vehicles with Normet SmartDrive battery operated vehicles, around 3 lakh litres of HSD can be saved per vehicle. In total, by substituting 3 SmartDrive EVs for HSD vehicles, almost 10 lakh litres of fuel can be saved, it added. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Commenting on the development, Subhasis Mohanty, Vice President, India Sales Area and MD Normet India said,"Our partnership with Hindustan Zinc for the Normet SmartDrive Vehicles is a step on our collective journey for safe, sustainable and green mining." Normet SmartDrive is a modular BEV architecture designed to optimise energy consumption and performance in underground mining and tunnelling applications. The SmartDrive equipment enables higher productivity, lower operating costs and most importantly - zero local emissions, the company said, adding with in-built energy recuperation technology, it maximizes the storing of regenerative braking energy during downhill driving and deceleration. Misra said HZL's move towards EVs for underground mining operations has largely been driven by its commitment to sustainable business and the 'Race to Net Zero'. "Our partnership with Normet reinforces our commitment to sustainable operations for a greener tomorrow by helping us achieve our Sustainability Development Goal of reducing carbon emissions. We believe the introduction of Battery Electric Vehicle in underground mining will be a game-changer for the industry and a big leap by India towards responsible mining," he said in a statement. With diesel vehicles and equipment in the mines generating a lot of heat, fumes and carbon dioxide requiring constant supply of oxygen, he said replacing these with battery operated EVs, HZL will be able to save on maintenance costs, total cost of ownership besides making the mine environment "much superior compared to what we have". "Since we will not consume diesel, CO2 reduction will happen. We already have solar power plants in many of our mines and will be using the solar power for charging the vehicles," Misra said. This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Shailesh Jejurikar set to become Procter & Gamble's COO

30 Jul, 2021, 02:00PM | Livemint

New Delhi: Mumbai-born Shailesh Jejurikar will take over as chief operating officer at American packaged consumer goods company Procter & Gamble (P&G) in October, the maker of Tide detergent and Head & Shoulder's shampoo, said on Thursday as part of a global succession announcement. Jon R. Moeller, vice chairman and chief operating officer, will succeed David Taylor as Procter & Gamble’s president and chief executive officer, effective 1 November, 2021, the Cincinnati-headquartered company said. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Moeller has been appointed to the company’s board of directors. On November 1, 2021, David Taylor will become Procter & Gamble’s executive chairman. In this role, Taylor will lead the Board of Directors, and provide advice and counsel to the CEO and P&G leadership on company decisions. Jejurikar, who started his career at P&G India and spent over three decades at the company, will report to Moeller. Jejurikar’s successor will be announced at a later date. Jejurikar currently serves as the chief executive officer of the company’s fabric and home care sector—P&G’s largest business unit. The unit comprises brands such as Tide, Ariel, Downy, Gain, Febreze, Swiffer. “It has been an honor of a lifetime being the CEO of P&G, and I am incredibly grateful for the support of P&G’s Board, lead team and P&G people everywhere. Together, we have established strong momentum through an integrated strategy that is being executed with excellence," said Taylor. “The Board and I are confident the time is right to transition the role of CEO, and I look forward to supporting Jon, Shailesh and the entire team as they continue to raise the bar to win with consumers and customers around the world and deliver sustained excellence." Jejurikar will have profit and loss responsibility for P&G’s Enterprise Markets—Latin America, India, Middle East, Africa, Southeast Asia and Eastern Europe. He will also lead information technology, global business services, sales, market operations, new business, purchasing, manufacturing, and distribution efforts for the company. Jejurikar started his career as an assistant brand manager, personal health care, at P&G India in 1989, moving on to become marketing director, fabric and home care, ASEAN, Australia, India and Korea-Singapore. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Jejurikar graduated from Mumbai University with B.A. Economics in 1987. He is also an alumnus of the Indian Institute of Management-Lucknow. India is among the largest exporters of top talent for P&G globally with approximately 350 Indian expats in roles across the company. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Krsnaa Diagnostics' IPO to open on 4 August, close on 6 August

30 Jul, 2021, 01:44PM | Livemint

MUMBAI : Krsnaa Diagnostics Ltd's initial public (IPO) will open for subscription on 4 August and close on 6 August. On 2 April, Mint was the first to report that the firm has begun preparations for an IPO to raise as much as ₹1,200 crore. MORE FROM THIS SECTIONSee All Premium Premium MoEngage raises $32.5 million funding to fuel growth Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn The IPO will consist of a fresh issue of ₹400 crore and an offer for sale of up to 8.53 million shares by its existing promoters and shareholders. The OFS comprises sale of 1.6 million shares by PHI Capital Trust-PHI Capital Growth Fund-I; up to 3.34 million shares by Kitara PIIN 1104; up to 3.56 million shares by Somerset Indus Healthcare Fund I Ltd, and up to 21,380 shares by Lotus Management Solutions. JM Financial Ltd, DAM Capital Advisors Ltd, Enquires Capital Pvt. Ltd and IIFL Securities are the book running managers to the issue. The proceeds from the issue of ₹150.81 crore will be used to finance the cost of establishing diagnostics centres in Punjab, Karnataka, Himachal Pradesh, and Maharashtra. The firm will use ₹125.70 crore for repayment of certain borrowings availed by it. As of June 2021, the total indebtedness under the various financing arrangements of the company aggregated to ₹141.73 crore. For FY21, total income of the company stood at ₹661.48 crore versus ₹271.38 crore a year ago. Net profit for the period stood at ₹184.93 crore against a net loss of ₹111.95 crore last year. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff The firm is a large and differentiated diagnostic service provider. It provides a range of technology-enabled diagnostic services such as imaging (including radiology), pathology/clinical laboratory and tele-radiology services to public and private hospitals, medical colleges and community health centres pan-India. The company focuses on the public private partnership (PPP) diagnostics segment and has the largest presence in the diagnostic PPP segment. As of December 2020, the company has deployed 1,781 diagnostic centres pursuant to PPP agreements with public health agencies. As of June, the firm has deployed 1,797 diagnostic centres pursuant to PPP agreements with public health agencies. In addition to the PPP segment, it has been growing its collaboration with private healthcare providers to operate diagnostic centres within their facilities, and has expanded from operating 14 diagnostic centres as of March 2019, to 20 diagnostic centres as of March 2021, while it operated 26 such diagnostic centres as of June 2021. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Ashok Leyland share price surges as EV arm announces investment by Dana

30 Jul, 2021, 01:28PM | Livemint

Ashok Leyland's arm, Switch Mobility, the Electrified Commercial Vehicles company on Friday announced a strategic agreement with Dana, to make a minority investment in Switch. Shares of Ashok Leyland surged as much as 10% to ₹137 per share on the BSE in Friday's early deals. Under the terms of the agreement, Dana will make a strategic investment in Switch Mobility and will also be a preferred supplier of electric drivetrain components for the company’s e-bus and EV commercial vehicle offering – including e-Axles, gearboxes, motors, inverters, software and controls, and electronics cooling. MORE FROM THIS SECTIONSee All Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Premium Premium SpiceJet to add 16 new flights from August ''Switch Mobility Ltd, the Electrified Commercial Vehicles company and subsidiary of Ashok Leyland Ltd, Indian flagship of the Hinduja Group and a leading company vehicle manufacturer, today announced a strategic agreement with Dana Incorporated (Dana), the global leader in drivetrain and e-propulsion systems, to make a minority investment in Switch,'' the vehicle manufacturer said in an exchange filing. Dheeraj Hinduja, Chairman of Switch Mobility, commented: “Dana has a long-standing relationship with Ashok Leyland. This now extends to Switch Mobility and we are happy to have Dana invest in the company. With this agreement Dana not only becomes an important supplier to Switch but will also invest USD 18 mn in the company, representing an approximate 1% stake. The investment exemplifies the confidence placed by Dana in Switch and will help to strengthen the relationship further.'' Switch Mobility combines the electrical commercial vehicle operations of Ashok Leyland in India and Optare in UK to secure a leading global position in net zero carbon buses and light commercial vehicles, the company said. Meanwhile, Switch Mobility is planning production of a 'global' electric van around 2024, joining a growing field of companies racing to bring zero-emission last-mile delivery vehicles to market. The vans will be for sale in developed markets like North America, Europe and Japan, and be produced in Europe, relying on Ashok Leyland's low-cost Indian supply base, Switch chief executive Andy Palmer had recently told news agency Reuters. The company also has lower-cost electric vans that will go on sale in emerging markets such as India later this year. MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Allcargo Logistics expands in Europe with ECU Worldwide-Nordicon JV

30 Jul, 2021, 01:11PM | Livemint

BENGALURU: Allcargo Logistics Ltd on Friday said its subsidiary Allcargo Belgium NV, operating ECU Worldwide network, a global multi-modal logistics major, has signed a definitive joint venture agreement with Nordicon Group. ECU Worldwide will hold a 65% share, and the balance 35% will be held by present owners of Nordicon. With this investment, ECU Worldwide will have a nearly 40% market share of the less-than-container-load (LCL) business in the Nordic region. MORE FROM THIS SECTIONSee All Premium Premium NTPC Q1 profit rises 17% to ₹3,443 cr as revenue grows Premium Premium S&P revises Adani Electricity Mumbai's outlook to negat .... Premium Premium OMERS to buy 19.4% stake in Azure from IFC for $219 mn Premium Premium SpiceJet to add 16 new flights from August The agreement expands ECU Worldwide’s service network and global reach, adding a new geography and a specialized rail freight consolidation service to expand further across Europe. This partnership will help better serve customers who are looking at flexible and time-bound logistics solutions in the Nordic region. Shashi Kiran Shetty, chairman, Allcargo Logistics, ECU Worldwide, and Gati Ltd., said, “The partnership with Nordicon is in line with our vision of consolidating our market leadership and working with entrepreneurial teams to expand into new territories who share our vision for digital innovation for the logistics sector. Nordicon is led by a strong and capable team, and we are very pleased to welcome them into the larger ECU Worldwide family.." “Nordicon has an innovative asset-light rail consolidation business which opens new opportunities for ECU Worldwide across Europe," said Ravi Jakhar, Chief Strategy Officer, Allcargo Logistics Ltd. “Nordicon’s integration with the ECU network will lead to incremental business revenue and margins at existing ECU offices across the world. This is a high value accretive deal for ECU Worldwide and Allcargo and will create value for stakeholders." MINT PREMIUM See All Premium PE-VC deals activity set for record levels this year, internet businesses dominate Premium Sensex marginally higher, Dow futures down 122 points Premium Covid-19 vaccine holdouts face restrictions in Europe as Delta Variant spreads Premium Workplaces may soon start buzzing again as firms inoculate staff Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

First Solar to invest $684 million for solar module manufacturing in Tamil Nadu

30 Jul, 2021, 11:55AM | Livemint

New Delhi: Attracted by India’s green economy, US-headquartered First Solar on Friday announced its plans to invest $684 million for setting up a 3.3 gigawatt (GW) solar module manufacturing facility in Tamil Nadu. With India’s plans of imposing tariff and non-tariff barriers, the solar equipment manufacturing space has been garnering investor’s interest. A case in point being Mukesh Ambani-controlled Reliance Industries Ltd plans to set up an integrated solar photovoltaic (PV) module giga factory. Also, Vikram Solar recently inaugurated a 1.3 GW solar module manufacturing facility in Tamil Nadu. MORE FROM THIS SECTIONSee All Premium Premium Prime Day sees traction for Amazon's OTT content from 4 .... Premium Premium West Bengal allows cinemas to reopen Premium Premium Oil settles up, Brent tops $76 as US supplies tighten more Premium Premium Hollywood Productions Halted as Covid-19 Emerges on Set .... Mint earlier reported about First Solar among firms that are considering building solar equipment manufacturing facilities capitalizing on the Indian government’s initiative to push local manufacturing. “First Solar, Inc. (Nasdaq: FSLR) today announced that it intends to invest $684 million in a new, fully vertically-integrated photovoltaic (PV) thin film solar module manufacturing facility in India. Contingent upon permitting, and pending approval of Indian government incentives that are satisfactory to First Solar, the advanced facility is expected to commence operations in the second half of 2023," the company said in a statement. Despite running the world’s largest clean energy programme, India has a domestic manufacturing capacity of only 3 GW for solar cells and 15GW for solar modules and heavily depends on imports from China. India’ solar equipment space is dominated by Chinese firms such as Trina Solar Ltd, Jinko Solar, ET Solar, Chint Solar and GCL-Poly Energy Holdings Ltd. “India stands apart in the decisiveness of its response to China’s strategy of state-subsidized global dominance of the crystalline silicon solar supply chain. The country’s comprehensive approach provides precisely the kind of level playing field needed for non-Chinese solar manufacturers to compete on their own merits, and should be a template for other likeminded nations. We’re very pleased to be able to support the sustainable energy ambitions of a major US ally in the Indo-Pacific region with American-designed solar technology," said Mark Widmar, chief executive officer, First Solar in the statement. The interest from firms such as Bill Gates’ Breakthrough Energy Ventures promoted 1366 Technologies and First Solar comes in the backdrop of Rs4,500 crore production linked incentive (PLI) scheme for solar PV modules will help India ramp up its domestic manufacturing capacity. The scheme is expected to add 10 GW capacity of integrated solar PV manufacturing plants and bring direct investment of around Rs17,200 crore. Wafers and ingots—building blocks for manufacturing solar cells and modules—are key to India’s ambitious clean energy plans. MINT PREMIUM See All Premium Workplaces may soon start buzzing again as firms inoculate staff Premium Yes Bank grapples with legacy issues left behind by disgraced founder Premium Rental bonds are a great idea, but will they work? Premium Promise and perils of the internet IPO frenzy “Unique among the world’s ten largest solar manufacturers for being the only US-headquartered company, for not using a crystalline silicon (c-Si) semiconductor, and for not manufacturing in China, First Solar produces its thin film PV modules using a fully integrated, continuous process under one roof and does not rely on Chinese c-Si supply chains," the statement said. Indian government is also turning the screws on Chinese solar power equipment manufacturers, with no Chinese firm granted permission to feature in the approved list of solar PV models and module manufacturers (ALMM) as reported by Mint earlier. Being on this list is a must to do business in the world’s largest green energy market and qualifies a manufacturers’ equipment to be sourced for government-supported schemes and projects from where electricity distribution companies procure electricity. India will also impose a 40% basic customs duty on solar modules and 25% on solar cells from 1 April next year. India is running the world’s largest clean energy programme and has a solar power generation capacity of 41.09 GW with plans to achieve 100GW of solar power by 2022. According to the Central Electricity Authority, of India’ 817 GW of India’ power requirement by 2030, solar energy will account for 280 GW Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Coromandel, Chambal Fertilisers surge over 5% in early deals. Here's why fertilizer stocks are in focus

30 Jul, 2021, 10:34AM | Livemint

Fertilizer companies' stocks are in focus after China's latest move on suspending exports for some key fertilizer companies in its domestic market. Shares of Coromandel International, GSFC (Gujarat State Fertilizer and Chemicals), Chambal Fertilizers, Deepak Fertilizers and others surged in the range of 5-10% in early deals on Friday. Some of China's key fertiliser companies said they would temporarily suspend exports to assure supplies in the domestic market, according to a statement on the website of the National Development and Reform Commission (NDRC) on Friday, as reported by news agency Reuters. MORE FROM THIS SECTIONSee All Premium Premium This new Dolly Khanna portfolio stock gives 63% return .... Premium Premium Pizza Hut, KFC operator Devyani International IPO opens .... Premium Premium Exxaro Tiles fixes IPO price band at ₹118-120 per share Premium Premium Devyani International fixes IPO price band at ₹86-90 The state planner said in a statement that it had summoned the fertilizer firms for a discussion against hoarding and speculation. However, it did not identify the companies, Reuters report stated. The move is the latest by Beijing to tackle soaring prices of major raw materials. Fertiliser prices in China, which is both a major consumer and producer, have hit records this year amid stronger demand from overseas, lower production domestically and high energy costs. Coromandel International shares have been gaining in the past few sessions after it reported a strong operating performance in Q1FY22 on the back of gross margin expansion, due to diversified sourcing, backward integration, cost efficiency, and inventory gain. Domestic brokerage Motilal Oswal in a note on July 28 on Coromandel said that its structural story remains intact with regard to increasing awareness among farmers about having balanced nutrients in crops. Though, sustainability of the company's gross margin and volume growth remains a key monitorable going forward. Separately, metal stocks have also been in focus recently, as China is considering imposing more restrictions on steel products and raise export tariffs, which analysts believe, will help Indian steelmakers gain in terms of market share as well as profits. The Chinese government recently announced imposing a tax on steel exports to cool export, and domestic steel prices. (With inputs from Reuters) MINT PREMIUM See All Premium Workplaces may soon start buzzing again as firms inoculate staff Premium Yes Bank grapples with legacy issues left behind by disgraced founder Premium Rental bonds are a great idea, but will they work? Premium Promise and perils of the internet IPO frenzy Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

US concerned over 'intimidation' of foreign journalists in China

30 Jul, 2021, 10:25AM | Business Standards

The United States has expressed "deep concerns" with what it called increasingly harsh surveillance, harassment, and intimidation of US and other foreign journalists in China, after correspondents of several international media outlets were reportedly heckled and booed on the streets of Henan province while covering floods. In a statement, the US State Department said that Beijing claims to welcome foreign media and support their work but in reality, its "harsh rhetoric" toward any news it perceives to be critical of Chinese policies, has provoked negative public sentiment leading to tense, in-person confrontations and harassment, including online verbal abuse and death threats of journalists simply doing their jobs. "Foreign journalists are increasingly refused visas to enter or remain in the PRC, severely limiting the quantity and quality of independent reporting on important issues. We call on the PRC to act as a responsible nation hoping to welcome foreign media and the world for the upcoming Beijing 2022 Winter Olympic and Paralympic Games," the state department. Recently, after Chinese state media hit out at foreign media for their coverage of floods in Chinese cities, citizens harrassed correspondents for several international media outlets on the streets of Zhengzhou city of Henan province over the weekend. According to a report in Hong Kong Free Press early this week, the Chinese social media platform Weibo was filled with angry posts criticising the coverage of foreign correspondents as Chinese cities witnessed heavy downpours and flooding. The criticism was mainly aimed at BBC's China Correspondent Robin Brant for a report that questioned government policies after a dozen people die in a train carriage amid the flooding. Chinese Communist Party (CCP) under President Xi Jinping rules China with an iron fist. The media in the country is tightly controlled and journalists, who are deemed as anti-government, are punished and jailed. According to Reporter Without Borders, China continues to be the world's "biggest jailer of press freedom defenders", with more the 120 currently detained in the country, "often in life-threatening conditions". In recent months, China has been targeting foreign journalists for highlighting the atrocities of the Chinese Communist Party and the handling of the COVID-19 pandemic. At least 20 journalists have been expelled or forced to leave China since last year, the Foreign Correspondents' Club of China has said. The club says Beijing deploys "intimidation" tactics as part of efforts to obstruct the work of foreign reporters. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Earth’s inner core is growing more on one side than the other – here’s why the planet isn’t tipping

30 Jul, 2021, 10:20AM | Livemint

BRISTOL/CAMBRIDGE : More than 5,000 kilometres beneath us, Earth’s solid metal inner core wasn’t discovered until 1936. Almost a century later, we’re still struggling to answer basic questions about when and how it first formed. These aren’t easy puzzles to solve. We can’t directly sample the inner core, so the key to unravelling its mysteries lies in collaboration between seismologists, who indirectly sample it with seismic waves, geodynamicists, who create models of its dynamics, and mineral physicists, who study the behaviour of iron alloys at high pressures and temperatures. MORE FROM THIS SECTIONSee All Premium Premium Russian lab faces problem after docking with Internatio .... Premium Premium WATCH | NASA's video of sun ejecting billions of partic .... Premium Premium Global warming will kill 83 million people by 2100, stu .... Premium Premium Is Covid coming back? Delta variant, new hotspots show .... Combining these disciplines, scientists have delivered an important clue about what’s happening miles beneath our feet. In a new study, they reveal how Earth’s inner core is growing faster on one side than the other, which could help explain how old the inner core is, and the intriguing history of Earth’s magnetic field. Early Earth Earth’s core was formed very early in our planet’s 4.5 billion-year history, within the first 200 million years. Gravity pulled the heavier iron to the centre of the young planet, leaving the rocky, silicate minerals to make up the mantle and crust. Earth’s formation captured a lot of heat within the planet. The loss of this heat, and heating by ongoing radioactive decay, have since driven our planet’s evolution. Heat loss in Earth’s interior drives the vigorous flow in the liquid iron outer core, which creates Earth’s magnetic field. Meanwhile, cooling within Earth’s deep interior helps power plate tectonics, which shape the surface of our planet. As Earth cooled over time, the temperature at the centre of the planet eventually dropped below the melting point of iron at extreme pressures, and the inner core started to crystallise. Today, the inner core continues to grow at roughly 1mm in radius each year, which equates to the solidification of 8,000 tonnes of molten iron every second. In billions of years, this cooling will eventually lead to the whole core becoming solid, leaving Earth without its protective magnetic field. TRENDING STORIESSee All Premium Glenmark Life vs Rolex Rings IPO: GMP, subscription and .... Premium Glenmark Life Sciences IPO: What GMP signals as all eye .... Premium Boxer Lovlina Borgohain assures second medal for India .... Premium Day trading guide for Friday: 5 stocks to buy or sell t .... Core issue One might assume that this solidification creates a homogeneous solid sphere, but this isn’t the case. In the 1990s, scientists realised that the speed of seismic waves travelling through the inner core varied unexpectedly. This suggested that something asymmetrical was happening in the inner core. Specifically, the eastern and western halves of the inner core showed different seismic wavespeed variations. The eastern part of the inner core is beneath Asia, the Indian Ocean and the western Pacific Ocean, and the west lies under the Americas, the Atlantic Ocean and the eastern Pacific. The new study probed this mystery, using new seismic observations combined with geodynamic modelling and estimates of how iron alloys behave at high pressure. They found that the eastern inner core located beneath Indonesia’s Banda Sea is growing faster than the western side beneath Brazil. You can think of this uneven growth as like trying to make ice cream in a freezer that’s only working on one side: ice crystals form only on the side of the ice cream where the cooling is effective. In the Earth, the uneven growth is caused by the rest of the planet sucking heat more quickly from some parts of the inner core than others. But unlike the ice cream, the solid inner core is subject to gravitational forces which distribute the new growth evenly through a process of creeping interior flow, which maintains the inner core’s spherical shape. This means that Earth is in no danger of tipping, though this uneven growth does get recorded in the seismic wavespeeds in our planet’s inner core. Dating the core So does this approach help us understand how old the inner core might be? When the researchers matched their seismic observations with their flow models, they found that it’s likely that the inner core – at the centre of the entire core which formed much earlier – is between 500 million and 1,500 million years old. The study reports that the younger end of this age range is the better match, although the older end matches an estimate made by measuring changes in the strength of Earth’s magnetic field. Whichever number turns out to be correct, it’s clear that the inner core is a relative youngster, somewhere between a ninth and a third as old as Earth itself. This new work presents a powerful new model of the inner core. However, a number of physical assumptions the authors made would have to be true for this to be correct. For example, the model only works if the inner core consists of one specific crystalline phase of iron, about which there is some uncertainty. And does our uneven inner core make the Earth unusual? It turns out that many planetary bodies have two halves which are somehow different to each other. On Mars, the surface of the northern half is lower-lying while the southern half is more mountainous. The Moon’s near-side crust is chemically different to the far-side one. On Mercury and Jupiter it’s not the surface which is uneven but the magnetic field, which doesn’t form a mirror image between north and south. So while the causes for all of these asymmetries vary, Earth appears to be in good company as a slightly asymmetrical planet in a solar system of lopsided celestial bodies. By Jessica Irving, University of Bristol and Sanne Cottaar, University of Cambridge Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Stocks to watch: TechM, Concor, Bandhan Bank, UPL, Tatva Chintan, TVS Motor

30 Jul, 2021, 08:45AM | Business Standards

Nifty futures on Singapore Exchange traded 84 points lower at 15,755 around 8.40 am, indicating a near gap-down start for the benchmark indices on Friday. Here are the top stocks to track in today's session: Results Today: Over 100 companies including Bandhan Bank, Britannia, Sun Pharmaceutical Industries, UPL, Indian Oil Corporation, Macrotech Developers, Marico, Nazara Technologies and Blue Dart Express are slated to post their quarterly numbers today. Furthermore, NTPC and IDFC First are among firms that will post their Q1 numbers on Saturday. TechM: Tech Mahindra’s (TechM) Q1 FY22 net profit came in at Rs 1,353 crore, up 39.2 per cent year-on-year (YoY) 25 per cent sequentially. Broad-based growth across segments and verticals allowed the company to deliver strong numbers. Revenue for the quarter grew 12 per cent YoY at Rs 10,198 crore. It was up 4.8 per cent sequentially. TVS Motor Company: The company reported a consolidated net loss of Rs 15 crore for the first quarter ended June 30. The company had reported a net loss of Rs 183 crore in the April-June quarter of the 2020-21 financial year. Concor: State-owned Container Corporation of India (Concor) reported a 409.67 per cent YoY surge in consolidated net profit to Rs 251.22 crore for the first quarter ended June 30. The company had clocked a net profit of Rs 49.29 crore in the year-ago period. Garware Hi-Tech Films: Ashish Kacholia increased stake in Garware Hi-Tech Films, buying 1,41,871 equity shares at Rs 1,005 per share on the BSE, as per the latest bulk deals data. Kacholia held a 2.58 per cent equity stake in the company as of June 2021. Tatva Chintan: Shares of Tatva Chintan Pharma Chem more than doubled during their stock market debut on Thursday. The stock got listed at Rs 2,111, with a gain of 95 per cent over the issue price of Rs 903 per share. It ended the session at Rs 2,310.25, with a gain of 113.3 per cent. The listing gain clocked by Tatva Chintan was highest for IPOs this year. That apart, Plutus Wealth Management LLP bought 6.5 lakh equity shares in the company at Rs 2,171.74 per share on the NSE on Thursday. Indus Towers: Telecom infrastructure firm Indus Towers on Thursday posted a consolidated profit after tax of Rs 1,415 crore in the first quarter ended June 30, 2021. Indus Towers had recorded profit after tax of Rs 1,121 crore in the same quarter a year ago. Privi Speciality Chemicals: Aroma chemicals company Privi Speciality Chemicals will set up a joint venture with Swiss fragrance firm Givaudan for setting up a greenfield production facility in Mahad. Welspun Enterprises: Its consolidated net profit rose 28.36 per cent YoY to Rs 25.66 crore in the first quarter ended June 30. The company had clocked a consolidated net profit of Rs 19.99 crore a year ago. Its total income during the April-June quarter nearly doubled to Rs 413.37 crore. Oberoi Realty: The company reported over two-fold jump in consolidated net profit at Rs 80.81 crore for the quarter ended June 2021. The company has recorded consolidated revenues of Rs 294.77 crore in the first quarter of this fiscal, as against Rs 126.86 crore in the year-ago period. Raymond: The company reported a consolidated net loss of Rs 157.10 crore for the quarter ended June 2021. The company had posted a net loss of Rs 247.60 crore during the April-June quarter of the previous fiscal. However, its revenue from operation rose over four-fold to Rs 825.70 crore as against Rs 163.16 crore in the corresponding period of the previous fiscal. Mangalore Refinery and Petrochemicals: The company approved raising up to Rs 5,000 crore through issue of NCDs. Enhanced borrowing powers to Rs 33,500 crore from Rs 25,000 crore. Hindalco Industries: CRISIL Ratings has upgraded its rating on the non-convertible debentures of the company to AA+/stable from AA/positive.

Market Ahead Podcast, July 30: Top factors that could guide markets today

30 Jul, 2021, 08:17AM | Business Standards

Selling resumed in Asian markets after a one-day hiatus as risks of China crackdown still loomed. Meanwhile, US futures also declined as traders weighed a possible slowdown for large tech companies after Amazon missed estimates in June quarter. Japan's Topix index shed 1 per cent, Hong Kong Hang Seng tanked 1.4 per cent and China's Shanghai Composite index lost 0.8 per cent. At the same time Nasdaq and S&P futures were down 1.3 per cent and 0.8 per cent, respectively. In overnight session, US stocks, however, had ended higher, boosted by robust earnings and GDP data. The Dow Jones rose 0.44 per cent, the S&P 500 gained 0.42 per cent and the Nasdaq Composite added 0.11 per cent. Amid this backdrop, Indian markets eyed a gap-down start to the day, with SGX Nifty ruling 100 points lower at 15,739 around 7.30 am. Apart from global cues, the Street would react to the Q1 earnings and some interest is likely in the primary markets as Rolex Rings IPO closes today. The IPO has been subscribed 9.2 times so far. Now, a look at the stock-specific triggers that are likely to guide the market today. Over 100 companies including Bandhan Bank, Britannia, Sun Pharmaceutical Industries, UPL, Indian Oil Corporation, Macrotech Developers, Marico, Nazara Technologies and Blue Dart Express are slated to post their quarterly numbers today. Furthermore, NTPC and IDFC First are among firms that will post their Q1 numbers on Saturday. Tech Mahindra’s Q1 FY22 net profit came in at Rs 1,353 crore, up 39.2 per cenr year-on-year (YoY) 25 per cent sequentially. Broad-based growth across segments and verticals allowed the company to deliver strong numbers. Revenue for the quarter grew 12 per cent YoY at Rs 10,198 crore. It was up 4.8 per cent sequentially. TVS Motor Company reported a consolidated net loss of Rs 15 crore for the first quarter ended June 30. The company had reported a net loss of Rs 183 crore in the April-June quarter of the 2020-21 financial year. State-owned Container Corporation of India (Concor) reported a 409.67 per cent YoY surge in consolidated net profit to Rs 251.22 crore for the first quarter ended June 30. The company had clocked a net profit of Rs 49.29 crore in the year-ago period. Ashish Kacholia increased stake in polyester films exporter Garware Hi-Tech Films, buying 1,41,871 equity shares at Rs 1,005 per share on the BSE, as per the latest bulk deals data. Kacholia held a 2.58 percent equity stake in the company as of June 2021.

Market LIVE Updates: Sensex, Nifty up over 0.16%; IT, auto, pharma top gainers

30 Jul, 2021, 07:35AM | Livemint

Indian indices were up over 0.16% on Friday. Asian markets opened lower with Japanese indices witnessing the biggest weekly foreign money outflows in two months. US stocks ended higher on Thursday, boosted by robust US earnings and forecasts, while data showed the economy recovered to pre-pandemic levels in the second quarter. 30 Jul 2021, 11:58:35 AM IST Bank, financials gain View Full ImageNifty sectoral indices Share Via 30 Jul 2021, 11:49:58 AM IST Lupin to acquire Australia-based Southern Cross Pharma Drug major Lupin on Friday said it will acquire Australia-based Southern Cross Pharma Pty Ltd (SCP). Incorporated in Melbourne, Australia, SCP is engaged in developing, registering, and distributing generic products. Generic Health, the Australia based wholly-owned subsidiary of Lupin, has entered into a definitive agreement under which Lupin will acquire 100 per cent of the shares of Southern Cross Pharma Pty Ltd (SCP), Lupin said in a regulatory filing. The company, however, did not disclose financial details of the transaction. NSE BSE listElement-graph-11627625997346-100257 listElement-graph-11627625997346-100257 Share Via 30 Jul 2021, 11:42:17 AM IST Ashoka Buildcon gains Ashoka Buildcon's stock was trading at ₹110.25 up 4.35% at 11:17 am. The company has won an EPC contract worth ₹600 crore. The contract entails the development of the existing Grand Port Hospital and proposed medical college with residential quarters of Zodiac Healotronics Pvt. Ltd. NSE BSE listElement-graph-11627625536690-207778 listElement-graph-11627625536690-207778 Share Via 30 Jul 2021, 11:24:24 AM IST Ashok Leyland gains Ashok Leyland's stock was trading at ₹134.70 each, up 7.54% at 11:21 am. The company's electric vehicle unit Switch Mobility Ltd reached a strategic agreement with Dana Incorporated, a manufacturer of drivetrain and e-propulsion systems, for a minority investment of $18 million equalling a 1% stake. NSE BSE listElement-graph-11627624464150-100477 listElement-graph-11627624464150-100477 Share Via 30 Jul 2021, 11:24:25 AM IST Privi Speciality Chem gains Privi Speciality Chemicals was trading at ₹1,575.05 each, up 18.26% at 11:05 am. The company reported Q1 net profit of ₹29.26 crore up 37.82% compared to ₹21.23 crore a year ago. Share Via 30 Jul 2021, 11:13:03 AM IST Google, Microsoft clash over documents in US antitrust suit Alphabet Inc.’s Google asked a federal judge to order Microsoft Corp. to hand over internal documents from certain executives that Google says it needs to defend a Justice Department’s monopoly lawsuit. Google said in a court filing Thursday night in Washington that Microsoft refuses to search the files of 19 executives that are relevant to Google’s defense. Microsoft is a key player in the Justice Department’s lawsuit, which accuses Google of abusing its dominance in internet search. The government says Google illegally used its power in the market to thwart competitive threats from rivals like Microsoft’s Bing search engine. (Bloomberg) Share Via 30 Jul 2021, 11:01:27 AM IST TVS Motor Co. gains TVS Motor Co.'s stock was trading at ₹598.60 each, up 6.61% at 11 am. The Indian two-wheeler manufacturer posted standalone net profit of ₹53 crore in the quarter ended June 30, 2021, as sales recovered from the Covid-19 impact. The company had reported a loss of ₹139 crore in the corresponding quarter last fiscal. The company clarified in a regulatory filing on Thursday that the financial results for June quarter in the current fiscal are not comparable "either with the corresponding quarter of last year or with preceding quarter considering the Covid related lockdown." NSE BSE listElement-graph-11627623086360-132343 listElement-graph-11627623086360-132343 Share Via 30 Jul 2021, 10:49:54 AM IST Industry watch: Fertiliser stocks gain Some of China's key fertiliser companies said they would temporarily suspend exports to assure supplies in the domestic market, according to a statement on the website of the National Development and Reform Commission (NDRC) on Friday. The state planner said in a statement that it had summoned the fertilizer firms for a discussion against hoarding and speculation. It did not identify the companies. The move is the latest by Beijing to tackle soaring prices of major raw materials. (Reuters) View Full ImageFetilisers stocks rally amid news of potential drop in Chinese fertiliser exports. Share Via 30 Jul 2021, 10:36:01 AM IST Number of active covid-19 cases rises to 4,05,155 in India: govt Share Via 30 Jul 2021, 10:36:01 AM IST Rupee inches 2 paise higher at 74.27 against US dollar in early trade Share Via 30 Jul 2021, 10:36:02 AM IST Temasek, DBS to launch $500 mn debt financing platform Southeast Asia's biggest lender DBS Group Ltd and Singapore state investor Temasek Holdings will jointly launch a $500 million debt financing platform, joining a growing trend by banks and investment funds offering debt funding.Headquartered in Singapore, EvolutionX will provide financing to growth stage technology-enabled companies across Asia, with a focus on China, India, and Southeast Asia, DBS and Temasek said in a joint statement on Friday. "Apart from helping founder entrepreneurs avoid dilution of share equity in the company's initial stages of development, growth debt also serves as a complementary tool to tide these companies, which are often cash strapped," Tan Su Shan, group head of institutional banking at DBS said in a statement. (Reuters) Share Via 30 Jul 2021, 10:26:52 AM IST Tech Mahindra gains Tech Mahindra's stock was trading at ₹1,230.05 each, up 9.07% at 10:25 am. The IT major on Thursday reported 39.2% rise in consolidated net profit at ₹1,353.2 crore for June quarter 2021-22. The company had registered a net profit (after minority interest) of ₹972.3 crore in the year-ago period, Tech Mahindra said in a statement. NSE BSE listElement-graph-11627621009498-132755 listElement-graph-11627621009498-132755 Share Via 30 Jul 2021, 10:13:49 AM IST Nifty commentary: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments "The Nifty has a short term resistance at 15,800 and we are trading above that since the start of trade. The crucial level is 15,900 and we need to close above that for a few sessions for the markets to really zoom to a new high. This new high could be closer to 16,200. 15,400 is a good support for the index and every time we visit around that price point, we tend to see a quick bounce. It is a matter of time when the Nifty breaks out of one of the two levels." Share Via 30 Jul 2021, 10:05:14 AM IST Iron ore falls to two-month low as beijing steps up steel curbs Iron ore fell to a two-month low in Singapore amid expectations for steeper cuts in Chinese steel production through the year-end. The raw material that’s used to make steel is under mounting pressure—dropping around 15% in two weeks—as Beijing steps up measures to cut pollution from one of its dirtiest industries. Shagang Group, the world’s fourth largest steel mill, said this week that it’s curtailing production and overseas sales to comply with government efforts to cut emissions. (Bloomberg) Share Via 30 Jul 2021, 09:44:54 AM IST Tech Mahindra, HCL tech drive gains View Full ImageNifty IT index Share Via 30 Jul 2021, 09:40:50 AM IST Oil settles up, Brent tops $76 as US supplies tighten more Oil prices rose on Thursday, with global benchmark Brent topping $76 a barrel, as supplies in the United States tightened further after shrinking to the smallest levels since January 2020.Brent crude oil futures settled up $1.31 a barrel, or 1.75% at $76.05 a barrel. U.S. West Texas Intermediate (WTI) crude oil futures settled up $1.23, or 1.7% at $73.62 a barrel. (Read here) Share Via 30 Jul 2021, 09:26:44 AM IST Tech Mahindra, HDFC top drags View Full ImageIndex contribution Share Via 30 Jul 2021, 09:24:27 AM IST FMCG, metals drag View Full ImageNifty sectoral indices Share Via 30 Jul 2021, 09:23:24 AM IST Market opening The Sensex opened at 52,792.36, up 139.29 points or 0.26%, while Nifty was at 15,800.60, up 22.15 points or 0.14%. IT, auto were top gainers. View Full ImageSensex at open Share Via 30 Jul 2021, 09:12:00 AM IST Market pre-opening The Sensex was at 52,792.36, up 139.29 points or 0.26%, while Nifty was at 15,800.60, up 22.15 points or 0.14% at market pre-opening. View Full ImageSensex at pre-open Share Via 30 Jul 2021, 09:01:54 AM IST Traffic jams return in India as mobility increases amid easing of lockdowns With the delta variant of Covid-19 roiling the Asia-Pacific, where vaccination rates remain low, activity on roads and highways provides vital clues to each country’s success at controlling the pandemic that’s claimed millions of lives worldwide. Data compiled by Apple Inc. show a jump in mobility across nations such as India as it emerges from a deadly wave and eases lockdowns amid falling infection figures. More traffic has also been observed in Japan despite rising virus cases and calls for a wider declaration of a state of emergency with the Tokyo 2020 Olympics under way. Share Via 30 Jul 2021, 08:42:53 AM IST Uber delays office return, makes Covid vaccination mandatory for employees Uber Technologies Inc is pushing back its back-to-office date to late October globally, and all employees in the United States will have to be fully vaccinated before returning to office, a spokesperson said on Thursday. (Read here) Share Via 30 Jul 2021, 08:37:37 AM IST Exxaro Tiles fixes IPO price band at ₹118-120 per share Exxaro Tiles Ltd has fixed price band for its initial public offering (IPO) at ₹118-120 a share. The IPO will open on 4 August and close on 6 August.The company will issue 13.42 million shares comprising a fresh issue of 11.19 million shares and an offer for sale of up to 2.24 million shares by Dixit Kumar Patel. At the upper end price band of ₹120, the firm will raise approximately ₹161 crore. (Read here) Share Via 30 Jul 2021, 08:22:04 AM IST Market outlook Indian markets are likely to be under pressure on Friday while trends in SGX Nifty suggest a weak opening of Indian benchmark indices. On Thursday, the BSE Sensex closed at 52,653.07, up 209.36 points or 0.40%. The Nifty ended at 15,778.45, up 69.05 points or 0.44%. (Read here) Share Via 30 Jul 2021, 08:16:33 AM IST Stocks to Watch: LIC Housing, PVR, Tejas Networks, TVS Motor, Union Bank, among other stocks may be in the news today. (Read here) Share Via 30 Jul 2021, 08:09:13 AM IST QSR major Devyani International fixes IPO price band at ₹86-90 per share Devyani International Ltd (DIL), the largest franchisee of Pizza Hut, KFC, and Costa Coffee, has fixed the price band of its initial public offering (IPO) at ₹86-90 apiece. (Read here) Share Via 30 Jul 2021, 07:55:55 AM IST Microsoft looks to tap into India's Oyo before its potential IPO: report Microsoft Corp is in advanced talks to invest in Indian hotel chain Oyo at a $9 billion valuation, a source familiar with the matter said on Thursday. The deal could be announced in the coming weeks and would be a prelude to Oyo's initial public offering (IPO) that is expected by the end of the year, the source said. Founder and Chief Executive Officer Ritesh Agarwal said earlier this month that Oyo would consider a potential public offering, but did not provide a timeline. Share Via 30 Jul 2021, 07:55:55 AM IST Amazon sales growth slows in tame start to Jassy's tenure as CEO Amazon.com Inc on Thursday said sales growth would slow in the next few quarters as customers venture more outside the home, a tepid start to CEO Andy Jassy's reign after 27 years with Jeff Bezos at the retailer's helm. Spending growth by Prime members, Amazon.com's most valuable customers, has eased as well, the company said. Shares fell 7% in after-hours trade. More than a year into the COVID-19 pandemic, Amazon's financial luster is fading slightly. When brick-and-mortar stores closed, Amazon posted record profits, drew more than 200 million Prime loyalty subscribers, and recruited over 500,000 workers to keep up with surging demand. Now, the company is facing the tough task of climbing higher still. While revenue surged 44% in the first quarter of this year, that figure dropped to 27% for the period ended June 30. Sales may only rise as much as 16% in the third quarter, Amazon said. (Reuters) Share Via 30 Jul 2021, 07:45:46 AM IST Asian stocks open lower on tech giants' earnings, China regulations U.S. equity futures slid and Asian stocks dipped Friday as traders weighed signs of a slowdown ahead for megacap technology companies and risks from China’s regulatory crackdown. Treasuries and the dollar rose.Stocks fell in Hong Kong and China as well as Japan. Nasdaq 100 contracts shed more than 1% as Amazon.com Inc. tumbled in extended trading on indications its rapid growth through the pandemic is waning. Asia-Pacific stocks had jumped Thursday after Beijing tried to allay fears over regulatory curbs on private industries, but U.S.-listed Chinese equities later resumed declines.S&P 500 futures also fell. The gauge rose overnight on data signaling scope for the Federal Reserve to keep policy ultra-loose. U.S. economic growth was solid while trailing estimates. Jobless claims dropped but were higher than forecast.S&P 500 futures declined 0.8% as of 10:30 a.m. in Tokyo. The S&P 500 index rose 0.4%Nasdaq 100 futures fell 1.3%. The Nasdaq 100 increased 0.2%Japan’s Topix index fell 0.9%Australia’s S&P/ASX 200 index slid 0.1%South Korea’s Kospi retreated 0.8%Hong Kong’s Hang Seng index slipped 1.4%China’s Shanghai Composite index lost 0.8% Share Via 30 Jul 2021, 07:35:08 AM IST Wall Street indices close higher US stocks ended higher, boosted by robust U.S. earnings and forecasts, while data showed the economy recovered to pre-pandemic levels in the second quarter. The U.S. economy grew solidly in the second quarter, putting the level of gross domestic product above its pre-pandemic peak, but the pace of GDP growth was slower than economists had expected. Among the latest upbeat earnings news, shares of Ford Motor Co jumped 3.8% as the company lifted its profit forecast for the year, while KFC owner Yum Brands Inc rose 6.3% after it beat expectations for quarterly sales.The Dow Jones Industrial Average rose 153.6 points, or 0.44%, to 35,084.53, the S&P 500 gained 18.51 points, or 0.42%, to 4,419.15 and the Nasdaq Composite added 15.68 points, or 0.11%, to 14,778.26.The Dow and S&P 500 hit intraday record highs early in the session.The S&P 500 real estate sector hit a record intraday high as well, but ended down 0.2%. Share Via Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Stocks to Watch: LIC Housing, PVR, Tejas Networks, TVS Motor, Union Bank

30 Jul, 2021, 07:04AM | Livemint

NEW DELHI: Aditya Birla Fashion and Retail Ltd, Bandhan Bank, BHEL, Britannia, Dalmia Sugar, Dr Lal PathLab, Future Enterprises, among other stocks will report their Q1 earnings today. Here are top 10 stocks that may be in the news today. Indus Towers: The telecom infrastructure firm on Thursday posted a consolidated profit after tax of ₹1,415 crore in the first quarter ended 30 June. Indus Towers had recorded profit after tax of ₹1,121 crore in the same quarter a year ago. MORE FROM THIS SECTIONSee All Premium Premium Oberoi Realty stock slips as second wave hits Q1 earnin .... Premium Premium Union Bank’s asset quality outlook gives comfort to inv .... Premium Premium Coromandel, Chambal Fertilisers surge over 5% in early .... Premium Premium This new Dolly Khanna portfolio stock gives 63% return .... Jyothy Labs: The homegrown FMCG firm reported 19.61% decline in consolidated net profit at ₹40.20 crore for June quarter 2021-22 on account of increase in input cost. It had posted a net profit of ₹50.01 crore in April-June period of the last fiscal year, Jyothy Labs said in a regulatory filing. LIC Housing Finance: The company's June-quarter earnings showed that the impact of the second covid wave on asset quality was more than that of the first wave last year. The lender has doubled its outstanding provisions towards bad loans to ₹4,727 crore over one year. PVR: Leading multiplex chain operator PVR Ltd reported a consolidated net loss of ₹219.55 crore for the first quarter ended June 2021, due to a hit on its film exhibition business amid Covid-induced lockdowns. The company had posted a net loss of ₹225.73 crore in the April-June quarter a year ago, said PVR in a BSE filing. Sterling and Wilson: The company is eyeing expansion into engineering, procurement and construction projects for hybrid energy power plants, energy storage solutions and biomass/ waste to energy in addition to offering pure play solar EPC, it said in a regulatory filing. Tech Mahindra: The IT company reported 42.91% growth in June quarter consolidated net profit at ₹1,365.7 crore on higher revenue and an expansion in profit margins. Profit in the year-ago period stood at ₹955.6 crore. The company's total income in the quarter improved 7% month-on-month to ₹10,485 crore. Tejas Networks: Tata Sons Pvt. Ltd has agreed to buy a 43.35% stake in telecom gear maker Tejas Networks Ltd for ₹1,884 crore, as India’s largest conglomerate attempts to build a networking equipment business to capitalize on the massive spending by carriers to build 5G networks and curbs on Chinese vendors. MINT PREMIUM See All Premium Workplaces may soon start buzzing again as firms inoculate staff Premium Yes Bank grapples with legacy issues left behind by disgraced founder Premium Rental bonds are a great idea, but will they work? Premium Promise and perils of the internet IPO frenzy TVS Motor: The Indian two-wheeler manufacturer posted standalone net profit of ₹53 crore in the quarter ended 30 June, as sales recovered from the covid-19 impact. The company had reported a loss of ₹139 crore in the corresponding quarter last fiscal. Union Bank of India: The state-owned lender has restructured retail loans of ₹6,557 crore or 5.2% of its retail loan book so far under the two tranches of Reserve Bank of India’s (RBI) covid-19 relief window, its chief executive Rajkiran Rai G said on Thursday. The bank’s retail loan book stood at ₹1.25 trillion as on 30 June. Welspun Corp.: The company reported an over 80% surge in consolidated net profit to ₹97.28 crore for the first quarter ended 30 June. The company had registered a net profit of ₹53.92 crore in the year-ago period. However, its total income in the quarter under review fell to ₹1,336.49 crore from ₹2,085.42 crore a year ago, Welspun Corp. Ltd said in a BSE filing. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Congress passes $2.1 billion bipartisan bill for Capitol security and Afghan visas

30 Jul, 2021, 03:13AM | CNBC

An eight-foot-tall steel security fence continues to encircle the U.S. Capitol on April 05, 2021 in Washington, DC. Capitol Police Officer William "Billy" Evans was killed when he and another officer were struck by a vehicle at the security perimeter on April 2.Chip Somodevilla | Getty Images Congress on Thursday approved a $2.1 billion spending bill that would address security concerns at the U.S. Capitol, and bolster federal efforts to relocate Afghans that aided U.S. forces during the war in Afghanistan.Â It passed the Senate with unanimous support in a 98-0 vote, and later passed the House in a 416-11 vote. The measure will now go to President Joe Biden, who backed the measure in a statement Tuesday.Democratic Sen. Patrick Leahy of Vermont, the Senate Appropriations Committee chair, and Sen. Richard Shelby of Alabama, the ranking Republican member, announced the bipartisan spending agreement on Tuesday.Â On Tuesday, four police officers testified to the Jan. 6 House select committee about horrific violence they faced during the Jan. 6 insurrection at the Capitol, where supporters of then-President Donald Trump stormed the building to disrupt Biden's electoral confirmation.Â "We have to make a strong statement of support for those officers who defended the building and all that it stands for on that terrible day," Leahy said Thursday on the Senate floor.The spending bill includes roughly $1 billion for Capitol security to cover costs incurred during the insurrection, and ensure the Capitol is protected in the future.Â This includes approximately $100 million for Capitol Police, which was at risk of furloughing officers without the additional funds, and $500 million to reimburse the National Guard for deployment to Capitol Hill.Â It also allocates $300 million for security measures at the Capitol, such as upgraded window, door and security camera upgrades.Â In May, the House passed a separate $1.9 billion security spending bill in response to the Jan. 6 insurrection, which provided roughly $44 million for Capitol Police.Â Unlike the House bill, however, Leahy said the newly passed spending bill does not include the creation of a rapid response force to support Capitol Police.Â The insurrection at the Capitol resulted in one of the worst days of injuries for U.S. law enforcement since the 9/11 terrorist attack,Â according to The New York Times.Â Almost 140 police officers â 73 from the Capitol Police and 65 from the Metropolitan Police Department in Washington â were injured, the Times reported. The injuries ranged from bruises, concussions, rib fractures to a mild heart attack.Â "The last six months have pushed those who protect the U.S. Capitol to the limits. In the face of unprecedented adversity, they responded heroically," Senate Majority Leader Chuck Schumer, D-N.Y., said on the Senate floor before the vote. "We must support them now, as they so courageously supported us." Protecting Afghan allies The other key part of the spending bill provides more than $1 billion for the special immigrant visa, or SIV, program for Afghans who assisted U.S. and coalition forces and may face retribution from the Taliban.Â "We have the moral responsibility to stand with our Afghan partners who stood with us through two decades of war," Leahy said in the agreement released Tuesday.Â This comes as the Taliban continues to make advances on rural provinces in the war-torn country, with record high numbers of Afghan civilian casualties during the first six months of this year, according to a United Nations report. Handover ceremony at Camp Anthonic, from U.S. Army to Afghan Defense Forces in Helmand province, Afghanistan May 2, 2021.Ministry of Defense Press Office | Reuters As part of the bill, the Defense Department will get $500 million to provide emergency transportation, housing and other essential services to Afghan partners.Â The Department of Health and Human Services will also receive $25 million from the bill to provide assistance to Afghans who arrive in the U.S. after being granted special immigration status. This includes financial, medical, and housing support.Â Â The bill also allocates $600 million for the State Department to provide humanitarian assistance to Afghans in neighboring countries, and improve the SIV program by increasing the number of visas by 8,000 and expediting the application process.Â The passage of the new spending bill comes as the U.S. works with allies to secure several overseas locations for approximately 4,000 Afghan nationals and their families under Operation Allies Refuge. Applicants who are nearing the completion of their visa process will be evacuated to the U.S. Army garrison in Fort Lee, Virginia for several days, according to a State Department official.Â Last week, the Biden administration announced the beginning of evacuation flights for Afghans and their families who assisted the U.S. and coalition forces.Â White House principal deputy press secretary Karine Jean-Pierre told reporters on Thursday that the administration would not provide specific details about the flights, citing security concerns.Â In April, Biden announced a full withdrawal of U.S. troops from Afghanistan by Sept. 11. The president gave an updated timeline earlier this month, saying that the massive job would be done by Aug. 31.The nation's highest military officer told reporters last week that the U.S. has completed more than 95% of the withdrawal.Â Until it is finished, the U.S. continues to support Afghan forces by conducting airstrikes against the Taliban.Â

Govt looking for prospects about green hydrogen as transport fuel: Gadkari

30 Jul, 2021, 01:55AM | Business Standards

Union minister Nitin Gadkari on Thursday said the government is looking for prospects about green hydrogen as a potential transport fuel, and added that whatever concessions it is offering for electric vehicles can be offered to green hydrogen also. Addressing a conference on 'Hydrogen and Gas Based Mobility', Gadkari also said that with the large solar, wind, hydro, and waste potential in India, the country can lead the world in green hydrogen production. "We are also looking for prospects about green hydrogen as a potential transport fuel... Whatever concessions we are offering for electric vehicles, we can offer that concession for green hydrogen also," he said. The road transport and highways minister stressed that the government is committed for supporting green hydrogen and he will discuss the issue with the finance ministry and the Niti Aayog. Gadkari said green hydrogen could be an ideal power source for energy-intensive industries like refining, steel, cement, fertiliser, mining, and industrial heating. Stating that green hydrogen (H2) is made by splitting water (H2O) using renewable power, he said, "Over time, green hydrogen as an energy carrier can replace some of our energy imports." Gadkari noted that 70 per cent of green hydrogen production costs come from electricity costs, hence, surplus electricity from renewable energy sources can enhance green hydrogen production economics. "We are working to bring about an integrated road map and create opportunities for alternative clean and green transport fuels like electricity, bio-CNG, LNG, ethanol, methanol, and hydrogen fuel cell," he said. Gadkari added that India should focus on hydrogen fuel cell electric vehicle technology exclusively for heavy long-distance trucks, buses, marine and aviation applications. The hydrogen ecosystem can create a USD 20-billion green technology market in India and will enhance domestic job creation, he said,adding that India can be seen as a net exporter of hydrogen in the future to European, Southeast Asian countries, and Africa. He pointed out that piloting of H-CNG (hydrogen-blended with CNG) is also going on and it will help the transport sector learning to handle hydrogen. The minister also said with government supportive policies and initiatives, "we are confident that India will even surpass the target of renewable energy of 450 gigawatt by 2030". Currently, India stands at the 5th position for overall renewable energy installed capacity. He said India is one of the fastest-growing economy leading through sustainable and climate-neutral development. Gadkari reiterated India is committed to meeting the Paris Climate Agreement, where efforts are centered to reduce carbon emissions by 33 to 35 per cent by 2030. "We are also committed to achieving net zero carbon emissions by 2050," he said. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Workplaces may soon start buzzing again as firms inoculate staff

30 Jul, 2021, 12:55AM | Livemint

MUMBAI : Unlike their counterparts in Western countries, Indian companies are receiving requests from employees to be allowed to work from office, at least those who are vaccinated. Firms, on the other hand, are mulling whether to reopen offices or wait till the year-end to track a feared third wave of the coronavirus pandemic. “The majority of our employees have requested us to allow them to come to work," said Seshagiri Rao, joint managing director and group chief financial officer at JSW Steel Ltd. The company hasn’t taken a decision. “Around 83% of our employees are vaccinated, at least the first dose; and by this month-end, we will have achieved 100% vaccination. Vaccination can give a lot of comfort to employees when they are asked to report to work. Though we are operating at 40-50% of our workforce in metro cities, in our factories, we can’t do that, so we got them all vaccinated." Rao is expecting that, if not this year, by next year, people will start coming to work at JSW Group’s offices. At its factories, workers are already vaccinated. Reliance Industries Ltd (RIL), Hindustan Unilever Ltd (HUL) and Larsen and Toubro Ltd, among others, have vaccinated over 90% of their employees. While RIL last week said over 98% of its 236,300 employees received at least one dose, FMCG giant HUL gave its figure as 90% of more than 88,000 employees. Companies are also planning to extend the virtual or hybrid work model, leaving the decision to work from office to employees. A hybrid model is a combination of remote and on-site working, where some employees are on-premises, while others work from home. Companies believe that while the hybrid model has allowed people to find work-life balance, employers have found it challenging to foster innovation, collaboration and sustain an organization’s culture in a virtual environment. Internationally, the call to return to office by CEOs at Apple Inc., JP Morgan, Goldman Sachs and Morgan Stanley has been growing louder. “We employ many young people who came to us to tell us to open offices for them," Ganesh Natarajan, chairman, 5F World and Honeywell Automation India Ltd. “People are getting in the way of their family members, occupying the private place. They need to be allowed at work. The pull factor, however, emerges from corporates. In any corporation, it is much more effective to be in office," added Natarajan, who was addressing the CII HR Conclave 2021 on Thursday. On Wednesday, Sundar Pichai, CEO of Google and Alphabet, in a communication to employees, said anyone coming in to work on its campuses will need to be vaccinated and that the company is extending its global voluntary work-from-home policy to 18 October. Last week, Infosys Ltd told employees that they could resume work from offices. MINT PREMIUM See All Premium Workplaces may soon start buzzing again as firms inoculate staff Premium Rental bonds are a great idea, but will they work? Premium Promise and perils of the internet IPO frenzy Premium Do we need a booster dose policy for covid-19 vaccines? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

A way to alter, update policies

30 Jul, 2021, 12:18AM | Livemint

Did you know that with the help of insurance endorsements, you can make changes to the regular insurance policy while it remains in force? Endorsements are primarily used to add or remove information from a policy. While endorsement helps update or alter your insurance coverage, it can also be used to clarify the policy language or change details such as addresses or emails. An endorsement is also called a rider at times. Udayan Joshi, president - claims and personal lines underwriting, Liberty General Insurance, said that endorsements happen primarily for change in address due to shifting, change in contact number or email id, correction of mis-spelt name, purchase of optional coverage to broaden your protection, etc. MORE FROM THIS SECTIONSee All Premium Premium Mint50: Top mutual fund schemes to invest in Premium Premium DICGC to settle claims if bank under moratorium Premium Premium Keep higher investment in domestic share market Premium Premium Demat, trading accounts with pending KYC to be deactiva .... Joshi added, “Upon receipt of a specific request from the insured, supported by necessary documents and applicable premium if any, insurance companies take such changes on record. The endorsement will be officially recorded through an endorsement certificate, which will show all the updated information." An endorsement can be initiated during your policy term, at the time of policy purchase, or when you renew the policy. It is legally binding to an insurance contract. In the case of health insurance, the endorsement is required if you are changing your occupation to a high hazard one. For instance, you are switching from an office job to a supervisory role in a steel furnace to a leisure sport like bungee jumping or skydiving, in such scenarios, you must inform the insurer immediately. Vivek Narain, Co-founder & Promoter, Sana Health Solutions said that in case of a divorce, ensure to inform your health insurer to maintain continuity benefits such as waiver of waiting periods already served if the policy needs to be split-off. "In case of porting a health insurance policy, ensure that there are no wider endorsements than what you had earlier on pre-existing diseases in the original policy. Also, ensure that all changes agreed with respect to pre-existing diseases or otherwise are acknowledged by an endorsement on your policy," said Narain. Make sure you follow timelines for declaration for midterm inclusions of spouse and children. Otherwise, the dependents would be covered only upon renewal. In the case of motor insurance, an insurance endorsement is essential as it is required to make changes in the motor policy. Aatur Thakkar, Co-founder and director at Alliance Insurance Brokers, said, "The policyholder needs to present written evidence in case of policy changes; these pieces of evidence are called endorsements in motor vehicle insurances. The changes could be anything like registration number or vehicle details correction, adding external equipment's to one's car, making changes in personal details." TRENDING STORIESSee All Premium Glenmark Life vs Rolex Rings IPO: GMP, subscription and .... Premium Boxer Lovlina Borgohain assures second medal for India .... Premium Glenmark Life Sciences IPO: What GMP signals as all eye .... Premium Rolex Rings IPO: What GMP signaling on last date of sub .... In the case of life insurance, the nomination changes can be done any time during the policy term by making an insurance endorsement. You must understand that the nominee name needs to be updated in sync with whom the policyholder wants to appoint as the beneficiary. It can be further cancelled or changed as many times as the policyholder may want. However, the last beneficial nominee surpasses all previous ones. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Sensex rebounds after 3-day slide; dovish Fed calms world markets

30 Jul, 2021, 12:01AM | Business Standards

Equity indices found firmer ground on Thursday after three sessions of losses, buoyed by metal and IT counters, in tandem with a positive trend overseas after the US Federal Reserve reiterated its dovish policy stance. A strengthening rupee and short-covering in select heavyweights added to the momentum, traders said. The 30-share BSE Sensex climbed 209.36 points or 0.40 per cent to close at 52,653.07, while the broader NSE Nifty advanced 69.05 points or 0.44 per cent to 15,778.45. Tata Steel hogged the limelight in the Sensex pack, rallying 6.87 per cent, followed by Bajaj Finserv, SBI, HCL Tech, Sun Pharma, Bajaj Finance and Reliance Industries. On the other hand, Maruti, PowerGrid, Bajaj Auto, ITC, Dr Reddy's and HUL were among the laggards, shedding up to 2.21 per cent. "Domestic equites recovered today as positive global cues and strong buying in metal and IT stocks supported markets. Further, short covering in select heavyweights also aided rebound. "Notably, persistent soft monetary policy stance of Federal Reserve and least possibility of any reversal of monthly bond buying in the near to medium term augur well for emerging markets including India," said Binod Modi, Head - Strategy at Reliance Securities. Strong buying was seen in quality mid-cap and small-cap stocks after the recent fall, while volatility index contracted by 5 per cent, he added. Broader BSE midcap and smallcap indices rose up to 0.90 per cent. ALSO READ: F&O expiry: Sensex gains 209 pts; Nifty Metal index zooms 5%, PSB index 3% Vinod Nair, Head of Research at Geojit Financial Services, said, "Global markets were on track to rebound after the panic sell-off surrounding Fed policy and Chinese tech crackdown cooled off...China's attempt to calm investor's nerves also helped the market to take a breather. Meanwhile, metal stocks were sparked by the huge infrastructure fiscal package finalized in the US, in anticipation of high demand." Sectorally, BSE metal, basic materials, realty and IT indices rallied as much as 5.54 per cent, while FMCG, telecom, power, oil and gas, auto and healthcare ended in the red. Broader BSE midcap and smallcap indices rose up to 0.90 per cent. World stocks advanced after the Federal Reserve kept rates at near-zero and said it is in no hurry to taper its asset purchase program. Meanwhile, Chinese authorities met with banks to ease concerns about the recent regulatory crackdown on internet companies. In Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with gains. Equities in Europe were also trading on a positive note in mid-session deals. Meanwhile, international oil benchmark Brent crude rose 0.43 per cent to USD 74.19 per barrel. The Indian rupee gained 9 paise and settled for the day at 74.29 against the US dollar. Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 2,274.77 crore, as per exchange data. (This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Toyota Kirloskar to increase Innova Crysta prices by up to 2 from August

29 Jul, 2021, 11:53PM | Business Standards

Toyota Kirloskar Motor (TKM) on Thursday said it will increase prices of its multi purpose vehicle Innova Crysta by up to 2 per cent with effect from next month. The company would realign the price of Innova Crysta by up to 2 per cent effective August 1, 2021, the automaker said in a statement. The increase is necessitated to partially offset the substantial increase in input costs, it added. The price increase has been tapered down considering the impact on the company's customers, TKM stated. "As a customer-centric company, we remain committed to cater to the ever-evolving needs and requirements of our customers by consciously minimising the impact of rising costs on consumers," it noted. Prices of precious metals like rhodium and palladium have gone up significantly over the last one year. Steel prices have also remained high during the period. On Wednesday, Tata Motors said it would increase prices of its entire range of passenger vehicles from next week. Earlier this month, the country's largest carmaker Maruti Suzuki India hiked prices of hatchback Swift and CNG variants of other models by up to Rs 15,000 to counter increase in input costs. Similarly, Honda has also announced increasing prices of its entire model range in India from August as it looks to offset the impact increase in commodity prices. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

JSW Steel plans to raise $200-300 million via offshore loan

29 Jul, 2021, 09:45PM | Economic Times

MUMBAI: JSW Steel is planning to raise about $200-300 million in offshore loans as the company seeks to shore up cash levels for its planned capital expenditure over the next few quarters. It is in talks with about five foreign banks to raise five-year loans, market sources said. The syndication has not yet started formally. “The company looks to shore up cash levels as it is readying expansion plans,” one of the persons cited above told ET. JSW Steel completed the acquisition of Bhushan Steel and Power earlier in March this year. The company is currently in an expansion mode to reach around 38 million tonnes of steelmaking capacity by 2024, making it the largest steelmaker in the country, with Tata Steel currently at 33 million tonnes and SAIL around 22 million tonnes. JSW Steel did not respond to ET's queries. “Today, we are at 18 mtpa in JSW Steel, another 3 MT in Bhushan and 1 MT at Monnet. Another 5 MT at Dolvi gets completed in September of this year,” said joint managing director Seshagiri Rao in an earlier interaction with ET. The company spent Rs 2,688 crore on Capex, against a total planned Capex spend of Rs 18,240 crore for FY22. The company earlier said that it is planning to invest another Rs 25,115 crore by 2024-25 to ramp up capacity. CARE, a local rating company, revised the steel maker’s creditworthiness to AA from AA-. The outlook remains stable. This rating revision was for long-term bank facilities. The revision in ratings reflects sustained improvement in the operational and financial performance of the company, on the back of revival in demand and steel prices from Q2-FY21 onwards, CARE said in a note. “Though leveraged, the capital structure has also witnessed an improvement,” it said. The revision factors in the rating company’s expectations of a revival in steel demand and completion of the enhanced capacity of 5 mtpa at Dolvi. This would result in a considerable increase in the company’s sales volumes. JSW Steel last week reported a record quarterly net profit at Rs 5,900 crore against a loss of Rs 554 crore in the year-ago period. JSW Steel’s net debt stood at Rs 54,89 crore, up marginally by 0.8 per cent. Its cash balance is at Rs 8,602 crore.

Traeger, Weber battle it out in barbecue IPO mini-boom as consumers spend billions on outdoor cooking

29 Jul, 2021, 08:53PM | CNBC

People have been eating and cooking more meals outdoors since the pandemic began, a trend driving several barbecue companies to go public.Ben Hasty | MediaNews Group | Reading Eagle via Getty Images The popularity of at-home barbecuing and grilling skyrocketed amid the pandemic as people stayed home and cooked more meals instead of dining out.Now several leading barbecue companies are looking to take advantage of that growth through initial public offerings, including Traeger, which priced its initial public offering at $18 a share on Wednesday, the high-end of its anticipated deal range and at an implied $2 billion valuation. It began trading on the NYSE on Thursday under the ticker symbol "COOK" and rose above its IPO price in early action with as much as a 25% gain.More than $1.8 billion worth of grills, smokers, grill accessories, fuel, and stoves and accessories were sold between March and May in the U.S., a 5% increase compared to 2020, according to NPD.Grills and smokers made up $1.1 billion of that, a 3% increase from 2020 and nearly double from 2019. In total, roughly 5.4 million grills and smokers were sold in the three months, the peak period for barbecue sales. While that is down 10% from 2020, it's up 81% from 2019.Joe Derochowski, home industry advisor at NPD, said a few factors drove those numbers up but mainly that people have been eating and cooking more meals, as well as a strong desire to do anything outside where you can invite people over safely. People have also been looking to experiment more with their food, leading them to buy new things like smokers or other accessories for their grill like a pizza stone."Last year we did everything we could to get outside, and you saw the growth in things like outdoor toys and sports equipment," Derochowski said. "When you crave being outside, you start to eat outside, which leads to more grilling and cooking outside."Traeger, which is known for its wood pellet grill, and its rival Weber, are two of the biggest benefactors of the heightened interest in grilling. Weber recently filed paperwork with U.S. regulators for an initial public offering.Weber says it's the industry leader in the U.S. â the biggest grilling market globally â with a 23% market share, citing a Frost & Sullivan report. It also says it is the top brand in several of the other top grilling countries, which include Australia, Canada, France and Germany. In total, it says it has sold 30 million grills in the U.S. and 50 million globally.The company reported $963.3 million in revenue for the six months ending March 31, a 62% year-over-year growth. While Weber sells its products on Amazon and at Home Depot and Lowe's, the company also has 170 branded retail locations and its e-commerce site. Its direct-to-consumer and website represented 20% of its business in 2020 and has grown 31% annually since 2018. Grilling technology has expanded and gone global Weber, with a history in grilling that dates back nearly 70 years to when it claims its founder invented covered charcoal cooking with the dome-shaped Weber Kettle, has benefitted as the grilling category has expanded. Sales of its grills, which range from $40 to over $1,000 and include gas, charcoal, electric, pellet, and smokers, made up 74% of Weber's revenue in 2020."We are now creating multiple new products every year as we continually innovate to advance the craft of grilling globally," Weber chief executive officer Chris Scherzinger said in the company's S-1 SEC filing. Weber declined to comment, citing a pre-IPO quiet period. Weber, which plans to trade on the New York Stock Exchange under the ticker 'WEBR' could be valued between $4 billion and $6 billion.Scott Olson | Getty Images News | Getty Images Innovation in grilling is what fueled the growth of Traeger, which says that it's the "creator and category leader of the wood pellet grill." Using pill-shaped pieces of wood, consumers can use Traeger's grills to smoke, roast, braise, bake, or barbecue. The company's grills range from around $500 to $2,000 â Traeger said the average price in 2020 was $839.Traeger said that it has approximately 3% household penetration in the U.S. and that it has sold 2 million grills in the U.S. from 2016 to 2020. It also notes that brand awareness of the wood pellet category is only 25% among U.S. consumers.In 2020, Traeger reported revenue of $545.8 million, up from $363.3 million in 2019. Over the first three months of 2021, it had revenue of $253.6 million, up 107% year-over-year. Traeger declined to comment, citing a pre-IPO quiet period.Both companies are hoping that their public debuts further fuel their growth, with both planning deeper investments into technology and product development. Weber, which plans to trade on the New York Stock Exchange under the ticker "WEBR" could be valued between $4 billion and $6 billion. 'Outdoors is the new indoor' The push of the barbecue companies into the public market has also been beneficial for BBQGuys, an online retail platform that not only sells grills and accessories but other outdoor living products like fire pits and patio furniture, and is planning to go public through a SPAC deal."Outdoor is the new indoor; people are bringing their indoor living spaces outside after being trapped inside," BBQGuys chief executive office Russ Wheeler said. "The grill is certainly the centerpiece of that, but that could also include a wine fridge, built-in heaters, weatherized TVs, or firepits."BBQGuys reported $264 million in revenue in 2020 and said it has had 27% annual growth over the last 15 years. The company not only sells Weber and Traeger products on its website but also its brands. Through a SPAC deal with Velocity Acquisition Corp. announced earlier this month, BBQGuys would be valued at $839 million. It plans to be listed on the Nasdaq under the ticker "BBQG."In 2020, the company was acquired by private equity firm Brand Velocity Partners in a deal that also brought on the famous Manning family of NFL quarterbacks as investors. In recent months, both Peyton and Eli Manning have been featured in marketing campaigns for the company, which Wheeler said is part of BBQGuys' effort to "creating an outdoor living lifestyle brand and ecosystem." VIDEO3:1603:16Football Legend Eli Manning talks BBQ and RetirementSports Having consumers lean into barbecuing and going beyond just basic foods has been a big part of the industry's growth, said Emily McGee, spokeswoman for the Hearth, Patio & Barbecue Association, a trade group representing companies in the industry."You're seeing people who may have cooked their hamburgers inside because the grill was only something they brought out on the Fourth of July or Memorial Day weekend suddenly using it a lot more," McGee said. "Suddenly the grill became more of a usual cooking tool, and now people are saying 'This is great, but maybe I want another,' or going from just a charcoal grill to a pellet grill or adding a smoker or a pizza oven."McGee said while she thinks barbecue grill sales may cool slightly as more people start to frequent restaurants again, at-home grilling is a trend that shouldn't be expected to go away."I think overall people have loved what they've experimented with on the barbecue and grill and want to keep doing it," McGee said. "Everything tastes better on the grill, that's a fact."

Brands ride on popularity of Indian Olympic squad wins

29 Jul, 2021, 05:41PM | Livemint

New Delhi: A variety of brands cashed in on athlete Mirabai Chanu's thumping win in the women's weightlifting 49 kg category at the ongoing Tokyo Olympics, launching campaigns to congratulate her and even offering freebies. Homegrown cloud kitchen food brand platform Yumlane offered its pizza to the athlete, while Jubilant FoodWorks owned Domino’s Pizza went a step ahead and delivered it at Chanu’s home in Manipur besides promising a lifetime of free treats for her. MORE FROM THIS SECTIONSee All Premium Premium Is the $695 AmEx Platinum card really worth it? Premium Premium Rural paced ahead of urban in demand for branded produc .... Premium Premium Intent to hire freshers has increased by 7% in the curr .... Premium Premium 50% of India’s operational screens to reopen by Friday “Domino’s is now doing a short-term digital activation deal with Mirabai Chanu," said Neerav Tomar, CEO & managing director, IOS Sports and Entertainment, a sports management company that handles Chanu’s brand endorsement portfolio. While Tomar told Mint that there is interest from brands across categories such as steel, energy drinks, muscle supplement, women’s personal care to sign Chanu, branding and marketing experts felt that most brands have used her win to attract attention to themselves and push their products. “Such marketing tactics get quick media eyeballs, and that is sadly what brands are chasing. It’s all about moment marketing and being on the trending list. Most brands don’t bother about what they stand for and the right fit," said Naresh Gupta, co-founder, and chief strategy officer, Bang In The Middle. Gupta added that if brands were serious about fueling an athlete’s Olympic dreams, they have to work with them for a long period of time. “Companies such as JSW and Tatas spend a lifetime nurturing athletes and looking after them," he added. JSW Group, for instance, has been supporting its athletes through the last five years at every stage in the build-up to the Tokyo Games. The firm also opened the doors of the Inspire Institute of Sport (IIS) training centre in Bellary, Karnataka to all Tokyo-bound athletes, irrespective of whether they are supported by the JSW Group or not. Sports brand Puma has signed 18 Indian athletes who will represent the country in national and international events across sporting disciplines like shooting, hockey, track and field, boxing, table tennis, discus throw, and badminton. The brand will provide gear and support to these athletes. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Harish Bijoor, brand strategy expert and founder, Harish BijoorConsults Inc. calls it ‘Olympic moment vulturism’. “Many brands have hijacked the winning moment of the athletes to gain attention towards themselves which has not created a negative reaction in the minds of many. Consumers are savvy though and they know when it happens," he noted. The Lovely Professional University (LPU) ad showing 11 athletes in the India Olympic squad that belonged to the university stirred a debate when Virat Kohli mentioned the fact in his post. Netizens trolled Kohli for using Olympics as a ploy to promote the educational institution. A senior sports marketing executive, on the condition of anonymity, said there are legal implications to such marketing tactics. Unless a brand has signed a legal contract with an athlete, they cannot use his/her picture even for congratulatory posts. “Often, brands don’t take such liberties with the cricketers because they have got strong management and legal teams. However, unfortunately, brands do tend to take advantage of young upcoming athletes in non-traditional sports who will likely come in the limelight once in their lifetime," the executive added. The biggest drawback with non-traditional sports athletes is also low visibility. Unlike sports such as cricket, badminton, tennis, and football, which have year-round engagement, non-traditional sports athletes are only seen twice in four years for Asian Games and Olympics. “That is the unfortunate reason that their access to fame is only once every four years and hence brands don’t sign them for long-term partnerships," the executive noted. (The promoters of HT Media Ltd, which publishes Mint, and Jubilant FoodWorks are closely related. There are, however, no promoter cross-holdings.) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

JSW Energy, Australia's Fortescue Future join hands for green hydrogen

29 Jul, 2021, 05:26PM | Business Standards

JSW Future Energy has entered into a framework agreement with Australia’s Fortescue Future Industries (FII) for potential projects relating to the production of green hydrogen. A statement from JSW Energy said this agreement is for assessing the potential of green hydrogen for green steel making, hydrogen mobility, green ammonia and other mutually agreed industrial applications in India. While Hydrogen production and its utility has been established, many companies are now working on the manufacturing processes to make it cleaner. This Green Hydrogen is being touted as a future fuel and the Budget 2020-21 has announced a National Hydrogen Energy mission to boost prospects. Commenting on the decision to enter into the agreement, Joint Managing Director and CEO at JSW Energy, Prashant Jain said, “JSW Energy has laid out a strategic blueprint to become a 20 GW capacity power generating company by 2030 with about 85 per cent of the portfolio comprising of green and renewable energy sources.” Jain said that JSW Energy would also want to adopt innovative technologies like green hydrogen, offshore wind, and battery energy storage among others. “Green hydrogen is going to be a disruption in the clean energy space and in the near future, we believe it would replace the fossil fuels used for various industrial applications as well as in the transportation and mobility sector,” Jain added. He also said that this agreement with FFI can help JSW fulfil their net zero commitments earlier than our target of 2050. FFI CEO, Julie Shuttleworth said, “FFI is actively establishing a portfolio of projects associated with renewable green hydrogen and green industrial products.” JSW Future Energy is a wholly owned subsidiary of JSW Energy. It is part of the JSW Group - a diversified business conglomerate in India with interests across Steel, Energy, Infrastructure, Cement, Paints, Sports and Venture Capital. JSW Energy currently has 4,559 Mw of operational Thermal, Hydro and Solar Power capacity. The Company has around 2,500 Mw of Renewable energy projects under construction which are likely to be completed by 2023, a JSW statement said. FFI is the renewable energy and industry company of Fortescue Metals Group (Fortescue). It has an initial plan to produce 15 million tonnes per annum of green hydrogen by 2030. Fortescue targets to achieve carbon neutrality by 2030. “FFI is a key enabler of achieving this target through the development of its green electricity, green hydrogen, green ammonia and other green industrial projects,” the company said.

Market Wrap Podcast, July 29: Here's all that happened in the markets today

29 Jul, 2021, 05:09PM | Business Standards

US Federal Reserve's assurance that tapering of the stimulus was some time away and with the Chinese government in damage control mode, strength returned to bourses globally and consequently back home. The US Fed chair Jerome Powell overnight said the central bank wishes to see "some strong job numbers" in the coming months before tapering the bond-buying programme. Meanwhile, in China authorities stepped up efforts to calm frayed investor nerves after a market rout. Against this backdrop, investors flounced back to Street to lap up equities. Sensex ended at 52,653, up 209 points or 0.40 per cent and the NSE Nifty closed the expiry day at 15,778, up 69 points or 0.44 per cent. Tata Steel, Bajaj Finance, SBI and HCL Tech were the top gainers while Maruti Suzuki was the worst performer, down 2 per cent, following its Q1 results. In broader markets, the BSE Smallcap index outperformed with a 0.90 per cent gain while BSE Midcap rose in tandem with Sensex. The sectoral space was mixed. The Nifty Metal index was the outlier after it rallied over 5 per cent to hit a new high in trade. It was trailed by PSU Bank, Realty and IT indices which gained between 1-3 per cent. On the other hand, Nifty FMCG lost over 1 per cent. In stock-specific moves, shares of Tatva Chintan Pharma Chem closed at Rs 2,310.25 on the BSE, up 113 per cent over its issue price of Rs 1,083 per share. The scrip had listed at a 95 per cent premium at Rs 2,111.8 and touched intraday high of Rs 2468.30. Balrampur Chini Mills stock also hit a new high in intra-day session today after the company announced that its board will consider buyback of shares on August 9. The scrip settled nearly 8 per cent up at Rs 375 after hitting a high of Rs 387.10. Shares of Future Retail ended flat at Rs 60.45 following its June quarter results and after Supreme Court reserved verdict on the pleas of e-commerce giant Amazon against the company's Rs 24,713 crore deal for merger with Reliance Retail. Tech Mahindra shares gained 0.75 per cent to settle at Rs 1,127.95 ahead of its Q1 earnings. Post-market hours, the IT major reported a better-than-expected jump in Q1 profit at Rs 1,353.2 crore, up 39 per cent YoY. Going into trade on Friday, investors will react to Tech Mahindra's Q1 results. Further, over 100 companies will announce their June quarter numbers on Friday. Some of the prominent names include Sun Pharma, BHEL, Nazara Technologies, Marico, Britannia, Lodha, IOC and UPL. Globally, investors will eye US GDP data apart from the market mood for further cues. In the primary market, the Rolex Rings IPO would open for its last day of subscription. So far the issue has been subscribed nearly 9 times. Glenmark Life Sciences, whose issue closes today, has received over 44 times bids. Globally, Asian stocks advanced. Shanghai Composite index gained 1.49 per cent while Hong Kong's Hang Seng index closed up 3.30 per cent. Japanese shares rose notably up 0.73 per cent. Europe started upbeat, with the Stoxx Europe 600 up 0.3 per cent and futures on Wall Street also indicated at a firm US opening.

Car repair startup Fixcraft raises $1 million in Pre-Series A funding

29 Jul, 2021, 04:52PM | Livemint

BENGALURU: Car repair management startup Fixcraft on Thursday said it has raised $1 million in equity and debt, as part of its Pre-Series A round, led by marquee angel investors. It raised the debt led by Ubiquity Capital. The round also saw participation from Indian startup founders including - Amit Lakhotia, co-founder of Park Plus; Shashvat Nakrani, co-founder, BharatPe; Ashish Goel, founder, UrbanLadder; among others. MORE FROM THIS SECTIONSee All Premium Premium 'Valued employees': Sundar Pichai joins CEOs urging act .... Premium Premium Flipkart, Amazon ask Supreme Court to stop antitrust qu .... Premium Premium NTPC Renewable Energy calls bids for setting up green h .... Premium Premium Strata raises $6 million in Series A round Founded in 2018, Fixcraft provides cloud-based full-stack garage solutions to help implement standard systems and technology processes in the car repair segment. Unlike a garage aggregator, Fixcraft owns the customer journey end-to-end, and ensures the complete execution of repair work. The brand also offers a tech-enabled insurance claim management system along with a whole suite of car servicing offerings. “Auto repair industry has been in a dire need of a tech enabled player to handle the lack of trust and high cost of repair and service. Fixcraft’s cloud garage driven model has seen a very high degree of acceptance in end customers and ecosystem players like motor insurance companies and aggregators alike. We will be looking to invest heavily on technology," said Vivek Sharma, founder, and chief executive, Fixcraft. “We witnessed a 400% year-on-year growth, and are targeting to maintain the momentum across our consumer and business channels equally," said Sharma. The startup will utilise the funds to widen its presence in Maharashtra, Karnataka, and Andhra Pradesh, as per its immediate plans, while strengthening its operations and technology teams. The brand has already provided services to 3,500 customers till date and plans to double the number by the end of the financial year 2021-22. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? “Fundamentally sound businesses are something which we have always believed in and have backed in the past. Fixcraft’s laser sharp focus on unit economics and technology adoption is something we believe will help them stand out and come out as winners," said Nikhil Bhandarkar, managing director, Ubiquity Capital. With this round, the startup has raised $1.5 million till date, having earlier raised capital from AngelList syndicate led by Droom co-founder, Rishab Malik. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

'Definitely going to happen': CEA on GST rate structure rationalisation

29 Jul, 2021, 04:35PM | Business Standards

Chief Economic Adviser (CEA) K V Subramanian on Thursday said that rationalisation of GST rate structure is on the government's agenda and it is definitely going to happen. Further, he said that a three-rate structure is very important and there is also a need to fix inverted duty structure as far as the GST is concerned. The Goods and Services Tax (GST), which amalgamates more than a dozen central and state levies like excise duty, service tax and VAT, was introduced in July 2017. GST currently has five rate structures -- 0.25 per cent, 5 per cent, 12 per cent, 18 per cent and 28 per cent. To a question if rate structure rationalisation under GST needed, Subramanian said, "I think that's something definitely going to happen. The original plan was to have a three-rate structure. But I think what we have to be very cognizant about is that oftentimes with policymaking you don't want perfect to actually become the enemy of the excellent." A majority of common use items have been exempted from GST, while 28 per cent tax is levied on luxury, demerit and 'sin goods'. "The GST, the way it got created with actually five rates was basically excellent because now we are seeing the impact on GST's amounts that are coming in...the policymakers then must be given credit for actually being practical enough to say, let's get it going first," he said at a virtual event organised by industry body Assocham. "The three-rate structure is something... definitely important and even the inverted duty structure (is) also equally important to actually fix. I think the government is definitely seized of the matter. So we should hopefully see traction on that soon," he said. GST collection slipped below Rs 1 lakh crore in June for the first time in eight months as the second wave of the Covid pandemic and the resultant lockdowns hit businesses and the economy. At Rs 92,849 crore, GST collection was the lowest in 10 months since August 2020, when it was Rs 86,449 crore. The GST collections in June 2021 are primarily for supplies made in May -- a month when most states were under different levels of lockdown, reducing business activity. Highlighting the importance of the financial sector in the growth of the economy, Subramanian said India needs more global size banks. India is the fifth largest economy of the world but the banking system is still has a lot of catching up to do, he said adding that domestically some could be large but not large enough to be included in global top 50 list. State Bank of India (SBI) at the 55th position is the only bank in the global top 100 list. China has 18 banks while the US has 12 in the list. Speaking on the occasion, Sebi's Whole Time Member G Mahalingam said developing a credit default swap (CDS) market could help in deepening corporate debt market. "We have been trying our level best, but there have been a lot of constraining features as far as CDS is concerned. This is one area where we need to work which will be completely and completely sector agnostic," he said. Mahalingam suggested the infrastructure sector deserves at least some kind of a partial credit enhancement kind of facilities and there is a need to have a look at this. "I would still repeat a CDS is something which we need to really work through all the policymakers, putting their heads together to deepen the corporate bond market," he said. He also said there are regulatory restrictions on insurance and pension funds for investment in corporate bonds and there is to examine the issue. Sebi and the government has taken a number of steps to deepen the corporate bond market, he added. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

'Valued employees': Sundar Pichai joins CEOs urging action on citizenship path

29 Jul, 2021, 04:20PM | Livemint

More than 90 chief executive officers, including those at Apple Inc., Amazon.com Inc. and Facebook Inc., on Thursday urged Congress to pass a law offering a citizenship path to young immigrants brought illegally to the U.S. as children. In a letter to President Joe Biden and congressional leaders, the executives said thousands of the immigrants -- known as Dreamers -- are “valued employees at our companies," but a federal judge’s recent ruling against a program protecting them “throws into chaos" their ability to live and work legally in the U.S. MORE FROM THIS SECTIONSee All Premium Premium Flipkart, Amazon ask Supreme Court to stop antitrust qu .... Premium Premium NTPC Renewable Energy calls bids for setting up green h .... Premium Premium Strata raises $6 million in Series A round Premium Premium Google takes cues from Apple, announces Safety Section .... “Securing a pathway to citizenship for Dreamers not only is the right thing to do, but is a huge economic benefit to the United States," the CEOs wrote in the letter. “The latest court ruling makes it all the more urgent that Congress take up and pass a legislative solution right away." The letter seeks to increase pressure on Republicans in Congress who are likely to oppose Democrats’ efforts to pass the measure allowing for legal status for as many as 8 million undocumented immigrants. Among those who signed were Apple’s Tim Cook, Amazon’s Andy Jassy, and Facebook’s Mark Zuckerberg. They were joined by Alphabet Inc. CEO Sundar Pichai, Microsoft Corp. President Brad Smith, Verizon Communications Inc. CEO Hans Vestberg, General Motors Co. CEO Mary Barra, International Business Machines Corp. CEO Arvind Krishna, Visa Inc. CEO Alfred Kelly, Uber Technologies Inc. CEO Dara Khosrowshahi, Target Corp. CEO Brian Cornell, Salesforce.com Inc. CEO Marc Benioff and others. Leaders of trade associations including the U.S. Chamber of Commerce, Business Roundtable and National Association of Manufacturers also signed. The letter was organized by the Coalition for the American Dream, a group of companies and interest groups that support more welcoming U.S. immigration laws. It is also appearing in a full-page print ad in the New York Times. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Democrats in Congress are pushing to include the provision on Dreamers in a $3.5 trillion budget resolution, which has no Republican support. Democratic lawmakers and immigrant-rights groups have urged the bill’s authors to include Dreamers, as well as those with temporary protected status and farm workers. Yet any immigration language must meet a Senate rule that says any part of a budget resolution must have an effect on government spending or revenue. Republicans will almost certainly challenge immigration provisions in the budget package, and the Senate parliamentarian would ultimately issue a ruling if they could remain. The letter did not demand the language be passed in the budget resolution, but the business leaders said they supported bills like the Dream and Promise Act or DREAM Act that have received bipartisan support in the past. U.S. District Judge Andrew Hanen of Texas ruled earlier this month that the Obama-era Deferred Action for Childhood Arrivals program, or DACA, which allows hundreds of thousands of Dreamers to live and work in the U.S. without fear of deportation, was implemented unconstitutionally. The ruling allowed those with DACA status to keep or renew it, but barred new applications from being processed. Biden has proposed a pathway to citizenship for 11 million people living illegally in the U.S., but House Speaker Nancy Pelosi earlier this year opted for a pared-back approach to attract support from moderate Democrats. The House in March passed two bills that provide legal status for migrant farm workers and for Dreamers, a move that creates the prospect of eventual citizenship. Senate talks on a similar bill have dragged on for months. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Flipkart, Amazon ask Supreme Court to stop antitrust queries

29 Jul, 2021, 04:14PM | Livemint

Walmart-owned Flipkart and Amazon.com Inc have asked India's Supreme Court to restrain the country's antitrust body from seeking sensitive business information in an e-commerce investigation, according to filings seen by Reuters. The requests, in court documents which have not been made public, illustrate the level of concern at the two e-commerce giants over the investigation, which has prompted public spats between U.S. firms and the Indian government. MORE FROM THIS SECTIONSee All Premium Premium NTPC Renewable Energy calls bids for setting up green h .... Premium Premium Strata raises $6 million in Series A round Premium Premium Google takes cues from Apple, announces Safety Section .... Premium Premium JSW Future Energy signs pact with Australia’s Fortescue .... In its investigation, the Competition Commission of India (CCI) sought a list of Amazon and Flipkart's top sellers, online discounts and pacts with smartphone makers, among 32 questions it asked on July 15, the documents showed. Flipkart told the Supreme Court the details sought reinforced its fear of the "invasive nature" of the investigation, and asked for both the information request and the overall investigation to be put on hold. "The information sought...is sensitive in nature," Flipkart said in the court document. "It is evident that the director-general is determined to take precipitative action," it added, referring to the watchdog's investigation chief. Amazon made a similar request of the court, saying the watchdog had sought a "wealth of sensitive information within a deadline as short as 15 days." Both firms said the investigation could affect their reputation and goodwill. The court is likely to take up the case in coming days. Flipkart, Amazon and the CCI did not respond to a request for comment. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Although India's trade minister and a southern court have said the companies should not shy away from inquiries, Amazon and Flipkart say the CCI lacked evidence and should not have launched the investigation last year. The request to the Supreme Court comes after the state court dismissed the companies' pleas in June and July, saying the investigation must continue. The antitrust body, which has set the companies a July 30 deadline to answer its queries, had plans to speed the investigation into Amazon and Flipkart after the clearance from the court, Reuters reported in June. The CCI questions also sought details of policies on showcasing products on the websites of Flipkart and Amazon, and internal communication with sellers over sale events, the court documents showed. The watchdog also asked for a list of the firm's top 100 sellers between 2015 to 2020 and top-selling products. For Amazon, specifically, the CCI sought copies of all agreements it has signed with two of its sellers, Cloudtail and Appario. In February, a Reuters investigation based on Amazon documents showed it had given preferential treatment for years to a small group of sellers, including Cloudtail and Appario, and used them to bypass Indian law. Indian retailers say Amazon and Flipkart favour select sellers on their platforms, to the disadvantage of smaller players. The companies deny any wrongdoing. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Australia's Fortescue teams up with JSW Energy for hydrogen projects

29 Jul, 2021, 03:48PM | Business Standards

Australia's Fortescue Metals Group said on Thursday its unit has teamed up with a subsidiary of Indian power producer JSW Energy for projects including production of hydrogen and its use in making steel in India. Fortescue Future Industries (FFI) has signed the agreement with JSW Future Energy for collaborating on hydrogen mobility, green ammonia and their industrial applications in India. FFI has been criss-crossing the globe signing framework agreements for renewable energy projects but has come under fire from analysts for providing little detail on how its projects would be funded. FFI's fiscal 2022 expenditure is expected to be between $400 million and $600 million, Fortescue said in its fourth-quarter production report on Thursday. Key areas of activity for FFI include green fleet development and decarbonisation technologies, as well as scoping studies and asset identification across Australia, Asia, Africa, Latin America, Europe and North America. (Reporting by Arundhati Dutta in Bengaluru; editing by Vinay Dwivedi) (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

NTPC Renewable Energy calls bids for setting up green hydrogen fuelling station in Leh

29 Jul, 2021, 03:27PM | Livemint

NEW DELHI: State-owned NTPC Renewable Energy Ltd (NTPC REL) has called bids for setting up a green hydrogen fuelling station in Leh as part of its green mobility plans. This comes in the backdrop of India’s largest power generation utility’s subsidiary inking a pact with the union territory of Ladakh to setup a green hydrogen mobility project in the region. NTPC’s plans includes running five hydrogen buses, to start with and setting up a solar plant and a green hydrogen generation unit in Leh for the same. MORE FROM THIS SECTIONSee All Premium Premium slice raises ₹75.5 Cr in debt funding Premium Premium Tech Mahindra Q1 results: Net profit up 39% to ₹1,353. .... Premium Premium IndiGo to start 8 flights connecting this Madhya Prades .... Premium Premium Car repair startup Fixcraft raises $1 million in Pre-Se .... "The sale of bid documents would commence from 31st July, 2021," NTPC said in a statement on Thursday. “The tender follows the recent tender floated by NTPC Vidyut Vyapar Nigam Limited (NVVN) for procurement of Fuel Cell Buses for Ladakh. NTPC REL and NVVN would jointly be executing the Green Mobility Project in Union Territory of Ladakh. A dedicated 1.25 MW Solar plant is also being set up at Leh by NTPC REL to make the Hydrogen Fuelling Station completely green. The solar plant contract is expected to be awarded within a month," the statement added. NTPC Ltd has already floated a global expression of interest (EOI) for setting up two pilot projects--standalone fuel-cell based backup power system and a microgrid system--with hydrogen production using electrolyser. Mint had earlier reported about the company's plans to invite bids for setting up electrolysers in Delhi and Leh to fuel zero-emission vehicles with green hydrogen. NTPC also plans to set up India’s largest solar park of 4.75 gigawatt (GW) at Rann of Kutch in Gujarat from where it will also generate green hydrogen on a commercial scale. This comes in the backdrop of India’s green hydrogen push wherein the union government is considering a proposal to make it mandatory for fertiliser plants and oil refineries to purchase green hydrogen as part of plans to cut the nation’s dependence on fossil fuels. As part of its energy transition efforts, India is working towards electrification of economy by developing action plans for greening of electricity. NTPC plans to list NTPC Renewable Energy Ltd. The PSU has also announced its target of 10% reduction in net energy intensity as part of its energy compact goals. NTPC plans to invest ₹1 trillion between 2019 and 2024 to become a 130GW power producer by 2032. Of this, 60 GW will come from renewable energy sources. The NTPC Group has an installed power generation capacity of 65.81 GW through 70 power projects and has 18 GW under construction. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

ArcelorMittal posts $4 billion net income in April-June quarter

29 Jul, 2021, 03:03PM | Business Standards

Global steel giant ArcelorMittal on Thursday posted a net income of USD 4,005 million for the second quarter ended June 30, 2021. The world's largest steelmaker had clocked a net loss of USD 559 million in the year-ago quarter, the company said in a statement. The Luxembourg-headquartered integrated steel and mining company follows the January-December fiscal year. Sales in April-June quarter of 2021 were at USD 19.3 billion, as compared to USD 11.0 billion in the second quarter in 2020. The company said that total steel shipments in the second quarter of 2021 were 30.6 per cent higher at 16.1 million tonne (MT), compared to 14.8 MT in the corresponding quarter of the preceding year. According to the company, its gross debt was at USD 9.2 billion as of June 30, 2021. Aditya Mittal, ArcelorMittal Chief Executive Officer, said: "The quarter has seen a continued strong recovery backdrop alongside a sustained lean inventory environment. Our performance is very welcome after the unprecedented disruption the business and our people faced in 2020." "Looking forward, we see the demand outlook further improving into the second half and have therefore upgraded our steel consumption forecasts for the year." Meanwhile, ArcelorMittal Nippon Steel India (AMNS India), a joint venture between ArcelorMittal and Japan-based Nippon Steel Corporation, has generated EBITDA of USD 607 million in the quarter under review, as compared to USD 107 million in Q2 2020. The JV company produced 1.8 Mt crude steel as against 1.2 in April-June 2020. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

ArcelorMittal Nippon Steel India EBITDA jumps 450% to $607 million

29 Jul, 2021, 02:58PM | Business Standards

ArcelorMittal and Nippon Steel India (AM/NS India) reported a 50 per cent higher EBITDA (earnings before interest, taxes, depreciation and amortisation) quarter-on-quarter (QoQ) and 450 per cent year-on-year (YoY) to $607 million in the quarter ended June 30, 2021 on the back of a strong global demand and recent resurgence in the domestic market. The EBITDA in Q1CY21 was $403 million (ArcelorMittal follows a January-December financial year). While announcing earnings for the quarter–-the strongest for ArcelorMittal since 2008-– the company said that Q2CY21 crude steel production of AM/NS India remained stable at 1.8 million tonnes (mt) despite Covid-19 headwinds. The company redirected steel supply to serve a “buoyant export market” to mitigate the negative impact of the second Covid wave on domestic steel demand. Towards the end of the quarter, however, AM/NS India said, the business saw encouraging signs of domestic demand revival, particularly from the automotive, white goods and infrastructure sectors. The annualised production of AM/NS India remained unchanged from Q1CY21, at 7.3 Mt. AM/NS India numbers were released as part of ArcelorMittal’s earnings in the quarter. The global steel major reported $5.1 billion EBITDA in Q2CY21, its strongest quarter since 2008, as steel prices rallied to record high; it was 55.8 per cent higher than in Q1CY21. It was at $707 million in the year-ago period. Commenting, Aditya Mittal, CEO, ArcelorMittal, said that the second quarter has seen a continued strong recovery backdrop alongside a sustained lean inventory environment. “This resulted in even healthier spreads in our core markets than in the first three months of the year, supporting the best quarterly and half year result we have reported since 2008.” Mittal expects demand outlook to improve further in the second half. The share of JV and associates net income in Q2CY21 improved to $0.6 billion, reflecting continued strong performance at AMNS India and AMNS Calvert, the company said. Commenting on AM/NS India’s performance, Mittal, chairman AM/NS India, said, “AM/NS India’s progress in the 18 months since its inception is an excellent foundation to advance our plans to pursue both organic expansion and strategic opportunities in support of India’s growing economy.” AM/NS India’s “strong” cash generation and “balance sheet strength” will continue to support funding requirements of long-term growth plans, the company said. AM/NS India has medium and long-term plans to ramp up capacity to take its steelmaking capacity to 30 mt; the pellet plant in Odisha is nearing completion of doubling capacity to 12 mt.

Strata raises $6 million in Series A round

29 Jul, 2021, 02:41PM | Livemint

BENGALURU: Strata, a tech-enabled commercial real estate (CRE) investment platform, has raised $6 million in Series A round, co-led by Kotak Investment Advisors Ltd, Gruhas Proptech, a fund by Nikhil Kamath of Zerodha, Abhijeet Pai of Puzzolana Group for proptech investments and special situations, and Sabre Investments, which is the investment arm of Rahul Talwar, who belongs to the promoter family of DLF Ltd. Elevation Capital, Mayfield India and Gemba Capital also participated in the round. MORE FROM THIS SECTIONSee All Premium Premium 'Valued employees': Sundar Pichai joins CEOs urging act .... Premium Premium Flipkart, Amazon ask Supreme Court to stop antitrust qu .... Premium Premium NTPC Renewable Energy calls bids for setting up green h .... Premium Premium Google takes cues from Apple, announces Safety Section .... Strata will use this capital to expand in the coming year, taking its current assets under management (AUM) of ₹330 crore to ₹1500 crore by 2021-22. It is eyeing to spread its geographical footprint across Mumbai, Hyderabad, Chennai, Bengaluru, Delhi and Pune. The company plans to accelerate product development and introduce new investment offerings to yield greater returns for its investors in the long term and plans to double its headcount in the current fiscal year. In March 2020, Strata had raised $1.5 million in seed funding co-led by Elevation Capital and Mayfield India along with PropStack angel investors. Incorporated in May 2019, and founded by Sudarshan Lodha and Priyanka Rathore, Strata envisions to be the largest alternative investment platform in the country for retail investors by enabling them to invest in CRE assets by fractionalizing assets and offering them on an easy-to-use online platform. Sudarshan Lodha, CEO, Strata said, “Our aim is to democratize CRE as an asset class like never before in India. This fresh round of financing comes at a critical point in our business, enabling us to accelerate our expansion plans and build and innovate our product portfolio, as we gear up for our next phase of growth." “Strata, in a very short span of time, has built a powerful asset class that is easily accessible to the masses. Investment in CRE has predominantly remained off-limits for most sections of the investor community in India. However, Strata has managed to close the gap by giving investors accessibility, transparency and affordability to invest in CRE through its offerings. We are delighted to partner with Sudarshan and Strata in their next phase of growth," said Srini Sriniwasan, MD, Kotak Investment Advisors. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Abhijeet Pai, Gruhas Proptech, said, “By offering CRE investment on a platter and empowering masses to access it as a promising asset class, Strata has built a niche for itself in regard to alternative wealth creation. The combination of technology and strong product capabilities offered by the team will help usher in a ‘new age’ in real-estate investing in India." Currently, Strata’s platform has over 15,000 users along with an active base of more than 1,000 investors globally. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Rakesh Jhunjhunwala buys and trims stake in these stocks in June quarter

29 Jul, 2021, 02:39PM | Livemint

Known as the 'Big Bull' as well as India's 'Warren Buffett', Indian ace investor and stock market trader Rakesh Jhunjhunwala's investments are closely tracked by the market participants. As per corporates shareholding filed for the April-June period, he added, raised and cut stakes in several stocks from various sectors during the said quarter. He made a fresh buying in PSU metal company Steel Authority of India (SAIL) and Indiabulls Housing Finance as his stake in the respective companies stood at 2.17% and 1.39% as of June 2021 quarter. He did not hold any stake in the above mentioned companies previous quarter, the data showed. MORE FROM THIS SECTIONSee All Premium Premium Colgate’s shares take a knock after subdued Q1FY22 earnings Premium Premium Gold prices rise today but still down ₹2,000 in 2 mont .... Premium Premium Hindalco, Tata Steel, JSW Steel shares surge today. Wha .... Premium Premium Rallis India's weak margin takes sheen off strong reven .... Furthermore, he has raised his stake in his portfolio stock Edelweiss Financial Services and Federal Bank whereas trimmed in Tata group companies - Tata Motors and Titan during the said quarter. Jhunjhunwala also pared his stake in TV18 Broadcast, Autoline Industries and Aptech, data showed His stake in his portfolio stock Edelweiss Financial was raised to 1.61% from 1.19%. In Federal Bank, Jhujhunwala's stake stands at 2.78% stake or during the April-June period, up 0.38% from 2.40% in Q4. As per the shareholding pattern of Tata Motors for the June quarter, he holds 1.14% as compared to 1.29% in the previous quarter i.e., March 2021. Separately, in Titan, he cut his stake to 3.72% in the first quarter of FY22 from 3.97% in the previous quarter. Jhunjhunwala invests in both his own name and his wife's, Rekha Jhunjhunwala. He is a qualified Chartered Accountant and manages the asset firm Rare Enterprises. He tends to favor stocks in the finance, tech, retail and pharma sectors to name a few. Rakesh Jhunjhunwala and Associates publicly holds 36 stocks with a net worth of over ₹19,327.7 crore, as per Trendlyne. Additionally, Bloomberg reported that the billionaire investor is planning on having 70 aircraft within four years for a new airline as he is considering investing $35 million and would own 40% of the carrier. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

ArcelorMittal boosts steel outlook as it sees best quarter in 13 years

29 Jul, 2021, 02:36PM | Business Standards

ArcelorMittal SA boosted its guidance for global steel demand after a record-breaking price rally yielded the company’s best quarter since 2008. Steel has surged over the past 12 months, joining a wider commodities boom as producers struggled to meet an unexpectedly strong rebound in demand from the construction and manufacturing industries. After a decade of plant shutdowns and job cuts in Europe’s steel industry, demand from the infrastructure and renewable energy sectors is creating optimism about the future, said ArcelorMittal Chief Executive Officer Aditya Mittal. “Looking forward, we see the demand outlook further improving into the second half and have therefore upgraded our steel consumption forecasts for the year,” Mittal said Thursday in a statement. The biggest steelmaker outside of China now expects 2021 steel demand -- a key barometer of economic growth -- to increase by 7.5% to 8.5% from last year. In May, the company projected demand to be at or above the upper end of its initial 4.5% to 5.5% forecast, following a contraction in 2020. A stronger performance allowed ArcelorMittal to boost shareholder returns. It announced a new $2.2 billion share buyback program, in part funded by the sale of its U.S. operations in 2020, adding to the $2.8 billion returned to shareholders since September 2020. “We assume that the magnitude of earnings improvement, and earnings surprise, of ArcelorMittal has once again exceeded peers’,” said Ingo Schachel, head of equity research at Commerzbank AG. “The strong cash conversion and consistent cash allocation is impressive.” ALSO READ: ArcelorMittal Nippon Steel India clocks 188% jump in Ebitda to $403 million Shares Gain Second-quarter earnings before interest, taxes, depreciation and amortization were $5.1 billion, ArcelorMittal said. That beat analysts’ estimates. ArcelorMittal rose as much as 5.2% in Amsterdam to the highest since May 2018, before trading up 3.6% as of 10:40 a.m. local time. The steelmaker’s shares have climbed 56% this year. Supply curbs and cuts to export subsidies in China, producer of more than half the world’s steel, have raised hopes that global overcapacity issues that have plagued Western steel producers may be less severe in the future. “They are no longer incentivizing exports,” said Mittal said on a call with reporters. “There are certain trends which have been different to the last 10 years which point to a more sustainable steel industry.” Emissions Goals Still, the steel business’s bumper profits and shareholder returns may not last. The industry -- responsible for about 7% of carbon emissions globally -- faces an expensive road to net-zero emissions. ArcelorMittal set new emissions targets for 2030. That includes cutting carbon emissions by 25% across the group, while the goal for its European business was increased to 35%. That will cost an estimated $10 billion, the company said. The steelmaker will seek government support for that transformation. It recently signed a memorandum of understanding with the Spanish government to support half the cost of a $1 billion upgrade to create a green steel plant in the north of the country. “There are limited incentives for steel industry players to actually make these investments,” said Mittal, who took the top job from his father Lakshmi at the start of the year. “Without government support, it’s very difficult to actually motivate these changes.” What Bloomberg Intelligence Says “ArcelorMittal’s $2.2 billion buyback announcement, its consensus-beating earnings, and the more bullish outlook for this year’s global steel consumption may be enough to convince the market that the steel cycle has staying power. The combination may also signal the business’s cash flow generation potential, which may be enough to help drag its shares off their rock-bottom valuation.”

Colgate’s shares take a knock after subdued Q1FY22 earnings

29 Jul, 2021, 02:29PM | Livemint

Colgate Palmolive (India) Ltd’s shares declined more than 3% intraday on Thursday on the National Stock Exchange. This on a day when the broader Nifty 50 index was marginally higher. The reason is simple. June quarter results of the company, which offers oral care products, are slightly lower than expected. Colgate’s operating revenues increased 12% year-on-year to Rs1,158 crore. Of course, this was helped by the favourable base of last year, considering that the performance then was hit by the nationwide covid-19 lockdown. On a two-year compound annual growth rate (CAGR) basis, revenues have risen 3.7%, which is nothing to write home about. MORE FROM THIS SECTIONSee All Premium Premium Rakesh Jhunjhunwala buys and trims stake in these stock .... Premium Premium Gold prices rise today but still down ₹2,000 in 2 mont .... Premium Premium Hindalco, Tata Steel, JSW Steel shares surge today. Wha .... Premium Premium Rallis India's weak margin takes sheen off strong reven .... Further, while Ebitda margins expanded 87 basis points from the year ago quarter to 30.5%, the measure is 240 basis points lower vis-à-vis the March quarter. Ebitda is earnings before interest, tax, depreciation and amortization; a key measure of profitability for companies. One basis point is 0.01%. It is worth noting here that March quarter Ebitda margins were at a high and investors are likely to take some moderation on this front in their stride. Further, on a sequential basis, other expenses and staff costs were higher as a percentage of sales in the June quarter. Encouragingly, Colgate has managed to expand its gross profit margin both sequentially and on a year-on-year basis. Overall, Colgate’s Q1FY22 net profit rose around 18% year-on-year to Rs233 crore. This is a tad lower than the net profit of Rs240 crore estimated by analysts, polled by Bloomberg. Colgate’s profitability was also hit by lower other income. To be sure, the Colgate stock has underperformed the Nifty 100 index in the past one year. As such, valuations are not demanding with the shares trading at around 40 times estimated earnings for financial year 2023, based on Bloomberg data. The same measure for peers Dabur India Ltd and Marico Ltd stands at about 48 times and 45 times, respectively. Going ahead, investors would watch for signs of meaningful improvement in Colgate’s sales growth. An outperformance on this count would go a long way in improvement sentiments for the stock. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Gold prices rise today but still down ?2,000 in 2 months. Silver rates surge

29 Jul, 2021, 02:21PM | Livemint

Gold prices in India edged higher today, tracking positive global cues. On MCX, August gold futures were up 0.6% to ₹47,893 per 10 gram while silver futures surged nearly 2% or ₹1,250 to ₹67622 per kg. Gold rates are still down ₹2,000 from June highs amid subdued demand. In global markets, gold rates rose for third day in a row, boosted by Federal Reserve Chairman Jerome Powell's dovish tone. Spot gold rose 0.6% to $1,818.50 per ounce. Among other precious metals, silver gained 1.6% at $25.33 per ounce while platinum rose 1% to $1,075.29. MORE FROM THIS SECTIONSee All Premium Premium Rakesh Jhunjhunwala buys and trims stake in these stock .... Premium Premium Colgate’s shares take a knock after subdued Q1FY22 earnings Premium Premium Hindalco, Tata Steel, JSW Steel shares surge today. Wha .... Premium Premium Rallis India's weak margin takes sheen off strong reven .... Overnight, the Fed reiterated that a recent surge in inflation is likely transitory. Treasury yields were steady while the dollar index slipped 0.3%. Fed chairman Jerome Powell said there was still some way to go to meet the conditions for tapering. Lower interest rates reduce the opportunity cost of holding non-yielding bullion while a weaker greenback makes gold cheaper for holders of other currencies. Gold traders will now now turn their attention to the US weekly jobless claims data due later today. Analysts say gold prices are being supported by monetary policy uncertainty, and inflation risks. Spot gold were boosted after US Federal Reserve failed to give a timeframe for tapering of economic stimulus activities, said Hareesh V, Research Head Commodities at Geojit Financial Services. "The policy statement weighed on the US dollar, which made gold cheaper for holders of other currencies. Worries over the rise in new virus cases also lent support the commodity." Technical outlook for gold MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? "If the support of $1800 remains, there are chances of recovery upticks towards $1845 followed by $1880 levels. However, an unexpected drop below $1765 is an early signal of liquidation pressure," he said. The World Gold Council in a report said that in the June quarter gold demand (excluding OTC) was virtually flat as compared to the year-earlier quarter. On a half yearly basis, gold demand was down 10% year on year. "Q2 jewellery demand (390.7t) continued to rebound from 2020’s COVID-hit weakness, although remained well below typical pre-pandemic levels, partly due to weaker Indian demand growth. Demand for H1, at 873.7t, was 17% below the 2015-2019 average," it said. (With Agency Inputs) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Apple AirTag: When to replace battery, which one to avoid and how to change

29 Jul, 2021, 02:08PM | Times Of India

Apple AirTag doesn’t come with a rechargeable battery and it is powered by the commonly found CR2032 lithium 3V coin battery. Depending on the usage, you may be required to change the battery of the AirTag once every year. While CR2032 batteries are easily found, Apple has now mentioned in its support page that CR2032 batteries with bitterant coatings might not work with AirTag. Bitterant coatings are applied to hazardous substances like batteries to prevent children or pets from swallowing them. How to check battery life of Apple AirTag Open the Find My app. Tap the Items tab. Tap the AirTag whose battery charge you want to check. Check the battery icon under the name of the AirTag. If the charge is very low, you'll see a banner that says Low Battery. How to change the battery of Apple AirTag Press down on the polished stainless steel battery cover of your AirTag and rotate counterclockwise until the cover stops rotating. Remove the cover and battery. Insert a new CR2032 lithium 3V coin battery (available at most electronic and drug stores) with the positive side facing up. You'll hear a sound indicating that the battery is connected. Replace the cover, making sure that the three tabs on the cover align with the three slots on the AirTag. Rotate the cover clockwise until it stops.

ArcelorMittal has best quarter in 13 years on strong steel demand

29 Jul, 2021, 01:48PM | Economic Times

BRUSSELS: ArcelorMittal , the world's largest steelmaker, profited from the continued economic recovery from the COVID-19 pandemic to report its highest quarterly earnings in 13 years, beating expectations, and announced a new share buyback. The Luxembourg-based company also said on Thursday it had raised its forecast for the growth in global steel consumption this year to 7.5-8.5% from 4.5-5.5% previously. ArcelorMittal said second-quarter core profit (EBITDA), the figure most watched by the market, was $5.1 billion, almost seven times higher than $700 million a year earlier and above analysts' average forecast in a company poll of $4.7 billion. The company said it would start a $2.2 billion buyback programme to be completed by the end of 2021. It said it had benefited from strong steel demand and low inventories, resulting in higher steel shipments, although an improvement in steel spreads was not yet fully reflected in the group's results due to order book lags. It added that ongoing policy changes in China to curb inflation and a focus on decarbonisation could have lasting positive effects on the global steel industry outside of China. The company also set a target for reducing carbon dioxide emissions by 25% by 2030 in a new decarbonisation plan which will require around $10 billion in investment.

JSW Future Energy signs pact with Australia’s Fortescue Future on green hydrogen

29 Jul, 2021, 01:14PM | Livemint

NEW DELHI: Sajjan Jindal-led JSW Future Energy Limited has signed a pact with Fortescue Future Industries Pty Ltd on potential green hydrogen production in India, the companies said in a joint statement on Thursday. This comes in the backdrop of a growing traction for new generation emission free fuel in India, with the government considering a proposal to make it mandatory for fertiliser plants and oil refineries to purchase green hydrogen as part of plans to cut the nation’s dependence on fossil fuels. MORE FROM THIS SECTIONSee All Premium Premium Tech Mahindra Q1 results: Net profit up 39% to ₹1,353. .... Premium Premium IndiGo to start 8 flights connecting this Madhya Prades .... Premium Premium Car repair startup Fixcraft raises $1 million in Pre-Se .... Premium Premium 'Valued employees': Sundar Pichai joins CEOs urging act .... “JSW Future Energy Limited, a 100% subsidiary of JSW Energy Limited has entered into a framework agreement with Australian Fortescue Future Industries Pty Ltd, a 100% subsidiary of Fortescue Future Industries Pty Ltd (FFI) to collaborate and conduct scoping work on potential projects relating to the production of green hydrogen and utilizing it for green steel making, hydrogen mobility, green ammonia and other mutually agreed industrial applications in India," the statement said. There are a number of state run and private firms who are firming up their green hydrogen plans. A recent case in point being state run Indian oil Corporation Ltd. announcing its plan to build the country’s first green hydrogen plant at its Mathura refinery. Also, Reliance Industries Ltd has announced plans to build an electrolyzer giga factory and a fuel cell giga factory. India’s push for green hydrogen gas, produced by splitting water into hydrogen and oxygen using an electrolyser, which may be powered by electricity generated from clean energy sources such as wind and solar is driven by its energy security imperatives. Green hydrogen can be a game changer for India, which imports 85% of its oil and 53% of gas demand. “JSW Energy has laid out a strategic blueprint to become a 20 GW capacity power generating company by 2030 with about 85% of the portfolio comprising of green and renewable energy sources. We also aspire to be a green energy future tech company with a pro-active approach to adopt innovative technologies like green hydrogen, offshore wind, battery energy storage and be a front-runner in the green energy revolution," JSW Energy joint managing director and CEO, Prashant Jain said in the statement. Around 3.6 million tonnes (mt) of India’s annual hydrogen consumption of 6.7 mt is utilized in petroleum refining and the rest in fertilizer production. JSW Energy has an operational 4.55 GW portfolio and a 2.5 GW renewable energy capacity under construction. As reported by Mint earlier, a draft note prepared for the Union cabinet said fertilizer plants and oil refineries would have to use green hydrogen to meet 0.15% of their total hydrogen requirements, starting 2023-24, and ramping it up to a tenth of their total requirements within six years. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? “Green hydrogen is going to be a disruption in the clean energy space and in the near future, we believe it would replace the fossil fuels used for various industrial applications as well as in the transportation and mobility sector," Jain added. India’s green hydrogen push is expected to result in natural gas saving of 3.6 mt and carbon dioxide reduction of 10 mt by 2029-30. The government plans to implement the Green Hydrogen Consumption Obligation (GHCO) in fertilizer production and petroleum refining, similar to what was done with renewable purchase obligations. India’s total hydrogen demand is expected to touch 11.7 mt by 2029-30 from the current 6.7 mt. According to the draft cabinet note, GHCO is proposed to be raised from 0.15% in 2023-24 to 0.25% in 2024-25 and 0.5% in 2025-26. Subsequently, it may be raised to 1.5%, 3.5% and 6.5% in 2026-27, 2027-28 and 2028-29, respectively, with the 10% mark targeted for 2029-30. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Metal shares rally; Tata Steel, Hindalco, Vedanta surge up to 10%

29 Jul, 2021, 01:02PM | Business Standards

Shares of metal companies were in focus as they rallied by up to 10 per cent on the bourses on expectation of higher demand and amid reports that China may soon impose export duties on steel products. As per reports, China is considering imposing more export duties, between 10-25 per cent, on steel products including Hot-Rolled Coil from August 1. "The country is the biggest steel exporter but, now, is curbing carbon emissions by placing production limits on Steel, one of its most polluting industries," reports say. This, analysts say, may help Indian producers by capturing the Steel market share that China is giving up. On the earnings front, analysts expect domestic steel companies to report a healthy quarter (in terms of EBITDA/tonne), driven by higher steel prices for April-June quarter of the financial year 2021-22 (Q1FY22). At 11:37 am, Nifty Metal (up 3.8 per cent) and the S&P BSE Metal index (up 4.2) were up 4 per cent each, as compared to a 0.50 per cent rise in the benchmark indices Nifty50 and the S&P BSE Sensex. Hindalco (up 10 per cent at Rs 456.45) and Tata Steel (up 6 per cent at Rs 1,451.55) have hit their respective record highs on the BSE in the intra-day trade. Vedanta, Steel Authority of India (SAIL), NMDC, Jindal Steel and Power and JSW Steel, meanwhile, were up in the range of 4 per cent to 6 per cent. The stock of Tata Steel was quoting higher for the sixth straight trading session and has rallied 18 per cent during the period. "Base metals prices traded firm with most of the metals recovered on higher demand outlook and lower supply concerns. Lead and Nickel prices rose the most on higher demand from electric vehicle (EV) segment. Nickel prices rose to seven year highs with Tesla Inc bet for future orders. Base metals traded higher on lower supply concerns from China floods and quarterly earnings from mining companies," said Tapan Patel- Senior Analyst (Commodities), HDFC securities. Meanwhile, given the lower base of Q1FY21, on a year-on-year (YoY) basis for Q1FY22E, the earnings growth of metal and mining companies is expected to be significantly higher. ICICI Securities expects Tata Steel to report a healthy performance in Q1FY22E. "For the quarter, we expect Tata Steel's standalone operations to report an EBITDA/tonne of Rs 33,000/tonne (compared to an EBITDA/tonne of Rs 27,775/tonne in Q4FY21 and Rs 5,920/tonne in Q1FY21). Standalone operations is expected to report steel sales volume of 2.9 million tonne (MT) while European operation steel sales are likely to come in at 2.4 MT," the brokerage firm said in result preview. It added: For Q1FY22E, we expect Hindalco's domestic operations (standalone operations + Utkal) topline to come in at Rs 12,752 crore (up 71 per cent YoY but down 12 per cent QoQ). EBITDA margin is likely to come it at 15.1 per cent (13.0 per cent in Q4FY21, 12.0 per cent in Q4FY21). Subsequent EBITDA of domestic operations (standalone operations + Utkal) is likely to come in at Rs 1,930 crore, up 116 per cent YoY, 2 per cent QoQ. Novelis is likely to report sales volume of 950 KT and EBITDA/tonne of US$510/tonne.

Minimalist raises ?110 crore from Sequoia Capital, Unilever Ventures

29 Jul, 2021, 12:50PM | Livemint

Direct-to-consumer (D2C) skincare brand Minimalist on Thursday announced that it has raised ₹110 crore ($15 million) in a Series A funding round led by Sequoia Capital India with participation from Unilever Ventures. The funds will be utilized for expansion in global markets, besides enhancing infrastructure, research & development, and content creation. Launched in 2020, Minimalist claims to have served over one million customers. MORE FROM THIS SECTIONSee All Premium Premium 'Valued employees': Sundar Pichai joins CEOs urging act .... Premium Premium Flipkart, Amazon ask Supreme Court to stop antitrust qu .... Premium Premium NTPC Renewable Energy calls bids for setting up green h .... Premium Premium Strata raises $6 million in Series A round “Consumers today are looking beyond marketing claims and are seeking efficacy-based skincare products. Our growth so far proves that a radical change in skincare industry is under way...", said Mohit Yadav, co-founder, Minimalist. With a portfolio of skincare and haircare products, the brand retails through its own website and third-party e-commerce platforms such as Amazon, Nykaa, Flipkart, and Myntra. It currently offers 20 products ranging from serums, and toners, to face acids, and moisturisers. Shailesh Lakhani, managing director, Sequoia India, said Minimalist's products take an efficacy-first approach using transparency and science as underpinnings to improving personal care outcomes. “This has resulted in a strong following and business momentum," he added. “Minimalist is trailblazing science-backed clean beauty formulations in India, a trend that has gained massive consumer acceptance worldwide and with growing consumer traction in India. We look forward to working with the founders and management team along with our fellow investors in supporting the brand’s ambitions over the coming years," said Pawan Chaturvedi, partner at Unilever Ventures. Recently, new age D2C beauty brands have attracted significant investor interest. D2C brand MyGlamm has raised ₹355 crore led by Accel. In March, Juicy Chemistry raised $6.3 million in Series A funding. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Nykaa set to file IPO papers soon, said to seek $4 billion valuation

29 Jul, 2021, 12:37PM | Livemint

India’s Nykaa is preparing to file for an initial public offering that could value the startup at more than $4 billion, according to people familiar with the matter, another sign of the growing interest in India’s technology sector. The country’s top e-commerce company for beauty, founded by Falguni Nayar, is aiming to file its draft red herring prospectus, or DRHP, within the next few days, said the people, asking not to be named because the matter is private. It plans to sell just more than 10% of the equity, one of the people said, which could raise $400 million or more. MORE FROM THIS SECTIONSee All Premium Premium Rakesh Jhunjhunwala buys and trims stake in these stock .... Premium Premium Colgate’s shares take a knock after subdued Q1FY22 earnings Premium Premium Gold prices rise today but still down ₹2,000 in 2 mont .... Premium Premium Hindalco, Tata Steel, JSW Steel shares surge today. Wha .... India’s technology industry has turned white hot this year, with startups raising record amounts of venture capital and a flurry of initial public offerings. The food-delivery app Zomato Ltd. became the nation’s first unicorn to make its stock-market debut this month, raising $1.3 billion. Its shares have soared more than 75%, giving the money-losing business a valuation of $14 billion. The online insurance platform Policybazaar, backed by Japan’s SoftBank Group Corp., is also expected to file its draft red herring prospectus in the coming days, with a more than a dozen technology startups aiming for IPOs through next year. Nykaa, founded in 2012 by former investment banker Nayar, has grown into India’s top destination for beauty products with its own chain of physical outlets and 18.5 billion rupees ($250 million) in revenue in fiscal 2020. Its investors include TPG and Fidelity. The company was last valued at $1.2 billion, according to CB Insights, but it’s difficult to estimate its current worth given the rapidly changing market. The startup and its investors have discussed a valuation of $4 billion or more, and anticipate its fast-growing revenue will be appealing to investors, the people said. Nykaa had targeted a valuation of $3 billion or more, Bloomberg News reported in January. Like with any IPO however, the final price will be set through a process of discussions with investment bankers and potential investors. Any valuation could still change and market conditions could also play into the calculations. Nykaa declined to comment on the timing of the IPO filling or the specifics of a valuation. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Bloomberg News first reported the company’s IPO plans and that the company is working with Kotak Mahindra Capital Co. and Morgan Stanley on a potential offering. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Hindalco, Tata Steel, JSW Steel shares surge today. What's leading to the metal stocks rally

29 Jul, 2021, 12:33PM | Livemint

Metal stocks have been buzzing in the past few sessions, trading at new highs amid earnings announcements and improved business outlook for the sector. Shares of metal and steel companies were pushing the indices higher in Thursday's session with the Nifty Metal index surging nearly 5%, being the top gainer. Hindalco share price surged over 10% in trade today, with its market capitalization crossing ₹1 lakh crore mark in the afternoon deals on the BSE whereas Tata Steel and JSW Steel shares rallied over 5%. Following the lead, shares of JSPL, SAIL, NMDC, NALCO also surged as they were up in the range of 3-5%. MORE FROM THIS SECTIONSee All Premium Premium Rakesh Jhunjhunwala buys and trims stake in these stock .... Premium Premium Colgate’s shares take a knock after subdued Q1FY22 earnings Premium Premium Gold prices rise today but still down ₹2,000 in 2 mont .... Premium Premium Nykaa set to file IPO papers soon, said to seek $4 bill .... A Bloomberg report stated that India’s steel consumption is set to break records this year, reversing the performance in 2020 when demand crashed as the pandemic upended economic activity. Demand for steel is expected to surge 17% to 110 million tons in the year started April, according to Seshagiri Rao, joint managing director of JSW Steel Ltd. Rising power consumption and mining activity, along with higher tractor and passenger vehicles sales is pushing up demand for the metal, Rao said in an interview to Bloomberg. “We have seen a good revival in the month of June and July," he said. “Construction demand will also pick up after the festive season." Last week, JSW Steel, India’s most valuable steelmaker, had reported a record profit of ₹5,900 crore for the first quarter amid a surge in the prices of the alloy. The company had reported a loss of ₹582 crore in the corresponding quarter of the previous year. Domestic brokerage Motilal Oswal in a recent note on JSW Steel stated that while the company's debt would stay elevated in FY22 despite the strong steel prices and margins, it does not see that as a worry given the expected strong growth in volumes and cash flows led by expansions. It has reiterated its 'Buy' rating on JSW Steel stock with target price of ₹840 per share. On what's leading the rally, Ravi Singhal, Vice Chairman of GCL Securities said, "Reason for rise in metal stock price can be attributed to these two reasons — metal prices in the international merchandise appreciating more than 100 per cent and Indian government's focus on infrastructure creating fresh demand for metals, especially for steel. Rise in demand has led to higher book value and revenue generation of these metal companies." "In the last one year, metal prices have almost doubled and it is leading to appreciation in revenue collection of these companies. This has helped metal companies to reduce their debt, which has remained visible in their quarterly results throughout the year," said Avinash Gorakshkar, Head of Research at Profitmart Securities. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Self-care, mental health, fitness conversations dominate Twitter post-pandemic

29 Jul, 2021, 12:23PM | Livemint

NEW DELHI: Conversations related to wellbeing emerged as one of the top six trends post-pandemic on Twitter, said a report by the microblogging platform on India specific trends. Pandemic has also redefined wellbeing to mean active focus on emotional, physical and mental health. Within the wellbeing umbrella, self-care is witnessing over 88% growth in conversations, followed by health and fitness (103%), and mental health matters (150%). MORE FROM THIS SECTIONSee All Premium Premium NTPC Renewable Energy calls bids for setting up green h .... Premium Premium Strata raises $6 million in Series A round Premium Premium Google takes cues from Apple, announces Safety Section .... Premium Premium JSW Future Energy signs pact with Australia’s Fortescue .... Twitter said that it studied millions of tweets and analysed over 300,000 entities (topics of conversation) from January 2020 to June 2021 and compared them to tweets from the previous 18 months (July 2018 to Dec 2019) to learn more about what conversations people were having on Twitter in India. As more people think about their overall health and fitness with over 103% growth in such conversations, over 80% conversations were around sleep and 102% around workout. Mental health care has also become a crucial conversation with 108% mentions of the term “wellness". #SelfLove, #LoveYourSelf, #GoodHealth and #MentalHealthMatters are some of the popular hashtags used in these conversations. Twitter said that brands could lean into such conversations by approaching them with honesty, sharing their perspectives and encouraging people to take steps to be better. Preetha Athrey, head of marketing at Twitter India, said that collectively, we’ve moved past the idea of wellness just being a buzzword, instead, we are digging deep into what personal health and wellbeing actually look like on a day-to-day basis. “From hygiene to fitness to mental wellbeing to healthcare access to the communities we live in, we’re thinking about things in a different way, perhaps forever. With health at the forefront of our minds, people will continue to focus on holistic wellbeing. In fact conversations around the mind-body connection have accelerated by 103%, as more people think about their overall health and fitness," she added. Other key trends highlighted in the report include One Planet under which conversations around people becoming increasingly conscientious about the implications of their actions on the environment. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? One Planet conversations have risen by 80%, with environment urgency (40%) and inclusive sustainability (57%) being at the forefront of these conversations, and #ClimateChange, #GoGreen and #SaveThePlanet being some of the prominent hashtags. People are also talking about their beliefs, discussing spirituality, and finding solace in shared experiences. Conversations around astrology, complexities of the human mind as well as exploring spirituality have emerged as dominant sub-trends. Tech Life is another big trend driven by tech communication, smarter living and tech for good with hashtags like #DigitalIndia, #BigData, #ResponsibleTech and #TechForGood. Twitter also said that people are pursuing their passions, upskilling, inspiring each other and forming communities around shared talents and interests under creator culture trend. There’s been a 78% growth in conversations around content, creators and the emerging creator economy. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Nestle India’s June qtr results show it is no longer an outlier

29 Jul, 2021, 11:36AM | Livemint

Nestle India Ltd’s June quarter results (Q2CY21) were not appetising. This at a time when the base effect was favourable, given that the year-ago quarter was hit hard due to disruptions caused by nationwide covid-19 lockdown. Nestle India follows a January to December financial year and the June quarter is its second. MORE FROM THIS SECTIONSee All Premium Premium Rakesh Jhunjhunwala buys and trims stake in these stock .... Premium Premium Colgate’s shares take a knock after subdued Q1FY22 earnings Premium Premium Gold prices rise today but still down ₹2,000 in 2 mont .... Premium Premium Hindalco, Tata Steel, JSW Steel shares surge today. Wha .... The packaged foods company’s revenues for the June quarter rose 13.8% year-on-year to Rs3,477 crore. For perspective: revenues in Q2CY20 had grown just 2% year-on-year. Credit Suisse Securities (India) Pvt. Ltd said Q2CY21’s revenue performance implies a 7.7% 2-year CAGR, which is a moderation. CAGR is compound annual growth rate. “While Nestle's growth rate is healthy, the company is no longer the outlier within the FMCG industry, as it was over CY16-20 when it grew ahead of all other FMCG companies," said Credit Suisse analysts in a report on 28 July. FMCG refers to fast-moving consumer goods. Commenting on Nestle India’s results, an Emkay Global Financial Services Ltd report said, “The step-up in innovation and the distribution push seem good, but are yet to drive further improvement in growth as per expectations." Nestle derived more than 95% of its revenues from domestic sales and the rest come from export sales. Domestic sales rose 13.7% year-on-year last quarter and were largely driven by volume and mix. E-commerce channels put up a robust show, growing by 105% and contributing 6.4% of domestic sales. While export revenues grew at a faster rate of 17.7%, note that this comes on a lower base. Even as revenue performance has been underwhelming, it is not as if margins have impressed. Commodity prices have been rising across oils and packaging materials and this affects Nestle India as well. For the June quarter, gross margin rose 62 basis points year-on-year, but the measure is 157 basis points lower vis-à-vis the March quarter. One basis point is 0.01%. Ebitda margin, however, contracted year-on-year, primarily owing to higher other expenses. Meanwhile, Nestle India has already invested Rs1,000 crore so far out of its capex plan of Rs2,600 crore over a 3-4 period. “While this is necessary for the long-term growth of the company, it could have an adverse impact on near-term earnings as capacity utilisation will take a few years to ramp up. There could be some pressure on earnings due to the rise in depreciation and other costs related to starting up new capacities," said Credit Suisse’s analysts. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? To be sure, shares of Nestle India have meaningfully underperformed the broader Nifty 50 index in the past one year. But valuations aren’t cheap with the stock trading at around 60 times estimated earnings for calendar year 2022. According to Emkay, the valuation is not attractive. “The weak margins make us cut CY21-23E earnings per share marginally by 2-4%," points out the broker. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Nestle India’s June qtr results show it is no longer an outlier

29 Jul, 2021, 11:36AM | Livemint

Brazil suspends decision to import four million doses of India-made Covaxin

29 Jul, 2021, 11:08AM | Livemint

After suspending the proposed clinical trials of Bharat Bioetch's COVID-19 vaccine Covaxin and a request for Emergency Use Authorisation, Brazil now has suspended its decision to import four million doses of the jab into that country. According to a statement issued by the National Health Surveillance Agency of Brazil, Anvisa its Collegiate Board on Tuesday took a decision to suspend the exceptional and temporary authorisation for import and distribution of Covaxin after Bharat Biotech informed the South America government about the termination of its pact with its Brazilian partners. MORE FROM THIS SECTIONSee All Premium Premium 'Valued employees': Sundar Pichai joins CEOs urging act .... Premium Premium Flipkart, Amazon ask Supreme Court to stop antitrust qu .... Premium Premium NTPC Renewable Energy calls bids for setting up green h .... Premium Premium Strata raises $6 million in Series A round "The Collegiate Board of Anvisaunanimously decided, on Tuesday (27/7), to provisionally suspend the exceptional and temporary authorisation for import and distribution of the vaccine against Covid-19-Covaxin, requested by the Ministry of Health," Anvisa said in statement posted on its website. Bharat Biotech on July 23 said it terminated the MoU it entered with Precisa Medicamentos and Envixia Pharmaceuticals LLC for its COVID-19 vaccine Covaxin for Brazilian market. The termination of the MoU came after the deal with the Brazilian government for supply of 20 million doses of Covaxin landed in controversy and attracted investigation by authorities in that country. "The measure prevails until there is new information that allows us to conclude that the legal and technical security of maintaining the decision that authorised the importation is maintained," Anvisa further said in a roughly translated version of Portuguese of the statement. Though the exceptional and temporary importation of the vaccine had been authorized on June 4, at the ninth Extraordinary Meeting of the Collegiate Board of Anvisa, Brazil never imported the jab. Bharat Biotech will continue to work diligently with Anvisa, to complete the regulatory approval process for Covaxin, Bharat Biotech had said while announcing the termination of its pact with its Brazilian partners. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Tatas to take controlling stake in Tejas Networks for ?1,884 cr

29 Jul, 2021, 11:04AM | Livemint

Mumbai: Telecom network gear maker Tejas Networks Ltd on Thursday said that its board had approved the issuance of shares and warrants to Tata Sons and its subsidiaries for an investment of ₹1,884 crore. The transaction, when warrants are fully converted to shares, will give Tatas a 43% shareholding in the company, putting them in control. In addition, Tatas have announced an open offer to buy another 26% of the company's shares from public shareholders, in compliance with Sebi’s takeover code. MORE FROM THIS SECTIONSee All Premium Premium 'Valued employees': Sundar Pichai joins CEOs urging act .... Premium Premium Flipkart, Amazon ask Supreme Court to stop antitrust qu .... Premium Premium NTPC Renewable Energy calls bids for setting up green h .... Premium Premium Strata raises $6 million in Series A round The share and warrant purchases will be done at ₹258 apiece. The transaction involves an allotment of shares worth ₹500 crore and allotment of warrants worth ₹1,350 crore. Tatas will also acquire shares worth ₹34 crore from some senior executives of the company. Following the news, shares of Tejas Networks hit a 52-week high of ₹246 on the BSE on Thursday. In a statement, Tejas Networks said it sees a very large opportunity in the telecom sector both in India and global markets with the new cycle of investments in 5G and fiber-based broadband rollouts. Tejas Networks will utilize the proceeds raised from the preferential allotment to invest organically and inorganically in the research & development, sales and marketing, people, infrastructure and to enhance its manufacturing and operational capabilities to cater to this large market opportunity, and for other general corporate purposes. Saurabh Agrawal, executive director of Tata Sons Private Limited, said “We are excited to partner with Tejas Networks, India’s leading telecom and network company with a strong DNA of R&D. We look forward to working with the highly experienced management team of Tejas Networks and creating a full stack of globally competitive wireline and wireless products." MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Current managing director and chief executive Sanjay Nayak shall continue to lead Tejas Networks along with the existing management team through the next phase of growth. Sanjay Nayak, CEO and managing director at Tejas Networks said, “Tejas Networks was started with a vision of creating a top-tier global telecom equipment company from India. The association with Tata group will accelerate the realisation of this vision and enable us to address the large market opportunity available to us to build a financially strong global company, backed by a trusted brand. I am fully committed to making this a success and am excited about the next phase of our journey." Kotak Mahindra Capital Company Limited is managing the open offer and Khaitan & Co is acting as the legal adviser to the transaction. Tejas Networks designs, develops, and sells high-performance networking products to telecommunications service providers, internet service providers, utilities, defence and government entities in over 75 countries. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Nestle India’s June qtr results show it is no longer an outlier

29 Jul, 2021, 10:46AM | Livemint

Stocks that nearly doubled investors money on listing this month

29 Jul, 2021, 10:42AM | Livemint

July has been the busiest month in terms of initial public offerings (IPOs) with many new stocks making strong debut on the Indian exchanges led by strong response from investors, especially by retail individuals. Clean Science, GR Infra and the new entrant Tatva Chintan are the recent examples of doubling investors money on their listing days as the respective shares surged to over or nearly 100% premium over their issue prices. Infrastructure developer GR Infraprojects listed at a premium of 105% over its issue price of ₹837 per share on July 19 whereas on Clean Science shares also nearly doubled investors money on its first day of the market debut by listing at 98% premium. MORE FROM THIS SECTIONSee All Premium Premium Rakesh Jhunjhunwala buys and trims stake in these stock .... Premium Premium Colgate’s shares take a knock after subdued Q1FY22 earnings Premium Premium Gold prices rise today but still down ₹2,000 in 2 mont .... Premium Premium Hindalco, Tata Steel, JSW Steel shares surge today. Wha .... Clean Science manufactures functionally critical specialty chemicals such as performance chemicals, pharmaceutical intermediates and FMCG chemicals. Udaipur-based GR Infra is a leading integrated road engineering, procurement and construction (EPC) company. It has recently diversified into projects in the railway sector. Making a strong debut as expected, Tatva Chintan shares on Thursday listed at 95% premium over issue price of ₹1,083 a piece. The stock surged to ₹2,448, minutes after listing. Incorporated in 1996, the Vadodra-based company is engaged in the manufacture of a diverse portfolio of structure directing agents (SDAs), phase transfer catalysts (PTCs), electrolyte salts for super capacitor batteries and pharmaceutical and agrochemical intermediates and other specialty chemicals (PASC). TCPCL is the largest and the only manufacturer of SDAs (40% of revenue) for Zeolites in India while it is the 2nd largest globally. In case of PTC (27%), it is the largest producer in India and one of the global leaders, say analysts. Zomato, India's first unicorn to go public, listed at 53% premium on its stock market debut on July 23, and jumped as much as 80% from its issue price of ₹76 per share on its listing day. The home-grown food delivery platform, launched in 2008, operates in about 525 cities in India and has partnered with close to 390,000 restaurants. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Rakesh Jhunjhunwala trims stake in this stock but FIIs, MFs raise stake

29 Jul, 2021, 10:39AM | Livemint

Rakesh Jhunjhunwala portfolio is closely scanned by retail investors to find out value picks. Retail markets investors take any rejig in the Big Bull's portfolio as Rakesh Jhunjhunwala tips and implement that in their portfolio. However, it seems that Foreign Institutional Investors (FIIs) and Mutual Funds (MFs) that also scan through marquee investors' portfolio, are unmoved by Rakesh Jhunjhunwala's share holding going down in Tata Motors. Both FIIs and MFs have increased their stake in Tata Motors in recently ended June 2021 quarter while Rakesh Jhunjhunwala trimmed his share holding in the auto company in this period. FIIs, MFs raise stake in Rakesh Jhunjhunwwala stock MORE FROM THIS SECTIONSee All Premium Premium Rakesh Jhunjhunwala buys and trims stake in these stock .... Premium Premium Colgate’s shares take a knock after subdued Q1FY22 earnings Premium Premium Gold prices rise today but still down ₹2,000 in 2 mont .... Premium Premium Hindalco, Tata Steel, JSW Steel shares surge today. Wha .... As per Tata Motors shareholding pattern for June 2021 quarter available with the BSE, FIIs owns 47,43,02,262 shares of the auto company, which is to the tune of 14.28 per cent of the net company shares. If we compare this with FIIs March 2021 holdings, there is rise of 0.50 per cent in April to June 2021 period because in March 2021 quarter FIIs hold 45,74,80,386 Tata Motors shares, which was around 13.78 per cent of the net Tata Motors shares. Similarly, Mutual Funds have also raised their stake in Tata Motors in this period. As per the Tata Motors shareholding for April to June 2021 quarter, MFs hold 19,18,88,812 shares of Tata Motors, which is around 5.78 per cent of the net Tata Motors shares. However, in March 2021 quarter, this share holding stood at 17,59,35,857 which was around 5.30 per cent of total Tata Motors shares. Rakesh Jhunjhunwala share holding in Tata Motors In April to June 2021 period, Rakesh Jhunjhunwala sold out 0.15 per cent stake in Tata Motors. As per Tata Motors shareholding pattern for recently ended June 2021 quarter, Big Bull holds 3,77,50,000 Tata Motors shares, which is 1.14 per cent of the net Tata Motors shares while in March 2021 quarter, this share holding was 4,27,50,000 — around 1.29 per cent of the net company shares. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Tatva Chintan Pharma sees stellar stock market debut, shares list at 95% premium

29 Jul, 2021, 10:22AM | Livemint

Mumbai: Tatva Chintan Pharma Chem Ltd (TCPCL) had a bumper debut on the stock exchanges on Thursday, with its shares listing at nearly 95% premium over its issue price. Its Rs500 crore initial public offering (IPO) was subscribed nearly 180 times last week. The price band for the issue was set at ₹1,073- ₹1,083. MORE FROM THIS SECTIONSee All Premium Premium Rakesh Jhunjhunwala buys and trims stake in these stock .... Premium Premium Colgate’s shares take a knock after subdued Q1FY22 earnings Premium Premium Gold prices rise today but still down ₹2,000 in 2 mont .... Premium Premium Hindalco, Tata Steel, JSW Steel shares surge today. Wha .... At 10.05 am, the stock traded at ₹2,416.60 on the BSE. The scrip had opened at ₹2,111.80 and touched a high and a low of ₹2,399.70 and ₹2,111.80 so far today, respectively. Analysts say the company recorded revenue growth of 21.7% CAGR in FY19-21 supported by higher volume growth across the segments. The company able to improve its margin along with better working capital management and operating leverage is likely to play out, it can aid free cash flow considerably over the years. According to Brokerage firm Anand Rathi, the company is available at the upper end of the IPO price band at 45.9x its FY21 earnings. Further on the FY21 earnings basis, the company is trading below the industry average of 56.05x. Looking at the P/B ratio on the upper price band, book value and P/B are ₹82.6 and 13.11 multiple, respectively. "We like TCPCL due to its leadership position, wide product portfolio, strong client relationship, and high entry barriers. The company is expected to witness strong growth for next 2-3 years given its expansion plans. It is well placed to tap opportunities in the fast growing specialty chemical space with increasing focus on green chemistry by leveraging its strong R&D capabilities. The issue is valued at 45.9x FY21 P/E on a post issue basis, which appears reasonable compared to peers (avg. P/E of 59x), as it enjoys higher earnings growth (62% CAGR vs avg. 38% CAGR for peers over FY18-21", said Motilal Oswal in a note to its investors. The offer comprised a fresh issue of ₹225 crore and an offer for sale of ₹275 crore by its existing promoters and shareholders. ICICI Securities, JM Financial are the book lead managers to the issue. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Proceeds from the issue will be used for funding capital expenditure requirements for expansion of its Dahej Manufacturing facility and upgrading its R&D facility in Vadodara. Tatva Chintan Pharma Chem is a specialty chemicals manufacturing company engaged in the manufacture of a diverse portfolio of structure-directing agents, phase transfer catalysts, electrolyte salts for supercapacitor batteries, and pharmaceutical and agrochemical intermediates and other specialty chemicals. As of December 2020, the company had an installed production capacity of 280 KL and 13 Assembly Lines at its manufacturing facilities. According to the proposed expansion, it intends to enhance the installed capacity at its manufacturing facilities by 200 KL and 14 Assembly Lines. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Indian share markets open higher; HCL Tech, Titan, Tata Motors among top gainers

29 Jul, 2021, 10:19AM | Livemint

Asian share markets traded higher on Thursday as the US Federal Reserve signaled it was in no rush to taper stimulus. Sentiment, however, was fragile as investors waited to see if Beijing could stem the recent bloodbath on Chinese stock exchanges. The Hang Seng was up 2.7% while the Shanghai Composite rose 1%. The Nikkei climbed 0.6%. MORE FROM THIS SECTIONSee All Premium Premium Rakesh Jhunjhunwala buys and trims stake in these stock .... Premium Premium Colgate’s shares take a knock after subdued Q1FY22 earnings Premium Premium Gold prices rise today but still down ₹2,000 in 2 mont .... Premium Premium Hindalco, Tata Steel, JSW Steel shares surge today. Wha .... In the US stock markets, Wall Street indices slipped in a listless trade after the Federal Reserve gave no clue about when it might start reducing its purchases of government bonds. The Dow Jones Industrial Average fell 0.4% while the Nasdaq gained 0.7%. Back home, Indian share markets opened higher, tracking SGX Nifty. Market participants will track shares of Tatva Chintan Pharma which will list on the bourses today. It was the second most subscribed IPO of 2021, receiving 180 times bids. The grey market premium for the stock has surged by ₹1,140-1,150 over the issue price of ₹1,083 ahead of listing. Apart from that, they will also keep an eye on shares of Tech Mahindra, TVS Motors, Future Retail, Lauras Labs, and PVR as these companies will announce their quarterly numbers today. The BSE Sensex rose 196 points, while the NSE Nifty was 49 points higher. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Titan was among the top gainers so far today. Maruti Suzuki, on the other hand, was among the top losers. The BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.3% and 0.5%, respectively. Barring healthcare, all sectoral indices are trading in green with stocks in the realty sector and consumer durables sector witnessing most of the buying interest. Shares of Oracle Financial and ACC hit their 52-week highs today. The rupee traded at 74.30 against the US greenback. Gold prices rose 0.1% to ₹47,578 per 10 grams, while silver prices climbed 0.4% to ₹66,317 per kg. Gold rose to its highest level in over a week after the Fed failed to give a timeline for its tapering plans and said it was “ways away" from considering raising interest rates. Crude oil prices slipped but remained near $75 per barrel as crude stockpiles in the US fell last week to their lowest since January 2020 and imports and production dropped. In news from the energy sector, Mahanagar Gas is among the top buzzing stocks today. Mahanagar Gas on Wednesday reported a 351% jump in its June quarter net profit as volumes recovered over a low base of last year. It reported a net profit of ₹2 bn in the April-June quarter as compared to ₹452.5 m reported in the same period a year ago. The company reported a turnover of ₹6.2 bn, which was up 135%. CNG sales volume recovered over last year when the country was under lockdown that impacted mobility but was lower than the preceding quarter. The company's 141.1 m standard cubic meters CNG sales in the quarter under review was 223% higher than the previous year. However, it was 22.5% lower if compared sequentially. Piped natural gas supplies to households was reported at 42.57 m standard cubic meters, which was 9.1% higher year-on-year (YoY) and 3.5% sequentially. Recently, the company increased the PNG price by ₹0.55/standard cubic meter (SCM) and CNG by ₹2.58 per kg. Despite the hike in CNG prices, it is still 47% cheaper than diesel and 67% cheaper than petrol. Mahanagar Gas share price has opened the day up by 3.4%. Moving on to news from the FMCG sector, as per a leading financial daily, early numbers and estimates for the April-June quarter indicate a steady recovery in FMCG players’ business. Despite a severe second wave, India’s fast-moving consumer goods (FMCG) sector seems to have emerged as one of the most resilient segments of the economy. Because of the nationwide lockdowns, FMCG revenues had been severely affected in mid-2020. Sales and profitability of all leading FMCG manufacturers had slipped below 2019 levels in spite of consumers doing panic purchase and storing their pantries. However, during the second wave, better penetration, supply chain efficiencies, targeted push for relevant products, and a massive digital push by FMCG manufacturers helped contain sales loss of sales. In the April-June quarter, Hindustan Unilever (HUL) managed to exceed its revenue in the June 2019 quarter, backed by strong volume and sales growth. It must be noted that last year too, its net sales had remained higher than that level, but it was due to the acquisition of GSK Consumer, which aided the top line. For another FMCG major ITC’s net sales in the latest quarter were 12.5% higher than those in the same quarter of 2019. This recovery came after a double-digit decline last year. Top executives of FMCG leaders like HUL and Dabur said their learnings from 2020 helped them prepare better and minimise losses this time. According to Dabur CEO Mohit Malhotra, the company had expanded rapidly into key consumer staples categories like edible oils in anticipation of a probable hit on its discretionary portfolio in 2021, and boosted its presence in its strong areas like the health supplement categories. Meanwhile, according to HUL Chairman & MD Sanjiv Mehta, in spite of a more severe second wave, business activities were less impacted due to the government’s approach of localized lockdowns. Speaking of HUL, here’s an interesting data on the stock, between 2002 to 2010, HUL's stock price went nowhere…have a look at the chart below: View Full ImageHCL stock. Share Via The stock was basically in an 8 year coma. The returns could barely even make up for the inflation. However, over the 2010 to 2020 period, HUL delivered a whopping return of 30% CAGR! How FMCG stocks perform in the coming months remains to be seen. (This article is syndicated from Equitymaster.com) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Chinese city to give cash every month if families have second or third child

29 Jul, 2021, 09:34AM | Livemint

A Chinese city will give out cash handouts to encourage childbirth, the first in a nation faced with a rapidly aging population struggling to boost its birthrate. The government of Panzhihua city in the southwestern province of Sichuan announced Wednesday it will give local families 500 yuan ($77) per baby every month if they have a second or third child, until the babies reach three years old, the state-run Xinhua News Agency reported Wednesday. MORE FROM THIS SECTIONSee All Premium Premium Cognizant to hire 1 lakh new employees and 30,000 fresh .... Premium Premium Gangotri Highway closed due to landslide in Uttarkashi .... Premium Premium Delhi weather: Moderate rain expected today, says IMD Premium Premium Kerala: Complete lockdown to be imposed for two days. D .... The city of 1.2 million people known for its steel industry will also offer free childbirth services to mothers with local household registrations, and set up more nursery schools near workplaces, according to the report. The Chinese government earlier this month pledged to lower the cost of childbirth, parenting and education meaningfully by 2025, following the decision in May to allow all married couples to have three children. China’s new births plunged to their lowest in almost six decades last year amid the uncertainties of the Covid-19 pandemic. This points to the prospect that the country’s population, currently at 1.41 billion, may begin to shrink before 2025, according to Bloomberg Economics’ estimates. The childcare subsidies were part of a broader set of measures announced by the Panzhihua city government to attract talent. The city will also give cash bonuses to qualified top researchers, teachers, medical professionals and entrepreneurs who decide to settle there, according to the report. TRENDING STORIESSee All Premium Glenmark Life vs Rolex Rings IPO: GMP, subscription and .... Premium Rolex Rings IPO: What GMP (grey market premium) signals .... Premium Glenmark Life Sciences IPO: What GMP signaling on last .... Premium Glenmark Life IPO: GMP, subscription status and other d .... This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Top IT companies making covid vaccines mandatory for on-campus employees

29 Jul, 2021, 09:10AM | Livemint

Twitter Inc is shutting its reopened offices in United States, while other big tech companies are making vaccination mandatory for on-campus employees, as the highly infectious Delta COVID-19 variant drives a resurgence in cases. Alphabet Inc's Google and Facebook Inc said on Wednesday all U.S. employees must get vaccinated to step into offices. Google is also planning to expand its vaccination drive to other regions in the coming months. MORE FROM THIS SECTIONSee All Premium Premium 'Valued employees': Sundar Pichai joins CEOs urging act .... Premium Premium Flipkart, Amazon ask Supreme Court to stop antitrust qu .... Premium Premium NTPC Renewable Energy calls bids for setting up green h .... Premium Premium Strata raises $6 million in Series A round Twitter, which on Wednesday also paused future office reopenings, had started allowing employees back to its campuses in San Francisco and New York at 50% capacity about a fortnight ago after more than 16 months. U.S. coronavirus cases have been rising due to the Delta variant, which emerged in India but has quickly spread and now accounts for more than 80% of U.S. coronavirus cases. Health authorities on Tuesday said Americans fully vaccinated against COVID-19 should go back to wearing masks in indoor public places in regions where the coronavirus is spreading rapidly. San Francisco-based ride-hailing company Lyft Inc, which had already made vaccinations mandatory for employees returning to the office, postponed its reopening to February from September. "We anticipate the COVID situation will remain fluid for the upcoming months, making it difficult for us to land a clear return date without a possibility of moving it again," Lyft CEO Logan Green said in a memo to staff. According to a Deadline report, streaming giant Netflix Inc has also implemented a policy mandating vaccinations for the cast and crew on all its U.S productions. MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Apple Inc plans to restore its mask requirement policy at most of its U.S. retail stores, both for customers and staff, even if they are vaccinated, Bloomberg News reported. Apple and Netflix did not immediately respond to requests for comments. Many tech companies including Microsoft Corp and Uber have said they expect employees to return to offices, months after pandemic-induced lockdowns forced them to shift to working from home. Google also said on Wednesday it would extend its work-from-home policy through Oct. 18 due to a recent rise in cases caused by the Delta variant across different regions. This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Stocks to watch: Tatva Chintan, Nestle India, TechM, Axis Bank, ABB India

29 Jul, 2021, 08:52AM | Business Standards

Nifty futures on the Singapore Stock Exchange traded 41 points higher at 15,748, indicating a firm start for the benchmark indices on Thursday. Here are the top stocks to track today: Results Today: Over 90 companies, including Tech Mahindra, TVS Motors, Future Retail, Lauras Labs, PVR, Raymond, Stove Kraft and Union Bank will announce their quarterly numbers today. Brokerages project a 16-23 per cent year-on-year (YoY) rise in Tech Mahindra's June quarter profit and a 10 per cent jump in revenue on 1 per cent contribution from acquisitions and ramp-up in deals won in prior quarters. READ HERE Listing Today: Shares of Tatva Chintan Pharma Chem will debut on the bourses on Thursday. The second most subscribed IPO of 2021, with 180 times bids is set to double on listing. The grey market premium for the stock surged by Rs 1,140-1,150 or 105-110 per cent over the issue price of Rs 1,083 ahead of listing. Nestle India: The company reported a 10.7 per cent YoY growth in its profit after tax for the April-June quarter. Its net sales for the quarter surged by 13.8 per cent YoY to Rs 3,462.4 crore from Rs 3,042 crore. Happiest Minds: The IT firm reported a nearly 29 per cent decline in consolidated net profit to Rs 35.73 crore in the June 2021 quarter as against a net profit of Rs 50.18 crore in the year-ago period. Its revenue, however, grew 41.4 per cent YoY at Rs 331.52 crore. ABB India: The company posted a four-fold jump in its net profit to Rs 68 crore in the June quarter compared to the year-ago period mainly due to higher revenues. Icra: Rating firm Icra reported a 43 per cent YoY jump in its consolidated net profit to Rs 24.34 crore for the first quarter ended June 30. The total income during April-June FY22 rose to Rs 90.52 crore, against Rs 80.80 crore in the first quarter of FY21. Route Mobile: Communication services firm Route Mobile posted a 27.44 per cent YoY jump in consolidated profit after tax to Rs 34.3 crore for the first quarter ended June 30, 2021. Route Mobile's revenue from operations grew around 22 per cent to Rs 377.5 crore during the reported quarter, from Rs 309.6 crore in the corresponding quarter of 2020-21 HDFC: The company has enhanced its existing limit to raise capital through medium-term notes to up to USD 2.8 billion (about Rs 20,875.65 crore). Ashok Leyland: Hinduja group flagship firm Ashok Leyland will invest up to USD 200 million (nearly Rs 1,500 crore) in its electric vehicles journey through its UK-based arm Switch Mobility in the next few years, according to company officials. BPCL: Bharat Petroleum Corporation (BPCL) has commissioned six CNG stations in Chennai in alliance with Torrent Gas and plans to have 39 such stations by March 2022 across Chennai and Tiruvallur. SIS: Security and Intelligence Services (SIS) reported a marginal increase in net profit to Rs 60 crore for the first quarter ended June 30. The cash logistics and security services firm had posted a net profit of Rs 58 crore in the year-ago period. Revenue for the quarter increased by 10 per cent YoY to Rs 2,379.3 crore. JM Financial: The company reported a consolidated net income of Rs 203.14 crore for the quarter to June, up 117 per cent over the same period in 2020, primarily on account of a low base due to the nationwide lockdown in the pandemic-hit year. Yes Bank, Indiabulls Housing Finance: The two companies have come forward for a strategic co-lending tie-up to source and service home loans. Axis Bank: The Reserve Bank of India (RBI) said it has imposed a penalty of Rs 5 crore on Axis Bank for contravention of certain provisions of directions issued by the RBI, including on cybersecurity framework. HCL Tech: IT services major HCL Technologies on Wednesday said it has appointed Jill Kouri as its Chief Marketing Officer. United Breweries: Beer maker United Breweries reported a consolidated net profit of Rs 30.94 crore for the quarter ended June compared with a net loss of Rs 114.50 crore during the April-June period of the previous fiscal. Mahanagar Gas: The company reported a 351 per cent YoY jump in its June quarter net profit to Rs 204.08 crore as volumes recovered over a low base of last year. Total gas sales at 2.398 million standard cubic metes per day in April-June was double of last year but 17 per cent lower than the previous quarter. NTPC: The 4000- MW super thermal power project of Patratu Vidyut Utpadan Nigam Ltd , a joint venture between National Thermal Power Corporation (NTPC) and Jharkhand Bijali Vitran Nigam Ltd, at Patratu in Ramgarh district has been delayed due to the COVID-19 pandemic, a senior official said on Wednesday. Adani Group stocks: The National Securities Depository Ltd (NSDL) has clarified that only the GDR accounts of Abula Investments, APMS Investment and Cresta Fund -- three foreign portfolio investors having stakes in Adani group companies -- have been frozen. ISGEC Heavy Engineering: Its subsidiary Isgec Hitachi Zosen and joint venture company bagged breakthrough order for a PTA reactor.

Glenmark Life Sciences IPO: What GMP signaling on last date of subscription

29 Jul, 2021, 08:49AM | Livemint

Glenmark Life Sciences IPO: ₹1,514 crore initial public offer of Glenmark Life Sciences got subscribed 5.78 times by day 2 and there is still one full day left for bidders to apply for the IPO. On account of overwhelming response from the bidders, Glenmark Life Sciences shares are doing well in the grey market too. Glenmark Life Sciences IPO GMP today is ₹140, which is ₹15 up from its Wednesday price in the grey market. According to market observers, Glenmark Life Sciences IPO grey market premium has been oscillating around ₹125 to ₹140 for the last three days that means market is expecting around 18 to 20 per cent listing gain from the public issue. They said that today is the last date of bidding and those who were in wait and watch, may come forward to bid for the IPO as the stock has remained strong in the grey market on first two days of bidding. What this GMP means for Glenmark Life Sciences IPO MORE FROM THIS SECTIONSee All Premium Premium Rakesh Jhunjhunwala buys and trims stake in these stock .... Premium Premium Gold prices rise today but still down ₹2,000 in 2 mont .... Premium Premium Nykaa set to file IPO papers soon, said to seek $4 bill .... Premium Premium Hindalco, Tata Steel, JSW Steel shares surge today. Wha .... Market observers said that grey market premium of a public issue is an unofficial market expectation about the listing gains. As Glenmark Life Sciences IPO grey market premium today is ₹140, its expected listing price in the grey market is around ₹860 ( ₹720 + ₹140) — around 20 per cent higher from its issue price band of ₹695 to ₹720. For the last three days, Glenmark Life Science IPO GMP has been oscillating around ₹125 to ₹140. Yesterday, it was at ₹125, while on Tuesday it was ₹141. So, those investors who look at the GMP before going into the financials of the company, may get attracted by this grey market performance of the public issue and surprising response from the bidders is expected by the bidders as subscription is open for today only, said market observers. Highlighting the financials that augurs strong listing of the shares; Saurabh Joshi Research Analyst at Marwadi Shares and Finance said, "Considering the FY-21 adjusted EPS (Earnings Per Share) of ₹28.69 on post-issue basis, the upper price band implies a P/E multiple of 25.09 with a market cap of ₹88,220 mn, while its peers namely Divi’s Laboratories, Laurus Labs and Shilpa Medicare are trading at a P/E multiple of 64.0, 36.1 and 36.5 respectively. We recommend to subscribe this IPO as the company is a leader in select high value, non-commoditized APIs in chronic therapeutic areas with quality-focused & compliant manufacturing / R&D infrastructure and is available at reasonable valuation as compared to its peers." Standing in sync with Saurabh Joshi's views; Abhay Doshi, Founder, UnlistedArena.com said, "The issue looks moderately priced. Owing to the buzz in primary market, the issue should witness good subscription today." Glenmark Life Sciences IPO details - Glenmark Life Sciences IPO price band is ₹695 to ₹720 - Tentative Glenmark Life Sciences IPO allotment date is 3rd August 2021 MINT PREMIUM See All Premium Not just Kerala, covid-19 flaring up in the Northeast as well Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? - Expected Glenmark Life Sciences IPO listing date is 6th August 2021 - Glenmark Life Sciences shares will be listed at both NSE and BSE - After listing, promoters' holding in the company will go down from existing 100 per cent to 82.84 per cent. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Market LIVE Updates: Sensex up over 250 pts, Nifty nears 15,800; auto drags

29 Jul, 2021, 07:33AM | Livemint

Sensex, Nifty were up 0.52%. Asian stocks opened on a positive note after China attempted to calm market nerves post selloffs. The Fed reiterated that a recent surge in inflation is likely transitory and linked to the economic reopening from the pandemic 29 Jul 2021, 11:53:25 AM IST RIL, Tata Steel drive gains View Full ImageIndex contribution Share Via 29 Jul 2021, 11:35:35 AM IST Nestlé India’s June qtr results show it is no longer an outlier Nestlé India Ltd’s June quarter results (Q2CY21) were not appetising. This at a time when the base effect was favourable, given that the year-ago quarter was hit hard due to disruptions caused by nationwide covid-19 lockdown. Nestle India follows a January to December financial year and the June quarter is its second. (Read here) NSE BSE listElement-graph-11627538734642-100790 listElement-graph-11627538734642-100790 Share Via 29 Jul 2021, 11:32:29 AM IST Biocon gains on USFDA nod for insulin biosimilar Semglee Biocon's stock was trading at ₹385.00 each , up 0.86% at 11:31 am. The US Food and Drug Administration will allow pharmacists to automatically substitute the cheaper version of insulin, just as they do with generic pills for other kinds of drugs. It’s the FDA’s first approval of an “interchangeable" biosimilar, a near-copy of an injected biologic medicine that’s manufactured inside living cells. It could save diabetics and health plans millions of dollars annually and encourage other drugmakers to create more biosimilar medicines. Health data firm IQVIA projects U.S. savings from increasing use of biosimilars from 2020 through 2024 will top $100 billion. The FDA agreed that Viatris Inc.’s Semglee was interchangeable with widely used Lantus, a fast-acting insulin. Approval of a second such interchangeable biosimilar of a long-acting insulin appears imminent from the same developers, Pittsburgh-based generic giant Viatris and its partner, India’s Biocon. Mylan N.V., one of two companies that merged to create Viatris last December, launched Semglee in the US last summer. NSE BSE listElement-graph-11627538548840-132523 listElement-graph-11627538548840-132523 Share Via 29 Jul 2021, 11:29:16 AM IST Biocon top gainer View Full ImageNifty pharma index Share Via 29 Jul 2021, 11:27:42 AM IST ArcelorMittal reports higher Q2 results, to start $2.2 bn share buyback programme ArcelorMittal, the world’s largest steelmaker, reported on Thursday higher than expected second quarter earnings and said it would start a new $2.2 billion share buy-back programme. The Luxembourg-based company said second-quarter core profit (Ebitda), the figure most watched by the market, was $5.1 billion, almost seven times higher than the year-ago figure of $0.7 billion and far higher than the average forecast in a company poll of $4.67 billion. (Reuters) Share Via 29 Jul 2021, 11:25:42 AM IST Cognizant Q2 net income up 41.8%; to hire 1 L people this year Cognizant has reported 41.8% increase in June quarter net income at $512 million (around ₹3,801.7 crore), and said it expects to hire about one lakh people this year as the IT major looks to arrest high attrition rates in the company. The US-based company, which posted a net income of $361 million in the June 2020 quarter, has also raised its FY2021 revenue growth guidance to 10.2-11.2% (9-10% in constant currency) on the back of strong booking momentum. Cognizant's revenue rose 14.6% (12% in constant currency) at $4.6 billion in the quarter under review, from $4 billion in the year-ago period. This is higher than the company's guidance of 10.5-11.5% revenue growth for the June 2021 quarter. (PTI) Share Via 29 Jul 2021, 11:23:07 AM IST SaaS startup Loopin raises $820K in seed round led by Venture Highway Loopin, a software as a service (SaaS) startup, has raised $820,000 in seed round, led by Venture Highway. First Cheque and a few angel investors also participated in the round. The product is currently in beta with select organisations, and will likely see a market launch later this year, the Bengaluru and Seattle-based company said. (Read here) Share Via 29 Jul 2021, 11:13:30 AM IST Nestlé India drags View Full ImageNifty FMCG index Share Via 29 Jul 2021, 11:06:59 AM IST Auto, FMCG drag View Full ImageNifty sectoral indices Share Via 29 Jul 2021, 10:21:20 AM IST Tata Sons arm to acquire controlling stake in Tejas Networks Tejas Networks' stock as trading at ₹246.00 each, up 4.99% at 10:20 am. The telecom and network firm, on Thursday said an arm of Tata Sons will acquire controlling stake in it for nearly ₹1,890 crore in a multi-step deal. The company has executed definitive agreements with Panatone Finvest, a subsidiary of Tata Sons (Tata group holding firm), it said in a statement. As part of the agreement, the company will make a preferential allotment of 1.94 crore equity shares at a price per equity share of ₹258 per share aggregating to ₹500 crore to Panatone. There will also be another preferential allotment of 3.68 crore warrants, each carrying a right to subscribe to one equity share at an exercise price of ₹258 per equity share aggregating to ₹950 crore. (PTI) NSE BSE listElement-graph-11627534278895-210859 listElement-graph-11627534278895-210859 Share Via 29 Jul 2021, 10:21:20 AM IST Rupee rises 7 paise to 74.31 against US dollar in early trade Share Via 29 Jul 2021, 10:18:14 AM IST Bharti Airtel top gainer, Kotak Mahindra Bank top drag View Full ImageNifty top gainers and losers at this hour Share Via 29 Jul 2021, 10:10:05 AM IST Nifty commentary: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments "The markets are trading around the midpoint of the current range which is between 15,400-15,900. The volumes are soft and the momentum is spiritless. Until we do not get past either of the two levels, the Nifty will not witness a significant move." Share Via 29 Jul 2021, 10:02:39 AM IST Tatva Chintan Pharma's shares list at 95% premium Tatva Chintan Pharma Chem Ltd (TCPCL) had a bumper debut on the stock exchanges on Thursday, with its shares listing at nearly 95% premium over its issue price. Its ₹500 crore initial public offering (IPO) was subscribed nearly 180 times last week. The price band for the issue was set at ₹1,073-1083. (Read here) Share Via 29 Jul 2021, 10:02:39 AM IST Coforge stock up 5% on robust Q1 earnings and record deal wins Midcap IT services provider Coforge Ltd reported robust earnings in the June quarter. It's sequential organic revenue growth of 7% in constant currency terms exceeded analysts' expectations. Growth was driven by deal ramp-ups in the Americas. Order intake continued to remain strong at USD318 million, which is the highest ever. This includes three large deals, with one USD105m deal win. Reacting to the earnings, the shares of Coforge rose around 5% on the NSE on Thursday to hit a new 52-week high of ₹5,007. NSE BSE listElement-graph-11627533042598-132541 listElement-graph-11627533042598-132541 Share Via 29 Jul 2021, 09:59:26 AM IST Former IndiGo president, Rakesh Jhunjhunwala may float new airline venture: report Former IndiGo president Aditya Ghosh may join investor Rakesh Jhunjhunwala to launch a new airline venture, NCBCTV18 reported, citing people familiar with the matter. Share Via 29 Jul 2021, 09:55:34 AM IST Happiest Minds trades lower Happiest Minds' stock was trading at ₹1,362.50 each, down 1.82%. IT services firm Happiest Minds Technologies Ltd reported a 29% year-on-year decline in its net profit to Rs35.7 crore for the fiscal first quarter ended June (Q1 FY22) due to an exceptional expense of ₹6.1 crore. Revenues for the quarter grew 38.2% year-on-year to ₹244.6 crore on the back of broad-based growth. In US dollar terms, revenues during April-June grew 41.4% year-on-year and 9.6% sequentially to $33.1 million. (Read here) Share Via 29 Jul 2021, 09:53:57 AM IST India reported on Thursday 43,509 new covid cases in the last 24 hours, the government said in a statement. Share Via 29 Jul 2021, 09:35:29 AM IST Market opening The Sensex opened at 52,693.53, up 249.82 points or 0.48%, while Nifty was at 15,762.70, up 53.30 points or 0.34%. IT, pharma, metals were top gainers. View Full ImageSensex at open Share Via 29 Jul 2021, 09:12:02 AM IST Market pre-opening The Sensex was at 52,693.53, up 249.82 points, or 0.48%, while Nifty was at 15,762.70, up 53.30 points, or 0.34% at market pre-opening. View Full ImageSensex at pre-open Share Via 29 Jul 2021, 08:51:50 AM IST Crypto prices today: Bitcoin, ether lower whereas XRP, Litecoin gain. Latest rates here Cryptocurrency prices were slightly lower today with Bitcoin trading 0.4% lower at $39,668. Ether, the coin-linked to ethereum blockchain and dogecoin were down nearly 1% to $2,289 and $0.20 respectively. Other digital coins like Cardano, Uniswap also plunged, whereas, XRP, Stellar and Litecoin were up over the last 24 hours. Bitcoin remains far below its mid-April high of almost $65,000. However, it has been surging in the past few sessions after recent positive comments from billionaire Elon Musk and Ark Investment Management's Cathie Wood, along with speculation over Amazon’s potential involvement in the cryptocurrency sector. (Read here) Share Via 29 Jul 2021, 08:44:20 AM IST Cognizant raises 2021 revenue guidance to 9-10% as digital biz grows Cognizant Technology Solutions Corp. raised its 2021 revenue growth guidance to 9-10% in constant currency from 5.6-7.6% it had guided earlier as business is picking up especially in the digital transformation space. Cognizant, which follows the calendar year, expects revenue for the September quarter to grow 10-11% in constant currency in the range of $4.69-4.74 billion. The Teaneck, New Jersey-based firm posted revenues of $4.6 billion, up 12% annually in constant currency, for the second quarter ended June driven by digital revenues that grew 20% year-on-year. Cognizant said this is its highest-ever quarterly revenue, and the largest-percentage quarterly growth since 2015 that beat its own guidance range. (Read here) Share Via 29 Jul 2021, 08:23:21 AM IST Cabinet clears amendment to LLP Act, 12 offences to be decriminalised The Union Cabinet on Wednesday approved amendments to the Limited Liability Partnership (LLP) Act, with an aim to decriminalise 12 provisions under the law. "An amendment has been proposed in the Limited Liability Partnership Bill for the first time. We are doing a lot of changes in the Companies Act and corporate bodies are getting a lot of ease of doing business. LLPs are becoming popular among start-ups," said Union finance minister Nirmala Sitharaman after the cabinet meeting. (Read here) Share Via 29 Jul 2021, 08:22:28 AM IST IBC amendment bill aimed at aiding MSMEs gets LS approval The Lok Sabha on Wednesday cleared the Insolvency and Bankruptcy Code amendment bill that lays down the framework of a simpler alternative bankruptcy resolution framework for small businesses. (Read here) Share Via 29 Jul 2021, 08:20:42 AM IST Market opening Markets are likely to consolidate on Thursday while trends in the SGX Nifty suggest a flat opening of Indian benchmark indices. On Wednesday, the BSE Sensex ended at 52,443.71, down 135.05 points or 0.26%. The Nifty closed at 15,709.40, down 37.05 points or 0.24%. Share Via 29 Jul 2021, 08:10:44 AM IST Stocks to Watch Adani group, Ashok Leyland, Equitas Holdings, HDFC, Maruti Suzuki, among other stocks may be in focus on Thursday. (Read here) Share Via 29 Jul 2021, 08:01:54 AM IST Windlas Biotech fixes price band of ₹448-460 a share Windlas Biotech Ltd initial public offering has fixed its issue price at ₹448-460 a share. Earlier the firm said its issue will open on 4 August and closes on 6 August. The IPO consists of a fresh issue of ₹165 crore and an offer for sale of up to 5.14 million shares by its current promoters and shareholders. At the upper end of price band the company will raise approximately ₹401 crore. (Read here) Share Via 29 Jul 2021, 07:51:09 AM IST Asian stocks rise on China revival, reassuring Fed Asian stocks rose Thursday on China’s efforts to soothe market nerves and the Federal Reserve’s reassurance that it’s moving very gradually toward tapering stimulus if the U.S. makes more economic progress.Hong Kong and Chinese shares outperformed at the open, rebounding from steep losses sparked by Beijing’s crackdown on private enterprises. MSCI Inc.’s Asia-Pacific gauge jumped about 1%. S&P 500 futures fell back after the index was little changed overnight, while Nasdaq 100 futures dipped as Facebook Inc. fell in extended trading on a cautious outlook. Chinese authorities appears to have become uncomfortable with this week’s selloff. State-run media published articles suggesting the rout is overdone, while analysts have speculated about intervention by government-linked funds.S&P 500 futures fell 0.2% as of 10:50 a.m. in Tokyo. The S&P 500 was steady.Nasdaq 100 futures lost 0.3%. The Nasdaq 100 rose 0.4%Japan’s Topix index rose 0.2%Australia’s S&P/ASX 200 index added 0.4%South Korea’s Kospi index was flatHong Kong’s Hang Seng index jumped 1.9%China’s Shanghai Composite index advanced 1.1% Share Via 29 Jul 2021, 07:33:58 AM IST US stocks bounce, dollar softens as Fed says recovery on track U.S. stocks edged higher on Wednesday and the dollar slipped into losses after the Federal Reserve said the economic recovery was on track, but offered no clues about when monetary policy will eventually be tightened. The Fed said after its latest policy meeting that the economy has kept strengthening despite a rise in coronavirus infections, and that accelerating inflation remained the result of "transitory factors". In a news conference after the meeting, Fed Chairman Jerome Powell said it is not yet time to think about raising interest rates. He said the central bank was thinking about tapering asset purchases but has not set a timetable for when to do so.The Dow Jones Industrial Average fell 0.15%, the S&P 500 edged up 0.17%, and the tech-focused Nasdaq Composite rebounded 0.75% after hitting its lowest in more than two months on Tuesday. Share Via Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Day trading guide for Thursday: 6 stocks to buy or sell today — July 29

29 Jul, 2021, 07:00AM | Livemint

Day trading guide for Thursday: After topsy-turvy trade for the entire session, Indian markets finally ended in the red zone on Wednesday. The NSE Nifty went off 37 points and closed at 15,709 mark while the BSE Sensex shed 135 points and closed at 452,443 levels. Amidst volumes that were lower than the previous day and slightly higher than recent averages, Metal and telecom stocks gained while Auto and realty sectors fell. As the US markets, especially Dow Jones, closed in the red zone on Wednesday after the US Fed meet and SGX Nifty also opened today with a downside gap of 18 points, Indian markets are expected to feel the selloff pressure in the opening bell on Thursday. MORE FROM THIS SECTIONSee All Premium Premium Stocks that nearly doubled investors money on listing t .... Premium Premium Rakesh Jhunjhunwala trims stake in this stock but FIIs, .... Premium Premium Tatva Chintan Pharma sees stellar stock market debut, s .... Premium Premium Indian share markets open higher; HCL Tech, Titan, Tata .... Sharing his trade view chart Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The short term trend of Nifty continues to be negative. But, the formation of hammer type pattern at crucial support and sharp intraday upside recovery from a lower range are pointing towards an upside bounce in the market in the next 1-2 sessions. The expected upside is likely to test the upper resistance of 15,860 to 15,900 levels in the near term." Day trading stocks to buy today On the basis of these facts and figures, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Mudit Goel, Senior Research Analyst at SMC global Securities and Sandeep Matta, Founder at TRADEIT Investment Advisors — have recommended the following 6 shares to buy today. Sumeet Bagadia's day trading guide 1] Steel Authority of India Limited or SAIL: Buy at ₹132, target ₹140 to ₹145, stop loss ₹125 2] ICICI Lombard General Insurance: Buy at ₹1490, target ₹1530 to ₹1550, stop loss ₹1460 MINT PREMIUM See All Premium Here's why IndusInd Bank's net profit doubled in the June quarter Premium In small town India, a shift underway from savings to investments Premium Can Ajay Singh save SpiceJet a second time? Premium The legal moves startups make before going public Mudit Goel's day trading stocks to buy today 3] Bharti Airtel: Buy at CMP, target ₹580, stop loss ₹560 4] Aditya Birla Fashion and Retail Ltd or ABFRL: Buy at CMP, target ₹235, stop loss ₹221 Sandeep Matta's day trading guide 5] Muthoot Capital: Buy at ₹445, target ₹465 to ₹474, stop loss ₹418 6] Canara Bank: Buy at ₹143, target ₹150 to ₹155, stop loss ₹134. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Sensex skids for third day, bank stocks fall; Bharti Airtel jumps over 5%

29 Jul, 2021, 01:19AM | Business Standards

Equity benchmarks nursed losses for the third session on the trot on Wednesday, weighed by banking, energy and auto stocks amid a lacklustre trend overseas. Global markets stayed on the backfoot amid a continuing sell-off in Chinese shares, while investors also remained on the sidelines ahead of the US Federal Reserve's policy decision. After plummeting over 700 points in intra-day trade, the 30-share BSE Sensex clawed back some lost ground to end 135.05 points or 0.26 per cent lower at 52,443.71. Similarly, the broader NSE Nifty slipped 37.05 points or 0.24 per cent to close at 15,709.40. Kotak Bank was the top laggard in the Sensex pack, shedding 2.64 per cent, followed by Dr Reddy's, M&M, PowerGrid, NTPC, HDFC Bank and Nestle India. On the other hand, Bharti Airtel topped the gainers' chart with a jump of 5.08 per cent after the telecom player hiked its prepaid tariffs, just a week after upgrading its postpaid plans. Tata Steel, IndusInd Bank, Bajaj Finserv, ICICI Bank and UltraTech Cement were among the other winners, climbing up to 2.60 per cent. “Domestic equities extended losses as weak cues from global markets triggered by selling pressure in Chinese tech stocks due to regulatory overhang weighed on sentiments," said Binod Modi, Head Strategy at Reliance Securities. Further, persistent selling pressure in financials led by concerns over asset quality dragged the benchmark index. However, positive cues from European markets and buy on dips helped market to recover from the day's low in the second half, he added. Vinod Nair, Head of Research at Geojit Financial Services, said, "Jitters over Chinese clampdown and wariness over ongoing Fed meeting outcome, continue to disturb the domestic market. However, as the global markets gained ground after the recent sell-off, losses were trimmed by the end of the day." "Due to a weak start to the sector earnings, pharma stocks continued to trade in bear's grip while banking, auto and realty stocks were feeble too. Globally, the Fed's comment on economic recovery, inflation and monetary policy may provide hints about tapering, which will determine the mood of the market in the near future," he added. Sectorally, BSE auto, bankex, utilities, realty, consumer durables and energy indices slipped up to 1.01 per cent, while telecom, metal, teck, basic materials and capital goods indices ended with gains. Broader BSE midcap index ended flat, while the smallcap gauge fell 0.45 per cent. Elsewhere in Asia, bourses in Shanghai and Tokyo ended with losses, while Hong Kong and Seoul closed in the green. Equities in Europe were trading on a positive note in afternoon trade. Meanwhile, international oil benchmark Brent crude advanced 0.76 per cent to USD 74.08 per barrel. The rupee recovered by 9 paise to close at 74.38 against the US dollar on Wednesday, snapping it two-day losing run ahead of the US Fed policy decision. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Inflation comes for aluminum, as the everywhere metal surges

29 Jul, 2021, 12:10AM | Business Standards

Aluminum is heading for a seismic shift as a long-running supply glut starts to fade, setting the stage for shortages and a price rally that could run for years. Demand is set to surge on the back of climate-change investment, and mega-producer China — which accounts for more than half of global output — is cracking down on smelting to reduce pollution and meet green targets. Those combined forces mean the oversupply that’s dominated the market for more than a decade is on the way out, leaving buyers bracing for a new era of scarcity and higher costs. With aluminum a feature of everyday items, from food packaging and beer cans to iPhones and cars, what’s playing out in markets has implications for inflation and consumers’ pockets. It’s already jumped 26% this year to about $2,500 a ton, one the best performers on the London Metal Exchange. Goldman Sachs Group Inc. is among those seeing more gains ahead, forecasting record prices above $3,000 by late next year. In the short term, the global economy’s post-pandemic rebound, and demand in the automotive and construction industries, are eating into inventories. But while in the past, supply kept pace with additional demand, that could change once China’s cuts kick in, leaving the market in a deep deficit by 2024, according to trading giant Trafigura Group. “It takes quite a mindset change — some viewed buying aluminum similar to buying groceries in the supermarket,” said Philippe Mueller, head of aluminum trading at Trafigura. “It’s not going to work like this anymore.” The metal isn’t alone in facing short-term issues. The combination of soaring demand and spluttering supply after Covid-19 disruption has upended many raw materials markets, all of which is feeding the global inflation scare that’s taken hold in some corners this year. For aluminum, China’s actions are key. The government started cracking down in 2017, capping smelting capacity at 45 million tons a year, and its subsequent carbon emissions targets have dashed any expectations that policymakers might ease off on the sector. “The government is serious this time,” Alison Li, co-head of base metals research at Mysteel, said by phone from Shanghai. “Now China has its carbon neutrality mission, we think they will stick to that limit.” Actual production will reach about 40 million tons in China this year, so for now producers still have some room to boost output, according to Goldman Sachs. But the industry is likely to hit the ceiling by 2024, and from then on the Chinese market will move into deficit. Producers elsewhere could help to plug the gap, but prices will need to rise substantially to make investment worthwhile, given higher costs for environmental compliance. Trafigura estimates aluminum needs to hit $3,500 within the next year to prevent shortfalls, given the timelag to build new smelters.

Can Ajay Singh save Spicejet a second time?

28 Jul, 2021, 11:56PM | Livemint

By December of 2014, SpiceJet Ltd, then controlled by media baron Kalanithi Maran’s Sun Group, was debt-ridden and on the verge of closure. The glide path to bankruptcy had become apparent. One morning, state-owned oil companies refused to refuel their planes. The airline had started gradually grounding planes. Hundreds of flights were cancelled and salaries of employees delayed. This is when Ajay Singh resurfaced, just in the nick of time for the airline. He had co-founded Spicejet in 2005. Those were the heady days of Indian aviation that saw a sudden spurt in low-cost carriers. IndiGo, Go Air, Kingfisher Airlines and SpiceJet all started services in 2005. In 2010, Singh exited the company and the Marans of Sun Group acquired control in 2010. In January 2015, with the airline teetering on the brink, he bought back the company, ignoring advice from friends. The airline could be turned around, he believed. “There was still great potential in aviation, and oil prices were coming down," Singh, now the chairman and managing director of SpiceJet, told this writer in 2018. “I thought nobody would blame us if the airline died but if it succeeded, we would have stories to tell our grandchildren." Singh executed an astute strategy aided by declining oil prices that led to several quarters of profits. For a while it seemed like he had managed to steady the ship. But now, after two waves of the covid-19 pandemic that has battered the aviation sector around the world, and oil prices soaring, it’s testing times yet again for SpiceJet. Can Singh save the airline a second time is the big question now. SpiceJet posted its fifth consecutive quarterly loss of ₹257 crore in the three months ending March 2021, although that doesn’t reveal the full picture, as we shall see momentarily. In 2020-21, the company lost ₹1,029.89 crore, up from a loss of ₹936.57 crore in the previous year. Revenues dived 54% to ₹6,119.39 crore last year. View Full ImageAir pockets Share Via It is nearly a repeat of 2014. The auditors of SpiceJet Ltd, Walker Chandiok &.Co. LLP, have raised doubts about its ability to continue as a going concern—mounting losses have led to a complete erosion of its net worth. By March-end, SpiceJet’s current liabilities exceeded its current assets by ₹5,185.84 crore; the airline only had cash and cash equivalent of ₹35.94 crore. SpiceJet’s trouble, however, needs to be read in the context of the broader downturn in the sector. Most Indian airlines were loss-making ventures even before the pandemic hit. No-frill carriers such as IndiGo and SpiceJet were exceptions. However, restrictions on air travel over the last one year have meant trouble even for India’s top domestic airline—IndiGo. InterGlobe Aviation Ltd, the parent company of IndiGo, posted its biggest quarterly loss in the June quarter (Q1FY22) and this was the airline’s sixth consecutive quarterly loss. The future, meanwhile, remains uncertain given the possibility of a third wave and the risk from new variants. Rating agency Icra Ltd expects domestic air traffic to reach pre-covid levels by 2022-23; international air traffic, on the other hand, may rebound only by 2023-24. MINT PREMIUM See All Premium Economic momentum rebounds from May nadir but outlook still uncertain Premium Semiconductors Are Big News. Here’s What You Should Know Premium Tech-focussed funds have had a rich harvest. Will it continue? Premium Sales of packaged consumer goods bounce back as curbs ease While airlines such as the Wadia Group-operated GoAir, and Tata Group-operated Vistara and AirAsia India, can count on their promoters’ deep pockets to pull them out of the quagmire, SpiceJet has limited options. The firm needs capital urgently to stay afloat. Singh, therefore, faces one of the biggest challenges of his career. Turbulent skies SpiceJet faces headwinds that are beyond slumping air travel. Unlike 2015, SpiceJet now has to deal with high oil prices. Global crude prices have shot up from $52.05 a barrel on 31 December, 2020 to $72.17 a barrel by 26 July. Aviation turbine fuel (ATF) or jet fuel constituted about a fifth of total costs in 2020-21 and it may shoot up further this year. “We remain cautious on SJET (SpiceJet) due to its weak balance sheet (negative net worth) as well as lower yields amid rising fuel costs," a report by BOB Capital Markets stated. “The key to its survival will depend on the availability of liquidity (either through debt or equity) coupled with staying afloat among strong competition from peers who are also raising funds," the report further added. Besides jet fuel, the firm is also dealing with a clutch of legal cases. Aircraft manufacturer De Havilland Aircraft has moved the Delhi high court to enforce an award from a UK court. The award comprising $42.9 million in damages came after the aircraft maker dragged SpiceJet to court over alleged payment defaults following the delivery of Q-400 turboprops. Then, there is Irish aircraft lessor Goshawk and Asian leasing firm BOC Aviation that have dragged SpiceJet to UK courts for defaulting on lease payments. “In the Delhi high court matter, SpiceJet is defending its position in accordance with the legal advice. Further, SpiceJet has challenged the order before the Court of Appeal in the UK, which is pending adjudication presently," a SpiceJet spokesperson said. “We are working with all the lessors (including Goshawk) to amicably settle the matter. On the basis of our arrangement with BOCA, the parties have suspended any court proceedings," the spokesperson further clarified. Meanwhile, SpiceJet is also fighting a dispute with the Marans—the Supreme Court had in November 2020 stayed a Delhi high court order asking SpiceJet to deposit around ₹243 crore as interest related to a share transfer dispute with the former promoter. The matter is pending legislation. SpiceJet is also facing stiff competition in the sector, and it could get worse post pandemic, said experts. Deep-pocketed rivals and domestic market leaders such as InterGlobe Aviation can drive out competition in certain routes by discounting ticket prices. Both domestic airlines as well as international carriers are expected to roll out heavy discounts to make up for the smaller passenger numbers today. “SpiceJet, which commands a 9%-12% market share, continues to face challenges that can be traced to cash-flow, costs and the lack of a clear path to profitability," Satyendra Pandey, managing partner at aviation advisory firm AT-TV, said. In June 2021, IndiGo led the market with a lion’s share of 54.7%, followed by Air India at 16.5%, according to the aviation regulator Directorate General of Civil Aviation (DGCA). SpiceJet with 9% share is the No.3 in the pecking order. Flight path So, what can Ajay Singh do to stabilize the airline and hold on to market share? One, the company needs capital right away. After the March-quarter (Q4FY21) results, the airline’s board of directors announced its approval for raising up to ₹2,500 crore to bolster its financial health. The board also decided to hive off its growing and profitable cargo operations into a separate entity, a move that analysts said would give the airline avenues to raise cash. As per a SpiceJet spokesperson, multiple options are being considered for raising funds. However, “the information is price sensitive and will be shared in public domain at the appropriate time," added the same person. A report by ICICI Securities dated 1 July emphasizes that “recapitalization remains the key" as SpiceJet’s “balance sheet position is weak with negative equity of ₹26 billion and gross borrowing without lease liability of ₹44 billion as of FY21-end." “SJet (SpiceJet) has approved a fund raise of up to ₹25 billion through the issue of eligible securities to qualified institutional buyers. If this happens through fresh equity, the shareholding of the current promoter will fall from 60% to 40%," the report added. The airline, however, denied that the promoters will dilute stake to raise funds. Meanwhile, SpiceJet is pressing ahead with its cost-cutting measures to keep the burn in check. It is renegotiating its contracts with vendors and has deferred payments to some while initiating salary cuts for employees. The airline has also claimed about ₹1,100 crore as compensation from Boeing Co. for the grounding of 737 Max aircraft—it is yet to receive the amount. The aircraft was grounded globally by different regulators in 2019 after two crashes that killed 346 people. While SpiceJet is confident of getting the compensation, the auditors of the company noted that the airline would report steeper losses had it not recognized the ‘other income’ (Boeing compensation) during Q4FY21. SpiceJet may be counting on the compensation but receiving it requires sophisticated structuring and negotiation, said Satyendra Pandey of AT-TV. “Currently, the compensation is being fully recognized as cash. This accounting treatment is debatable," added Pandey. Another senior industry executive, who has worked for top commercial airlines, said that SpiceJet may not get the full compensation it claims as most aircraft manufacturers don’t prefer a direct/full cash payment. Instead, they prefer other structures that include discounts. When asked about the compensation issue, a Boeing spokesperson said that the company doesn’t comment on conversations with its customers. Nevertheless, the stakes are high for Boeing as well. SpiceJet had 13 MAX aircraft in its fleet in 2019. At the time of the ban, it had placed an order for 205 Boeing aircraft. As of today, SpiceJet’s total fleet comprises 109 aircraft, including Boeing 737 and the Q-400 turboprops. “If SpiceJet walks away from Boeing orders, the US company loses the narrow-body aircraft market in India (most Indian airlines use Airbus A320/321 family narrow-body planes for domestic and short/medium-haul global routes). However, Boeing may still be reluctant to give the entire compensation in cash considering it may lose the entire investment if the airline goes under," the executive added. The MAX aircraft are yet to be re-certified by the DGCA, although globally, the aircraft has returned to service in many countries. The strengths When it comes to the promoters of airline firms, Ajay Singh is one of the most recognizable personalities—after all, he is still standing in a sector ripe with spectacular failures. More storied promoters such as Vijay Mallya (Kingfisher Airlines Ltd) and Naresh Goyal (Jet Airways Ltd) didn’t survive. Many people, inside and outside the company, do think he can work his magic again. “I would not write off SpiceJet as Ajay Singh has shown an uncanny ability to somehow survive, whether it is by being extremely nimble or getting into new areas of business through new routes," an aviation expert said, requesting anonymity. Singh’s trusted aides at the airline include the chief strategy officer G.P. Gupta, chief customer officer Kamal Hingorani, and chief commercial officer Shilpa Bhatia. The firm, nevertheless, pivots around Singh, who unlike other airline promoters, involves himself in day-to-day working—negotiating commercial deals and contracts. Some of his strategies have worked. Singh’s foray into the cargo business has been profitable. In fact, during the pandemic, SpiceJet reconfigured the planes to cater more to the cargo business. During Q4FY21, cargo revenues jumped to ₹416.5 crore from ₹67.8 crore in the year-ago period. The airline has also aggressively expanded its network, often to smaller towns and cities. As a result, SpiceJet is now the largest regional operator with 63 daily flights under the government’s regional connectivity scheme UDAN. “SpiceJet is strong when it comes to regional networks. If you want to go to places such as Darbhanga, Rajkot, or smaller cities in Gujarat, SpiceJet is an option. Effectively, it can command higher fares here unless IndiGo gets into these regional routes," said an industry executive. On the international front, SpiceJet operates in routes such as Kabul—not many airlines are interested in flying there. Singh will be hoping he can keep rivals at bay. He will also be hoping that air passenger traffic returns to pre-pandemic levels sooner than later. That may help shore up the bottom line. If the company indeed turns around again, he will have a more exciting story to tell his grandchildren. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!! Topics Long Story long-reads

Maruti Suzuki Q1 profit falls 62% as Covid-19 hits output, sales

28 Jul, 2021, 11:46PM | Business Standards

Maruti Suzuki has said it will continue to witness pressure due to surge in input materials cost even though the company sees better-than-expected recovery in demand. Operating margin stood at 4.8 per cent compared to 8.6 per cent in the previous quarter while profit fell for the second straight quarter, missing estimates, as local lockdowns to curb the deadlier second Covid-19 wave disrupted production and sales. Net profit of India’s largest carmaker slumped 62 per cent sequentially to Rs 440 crore in the quarter ended June. It sold 25 per cent fewer vehicles than the preceding quarter, at 353,000 units, as companies were forced into phased shutdowns. Though the company tried to pass on some of the increased cost to customers by undertaking three rounds of price hikes since January, it expressed inability to take any significant price increase. This would hit recovery of demand in a market suffering from poor consumer sentiment. “We have never seen such a steep increase in commodity prices before and we will continue to see an increase at least till the end of next year. We have taken gradual price increases like we took a small round of increase in July. But there is a limit to taking a hike without disturbing the calibration of demand,” said Ajay Seth, chief financial officer (CFO) at Maruti Suzuki. Auto sales have been in the slow lane even before the pandemic. Two waves of Covid-19 have washed away gains, forcing automakers to shut production and dealerships. There have also been loss of jobs or severe cut in salary. Domestic steel prices have increased sequentially by about 19 per cent in Q3 of FY21 and by another 19 per cent quarter-on-quarter in 4Q of FY21. Aluminium prices saw a similar trend and increased 11 per cent quarter-on-quarter in Q3 of FY21 and further 7 per cent quarter-on-quarter in Q4. Additionally, prices of precious metals have also gone up. Other automobile companies have also been forced to increase prices like Tata Motors hiked prices by 1-2.5 per cent across commercial vehicles (CV) in July after a 2.5 per cent hike in April. Bajaj Auto, the country’s third-largest two-wheeler brand, has undertaken a five per cent increase in prices across products between Q1 and Q2 of FY22. However, Maruti said it is witnessing an encouraging revival in demand after a slowdown due to the impact of the second wave. “With fast unlocking happening across the country, we are witnessing a good recovery. For July, we have seen a pick-up in enquiry that is roughly 85 per cent that of last financial year,” said Shashank Srivastava, senior executive director, marketing and sales at Maruti Suzuki. Srivastava also said the company intends to plug the gaps in the mid-level SUV segment where it has seen continuous decline of market share due to competitive pressure from rivals Hyundai’s Creta and Kia Motor’s Seltos. “While for the entry-level segment (SUV), Vitara Brezza is the leader. We have seen competitive pressure in the mid-level SUV segment that we are looking to plug,” Srivastava said. Compact SUVs are the fastest growing segment in passenger vehicles. Maruti’s share here has risen 10 percentage points from FY18 levels of 15 per cent. The company is also losing out on sales of larger SUVs, given the lack of diesel options

The 'world's most powerful tidal turbine' starts to export power to the grid

28 Jul, 2021, 11:18PM | CNBC

A tidal turbine weighing 680 metric tons and dubbed "the world's most powerful" has started grid-connected power generation at the European Marine Energy Centre in Orkney, an archipelago located north of mainland Scotland.The news marks another major step forward for the U.K.'s nascent marine energy sector.Â In an announcement Wednesday, Scottish engineering firm Orbital Marine Power explained how its 2 megawatt O2 turbine had been anchored in a body of water called the Fall of Warness, with a subsea cable linking it to a local electricity network on land.Â It's expected that the turbine, which is 74 meters long, will "operate in the waters off Orkney for the next 15 years," the company said, and have "the capacity to meet the annual electricity demand of around 2,000 UK homes."The turbine is also set to send power to a land-based electrolyzer that will generate so-called green hydrogen. In a statement, Orbital Marine Power's CEO, Andrew Scott, described Wednesday's news as "a major milestone for the O2."Funding for the O2's construction has come from public lenders via Abundance Investment. The Scottish government has also provided Â£3.4 million (around $4.72 million) of support through its Saltire Tidal Energy Challenge Fund.Michael Matheson, the Scottish government's Cabinet secretary for net zero, energy and transport, said his country was "ideally-placed to harness the enormous global market for marine energy." "The deployment of Orbital Marine Power's O2, the world's most powerful tidal turbine, is a proud moment for Scotland and a significant milestone in our journey to net zero," he went on to add.Looking to the future, Orbital Marine Power said it was "setting its sights" on the commercialization of its tech via the deployment of multi-megawatt arrays.With miles of coastline, the U.K. as a whole is home to a number of projects related to marine energy.In April, it was announced that a yearlong research project focusing on the potential of tidal, wave and floating wind technology had secured support from Marine-i, a program centered around innovation in areas such as marine energy.The project will be based on the Isles of Scilly, an archipelago located off the southwest coast of England, and led by Isles of Scilly Community Venture, Planet A Energy and Waves4Power.There's also potential when it comes to rivers. Back in March, the Port of London Authority gave the go ahead for trials of tidal energy technology on a section of the River Thames, a move which could eventually help to decarbonize operations connected to the river.While interest in marine-based energy systems appears to be growing, the current footprint of the industry and its technologies remains small.Figures from Ocean Energy Europe show that only 260 kilowatts of tidal stream capacity was added in Europe last year, while just 200 kW of wave energy was installed.By contrast, 2020 saw 14.7 gigawatts of wind energy capacity installed in Europe, according to industry body WindEurope.

Senators announce a bipartisan infrastructure deal, test vote could come as soon as Wednesday

28 Jul, 2021, 11:16PM | CNBC

The lead GOP negotiators on the bipartisan infrastructure legislation, L-R, Sen. Lisa Murkowski (R-AK), Sen. Bill Cassidy (R-LA), Sen. Rob Portman (R-OH), Sen. Susan Collins (R-ME) and Sen. Mitt Romney (R-UT) speak to reporters after meeting privately with Senate Minority Leader Mitch McConnell (R-KY) at the U.S. Capitol on July 28, 2021 in Washington, DC.Drew Angerer | Getty Images News | Getty Images Key senators on Wednesday announced they reached a bipartisan infrastructure deal, but it was unclear if the plan had enough votes to pass as Majority Leader Chuck Schumer prepared to push it through the chamber."We now have an agreement on the major issues," said Sen. Rob Portman of Ohio, the lead GOP negotiator. "We are prepared to move forward."The Democrat leading her party's infrastructure effort, Sen. Kyrsten Sinema of Arizona, also said "we've got a deal" with "most" of the bill's text completed, according to NBC News. She said she spoke to President Joe Biden, who is "excited to move this forward."Biden later told reporters he feels "confident" about the agreement.Schumer, D-N.Y., said the chamber could hold a procedural vote to advance the plan as soon as Wednesday night. The measure will need 60 votes to advance, or 10 Republicans if all 50 members of the Democratic caucus back it.Four other Republicans joined Portman in announcing the deal after they met with Senate Minority Leader Mitch McConnell, R-Ky. It was unclear how many more GOP senators were prepared to advance the plan. CNBC PoliticsRead more of CNBC's politics coverage:Elizabeth Warren makes fresh push for wealth tax â 'Yes, Jeff Bezos, I'm looking at you'Biden says vaccine mandate for all federal employees is under consideration following VA orderCops in Jan. 6 hearing recount beatings, racial slurs from pro-Trump Capitol mob The apparent agreement on infrastructure legislation follows disputes over issues including transit funding that prevented a deal for days. The wrangling threatened to derail a core piece of Biden's agenda.Senators "continue to make good progress" on both the bipartisan bill and Democrats' separate plan to invest $3.5 trillion in social programs, Schumer said Wednesday. Democrats say both packages will boost the economy and provide a stronger safety net for households.The infrastructure plan was set to invest $550 billion in new money for transportation, broadband and utilities â down from $579 billion in the initial framework announced last month, NBC reported. It includes $110 billion for roads and $65 billion for broadband, according to NBC.Senators previously said they planned to pay for the spending through increased IRS enforcement of existing tax rates and the redistribution of coronavirus relief funds, among other measures. Schumer failed last week to start debate on the bipartisan plan. The Republican senators working on the bill with Democrats and the White House voted against advancing it as they tried to iron out disagreements.The Democratic leader aims to pass the bipartisan plan and a budget resolution that would kick-start his party's legislation before the Senate leaves Washington for its recess next month. Using budget reconciliation, Democrats can approve their bill without a Republican vote.The infrastructure effort got a boost from at least one typically pro-GOP interest group: the U.S. Chamber of Commerce. The organization, which criticized Biden's initial plan to raise the corporate tax rate to fund the investments, said the proposal would boost the economy."We now urge the full Senate to vote yes on the cloture motion to proceed to consideration soÂ infrastructure legislation can be approved before the August recess," the chamber's senior vice president ofÂ government affairs Jack Howard said.The bipartisan plan would need 60 votes to pass. It means at least 10 Republicans would have to back it if all Democrats sign off, or one more GOP senator would have to vote for it for every Democratic defection.The vote to advance the bill would start a heavy lift for Democratic congressional leaders. They have to keep disparate wings of their party on board with both plans while navigating efforts by some Republicans to sink them.House Speaker Nancy Pelosi, D-Calif., has stressed she will not take up either measure until the Senate passes both of them.Democrats' $3.5 trillion plan is expected to invest in child care, education, health care and efforts to curb climate change.Subscribe to CNBC on YouTube.

DFI alone not panacea for infra finance issues: Sebi member Barua

28 Jul, 2021, 07:25PM | Business Standards

Markets regulator Sebi's whole-time director Ananta Barua on Wednesday said the re-introduction of the development finance institution (DFI) alone will not end the infrastructure sector's woes with regard to financing. The DFI needs to be supplemented by the existing vehicles of project finance, and banks and dedicated non-banking financial companies (NBFCs) will have to take the lead in funding greenfield (new) infrastructure projects, Barua said while speaking at an event organised by industry lobby Ficci. He also rued that banks are accessing capital markets only for their core or Tier-II capital requirements, and need to access the markets more for raising resources for project finance. In the Budget FY22, the government announced the creation of a DFI with a seed capital of Rs 20,000 crore for funding the Rs 111-lakh crore national infrastructure pipeline. This will be the second coming of a dedicated DFI after earlier ventures like ICICI and IDBI converted itself into banks. "DFI alone will not resolve all the infrastructure financing issues. "It needs to be supplemented by the existing structure of project financing through banks or focused NBFCs in the nascent stages. Then, there needs to be a refinancing or other capital market instruments to take over finance from those who have led in the initial stages through InvIT or securitisations," Barua said. InvIT stands for infrastructure investment trust. Stating that investors are wary of betting on greenfield projects, he said banks and dedicated NBFCs remain the ideal backers to fund greenfield infra projects initially, and then get it refinanced from capital market instruments. Barua wondered that despite the retail focus in deposits where half of the parked money goes away every year, Indian banks do not avail of capital market instruments for raising long-term finance resources required for infrastructure like asset-backed securitisation and medium-term notes, which are used by their peers globally. "Indian banks rely on capital markets purely to meet capital requirement of tier-I and tier-II. Therefore, time has come that they should tap capital markets for also funding project finance," he said. The Reserve Bank of India's (RBI) partial credit enhancement (PCE) scheme for upping the credit rating of projects through bank backing has also not been successful because of some conditions that have been laid down, and the central bank needs to revisit the same, he said. He specified that capping PCE exposure limit from the banking system to 50 per cent of the bond issue size, with a limit up to 20 per cent of the bond issue size for an individual bank is an impediment for the system. Barua said most of the projects rated 'BBB-' can get a post-enhancement rating in the 'A' category, which is low compared to 'AA+' rating expected by insurance companies and PFs (provident fund) segment. "Given the requirement to undertake assessments and the 20 per cent cap on CE for individual banks, it would need at least three banks to provide 50 pc credit enhancement. "It has been difficult to arrange three banks willing to provide CEs on a single project. Hence, there is a need to revisit this cap," he said. Meanwhile, Barua welcomed the activity on the InvITs front, and said that over Rs 68,000 crore has been mobilised by asset owners from the route and overall, assets under managements for the instrument stand at Rs 2.81 lakh crore. Powergrid Corporation has raised Rs 7,000 crore and the National Highway Authority of India will soon raise Rs 7,000 crore by offering parts of operational road assets to investors, he said adding that Sebi has given the go-ahead for the NHAI issue. He, however, stressed that there is a need to replicate the InvIT successes in other infrastructure sectors like ports, trade corridors, metro rails, oil pipelines, power transmission and renewable energy projects. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Market Wrap Podcast, July 28: Here's all that happened in the markets today

28 Jul, 2021, 05:19PM | Business Standards

Three days of selling in markets awarded investors with enough opportunity to lap up stocks available at cheaper prices, resulting in a sharp recovery from day's low even as some caution ahead of the US Fed meet and weakness in global peers persisted. After plunging over 750 points in the intra-day session, the BSE Sensex recouped most of the losses and ended only 135 points or 0.26 per cent down at 52,444 while its NSE counterpart Nifty settled at 15,709, down 37 points or 0.24 per cent after over 200 points crash in intra-day. Bharti Airtel, Tata Steel, IndusInd Bank and Bajaj Finserv were among top Sensex gainers while Kotak Bank, DRL, M&M and Power Grid were the top losers. In the broader markets, BSE Smallcap index with a decline of 0.45 per cent lagged the benchmark index although BSE Midcap settled unchanged. In the sectoral space, the Nifty Metal index extended gains to the fifth day today. It was the top performer, up over 1 per cent with only Nifty IT as another gainer. PSU Bank, Auto and realty indices faced heavy selling. On the stock-specific front, shares of Bharti Airtel soared over 5 per cent to Rs 567.90 on the BSE after the company upgraded its prepaid plans and discontinued its Rs 49 entry-level prepaid recharge. Century Textiles hit an all-time high of Rs 819.50 on the BSE as it reported a consolidated net profit of Rs 25 crore for the quarter ended June 2021 as against a net loss of Rs 36 crore in Q1FY21. It finally ended 16.60 per cent higher at Rs 796.35 per share. On the other hand, Tata Coffee and Maruti Suzuki investors sold shares following their June quarter show. Tata Coffee's profit declined to Rs 28 crore from Rs 35 crore a year ago, resulting in a 9 per cent decline at Rs 214.75. The stock had touched a 52-week high of Rs 246.75 in early trade. Maruti Suzuki, meanwhile, missed Street estimates as it posted a net profit of Rs 441 crore in the June quarter. The scrip ended 1 per cent lower at Rs 7150.20. In trade on Thursday, investors would react to the US Fed meet outcome later in the evening. Further, global cues, Q1 earnings and FII flow trends will continue to sway mood. Maruti and Nestle shares will be in focus in early trade. Nestle India posted an 11 per cent YoY jump in Q2 PAT at Rs 589 crore but missed estimates. Over 90 companies are slated to post their quarterly earnings on Thursday, including Tech Mahindra, TVS Motors, Future Retail, Lauras Labs, PVR, Raymond, Stove Kraft and Union Bank. Volatility could remain high on account of monthly F&O expiry. In the primary market, the initial public offer by Rolex Rings was subscribed nearly 4 times on Day 1 itself while Glenmark Life Sciences too received bids in the same quantum. Globally, US futures rose with European stocks as positive earnings boosted sentiment, while Asian equities were weaker amid Chinese market turbulence. The Stoxx Europe 600 rose 0.4 per cent and futures on the Nasdaq 100 added 0.3 per cent. The MSCI Asia Pacific Index fell 0.2 per cent.

Tata Motors plans to hike passenger vehicle prices from next week

28 Jul, 2021, 05:04PM | Business Standards

Tata Motors is looking to increase prices of its entire range of passenger vehicles from next week as it aims to offset the steep rise in procurement cost of essential materials like steel and precious metals, as per a top company official. The Mumbai-based auto major sells a range of passenger vehicles like Tiago, Nexon, Harrier and Safari in the domestic market. "We have seen a very steep increase in the prices of steel and precious metals over the last one year. The financial impact of the increase in commodity prices is in the range of 8-8.5 per cent of our revenues in the past one year," Tata Motors President Passenger Vehicles Business Unit (PVBU)Shailesh Chandra told PTI. He noted that the company has been able to pass on only a small part of the increase in input costs to the customers so far. "From the company realisation perspective, we have passed on only 2.5 per cent. From an ex-showroom perspective this would be around 3 per cent, so there is a big gap to the extent of increase that has happened (in the input costs) and what we have been able to pass on to the market," Chandra said. He noted that the company has been able to mitigate some of the impact of rising input costs by running various cost reduction initiatives as it wanted to avoid passing on a big quantum of price hike to customers. "But with the gap still remaining and the prices of essential commodities still remaining high, we are now forced to take a price hike from next week," Chandra noted. He added that the company is currently in the process of working out the details of the increase in each model/trim. Prices of precious metals like rhodium and palladium have gone up significantly over the last one year. Steel prices have also remained high during the period. Earlier this month, the country's largest carmaker Maruti Suzuki India hiked prices of hatchback Swift and CNG variants of other models by up to Rs 15,000 to counter increase in input costs. Similarly, Honda has also announced to increase prices of its entire model range in India from August, as it looks to offset the impact increase in commodity prices. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Record quarter by Apple, Alphabet, Microsoft gives way to growth scepticism

28 Jul, 2021, 03:32PM | Business Standards

Three of the world’s largest companies -- Apple Inc., Microsoft Corp. and Alphabet Inc. -- reported about $57 billion in combined profit in a record-busting quarter, riding a resurgence in consumer and business spending. Yet markets responded coolly. In part, investors were skeptical that these companies can continue to post double-digit growth for quarters to come. The world’s largest tech companies have gotten larger at a torrid rate. Their market valuations have skyrocketed this year as world economies rebounded from pandemic lows -- with both Apple and Microsoft topping $2 trillion in market value -- adding pressure to keep up the pace. All the companies were bullish about their prospects, but investor optimism was tempered by signs that the momentum of the past year may be ebbing. “All three of these companies -- Apple, Microsoft, Google -- are just performing phenomenally,” Jeremy Bryan, a portfolio manager at Gradient Investments, said in an interview with Bloomberg TV. “They just look really good. They’re executing perfectly, their customers are coming back in droves.” Even though all the companies were bullish about their prospects, investor optimism was tempered by signs the momentum of the past year may be ebbing. Microsoft was first out the gate Tuesday, reporting sales that topped analyst expectations for the 10th straight quarter. “Enterprise tech spending is strong, which could sustain double-digit growth in fiscal 2022,” said Anurag Rana, an analyst at Bloomberg Intelligence. “However, it would be difficult for the company to top these numbers next year, especially as comparisons get tougher.” Shares fell as much as 3.4% in extended trading, largely on concerns about growth in the cloud computing business, before Microsoft gave an optimistic forecast that calmed the market and the stock recovered. Apple reported revenue increased 36%, fueled by a 50% jump in sales of the iPhone, the company’s centerpiece product. But Apple’s hardware will be constrained by shortages of some chips and its lucrative services business is returning to a lower, more-typical growth rate, Chief Financial Officer Luca Maestri said on a conference call with analysts. “We expect very strong double-digit year-over-year revenue growth during the September quarter,” Maestri said, though “we expect revenue growth to be lower than our June quarter year-over-year growth.” Such caution, amid reports of growing infections from newer virus variants, may be giving investors pause. They’ve already poured hundred of billions of dollars into the shares of biggest technology companies. Apple has gained 11% this year through Tuesday’s close, while Alphabet’s share price has rallied 51%, and Microsoft has jumped 29%. Alphabet posted stellar numbers, too, mostly showing a rebound in Google’s main ads business, which grew 69% annually. That came after an anomaly of a second quarter in 2020, when the spread of the coronavirus shut down the economy and pounded ad budgets. This year, Google benefited from renewed surges in retail and travel spending, its executives said on a conference call. “With a huge pent-up demand in consumer spending coming out of the pandemic, the online advertising companies continue to benefit,” Christopher Rossbach, chief investment officer at J Stern & Co., wrote in a note after earnings. “As such, despite Alphabet shares climbing over 50% already this year, these strong earnings results and positive industry trends more than justify this move and the share price higher after hours.” Still, Alphabet tempered optimism about the future after its tremendous quarter. Consumer spending had certainly improved, Alphabet CFO Ruth Porat said, before adding, “We believe it is still too early to forecast the longer-term trends as markets reopen, especially given the recent increase in Covid cases globally.” Rio Tinto pays $9.1-bn dividend Rio Tinto Group, the world’s biggest iron ore miner, reported its highest-ever interim profit and will pay $9.1 billion in dividends as the company and its global rivals cash in on this year’s commodities rally. The company reported first-half underlying earnings more than doubled to $12.2 billion from the same period last year as prices for iron ore and copper surged. Bloomberg Visa gets Covid vaccine boost Visa beat estimates for quarterly profit, with domestic spending almost back to pre-pandemic levels and international travel on the road to recovery as rising vaccinations and reopening economies take effect. Visa reported a 34 per cent jump in third-quarter payment volumes on a constant dollar basis, while the number of transactions processed surged 39 per cent. Reuters Aston Martin’s revenue up 4x Aston Martin Lagonda Global Holdings more than quadrupled revenue last quarter as the the carmaker ramped up sales of its first-ever sport utility vehicle. The $180,000 DBX paced a revenue surge to £274.4 million ($381 million) from £57.2 million pounds a year ago, beating analysts’ average estimate. Adjusted earnings also exceeded expectations. Bloomberg

Mitsubishi Electric launches new range of air conditioners with PM 2.5 filter

28 Jul, 2021, 03:15PM | Times Of India

Japan-based electronics company Mitsubishi Electric has launched a new range of room air conditioners in India. The company has unveiled Kirigamine series (MSY-RJS), MSY JS series and MS-GS series AC in the country. The latest range of ACs are equipped with advanced multistage air filters – Plasma Quad Connect. These filters are said to effectively prevent viruses, bacteria, molds, allergens, dust & PM2.5. The ACs come with a five-year PCB warranty and ten-year compressor warranty. Kirigamine series (MSY-RJS) ACs are the company’s premium products that come with a ‘designer look’ to enhance the overall aesthetics of a room. The series include 4-star inverter ACs that are claimed to provide clean air with a PM2.5 filter. The ACs also offer fast cooling, and long airflow for large rooms. It comes with a dual barrier coating that prevents dust and greasy dirt from getting into the air conditioner. Mitsubishi Electric MSY JS series is a 4-star inverter AC. It is equipped with built-in features like, fast cooling, long airflow up to 12m suitable for living rooms, PM2.5 filter, auto up down & L-R vane providing a comfortable environment. The MS-GS series, on the other hand, is a non-Inverter AC that comes with advanced tropical technology in compressors. The technology enables it to operate at outside air temperatures as high as 50°C. The company says that the series has been specially designed keeping in mind, homes in the tropical regions. The series also provides High CFM which helps in faster cooling. The AC coil bends come with anti-corrosion coating to prevent leakage of refrigerant from the ACs. It is also equipped with PM2.5 filters.

Rio Tinto pays $9.1-bn dividend as profit hits record on iron ore demand

28 Jul, 2021, 03:00PM | Business Standards

Rio Tinto Group, the world’s biggest iron ore miner, reported its highest-ever interim profit and will pay $9.1 billion in dividends as the company and its global rivals cash in on this year’s commodities rally. Rio is the first of the majors to post earnings, kicking off a reporting season that’s expected to see record results across the board. The industry has been one of the biggest beneficiaries from the world’s efforts to emerge from the pandemic. The trillions of dollars poured into recovery packages have ignited demand for commodities like iron ore and copper, driving prices sharply higher and sending inflation pressures rippling through the global economy. Wednesday’s results are also the first period under the leadership of new Chief Executive Officer Jakob Stausholm, who was appointed after Jean-Sebastien Jacques left the company because of a backlash over Rio’s destruction of an ancient Aboriginal site last year. The surge in commodity prices means the new boss comes in on a high note for Rio, even as the company grapples with a slew of production setbacks that have dogged its operations in recent years. Disruptions caused by Covid, and especially the company’s ability to move workers to its sites, added to existing problems in the first half, especially around the development of a copper project in Mongolia and at its key profit-driving iron ore mines in Western Australia. Rio’s copper business has also seen production fall as Covid takes its toll. “In the first half we experienced too much operation instability. We have to sharpen the consistency of our performance,” the CEO said on a media call. “While today’s results clearly demonstrate the underlying quality of our asset base, our operational performance clearly is not where it has been in the past or where we want it to be.” Stausholm also sounded a cautious note on the outlook for commodities demand in top consumer China. “The long-term potential for China is still intact but we probably have seen a non-sustainable high level of industrial development in some of the months in the first half of this year,” he said on a call with reporters. ecord Profits and Blockbuster Payouts: Here Come the Miners Rio’s shares slipped 0.6% in London, in line with a wider decline among most of its peers. The company reported first-half underlying earnings more than doubled to $12.2 billion from the same period last year as prices for iron ore and copper surged. The half-year payout -- which includes a special dividend of $3 billion -- is more than the mining giant returned to shareholders for the whole of 2020 and higher than analysts forecast. While Rio’s paying out record amounts to shareholders, the company signaled this week it’s also keen to invest in growing production in key commodities -- particularly those that will benefit from the world’s shift toward green energy. The company announced Tuesday it plans to spend $2.4 billion building a lithium mine in Serbia. While it’s the first big move by a mining major into lithium, used in rechargeable batteries, the investment reflects an ongoing push by the world’s biggest mining companies into “future facing” commodities like battery metals or fertilizer, at the same time that the industry is moving to get out of fossil fuels. “Rio appears to be shifting from austerity and capital returns to more of a focus on growth,” Jefferies analyst Christopher LaFemina wrote in a note. “While Rio had some operational issues in the period, the big picture here is that these are stellar financial results.”

Low-carbon hydrogen is not cheap and needs support, says major energy organization

28 Jul, 2021, 02:31PM | CNBC

In this articleSGRE-ES Chris Ratcliffe | Bloomberg | Getty Images Low-carbon hydrogen isn't "cost competitive with other energy supplies in most applications and locations" and the situation is unlikely to change unless there's "significant support to bridge the price gap," according to the World Energy Council.Published Tuesday, the analysis â which was put together in collaboration with PwC and the U.S. Electric Power Research Institute â raised the question of where funding for such support would come from, but also pointed to the increasing profile of the sector and the positive effect this could have.In an announcement accompanying a briefing, the London-based energy organization said "environmental and political drivers" were "sending encouraging signals to the market and prompting growing interest." Globally, many pilot projects were being developed, built or in operation, it added.Described by the International Energy Agency as a "versatile energy carrier," hydrogen has a diverse range of applications and can be deployed in sectors such as industry and transport.It can be produced in a number of ways. One method includes using electrolysis, with an electric current splitting water into oxygen and hydrogen. If the electricity used in the process comes from a renewable source, such as wind or solar, then some call it green or renewable hydrogen.Currently, the vast majority of hydrogen generation is based on fossil fuels, and green hydrogen is expensive to produce. Efforts are being made to drive costs down, however.The U.S. Department of Energy recently launched its Energy Earthshots Initiative and said the first of these would focus on cutting the cost of "clean" hydrogen to $1 per kilogram (2.2 lbs) in a decade. According to the DOE, hydrogen from renewables is priced at around $5 a kilogram today.For its part, the World Energy Council said some countries were "actively developing bilateral partnerships to help form global hydrogen supply chains and secure clean hydrogen supply.""With the appropriate policies and technologies to enable hydrogen scale up, some projections suggest that it could be cost competitive with other solutions as soon as 2030," it added.The sector does seem to be at a crossroads, with a number of issues to resolve as it looks to expand. The WEC's report claimed the hydrogen economy was facing a "chicken and egg problem" related to supply and demand. Both of these, it argued, lacked "secure volumes from the other to help establish the value chain." There was also a discussion to be had about the benefit of using colors â including brown, blue, gray and pink, to name a few â to differentiate between various production methods."Colour has been used to simplify the conversation about the carbon footprint of hydrogen production," the WEC's report said, "but it has become more complex with no universally agreed colours for specific technologies and some disagreement as to which colour matches which supply." The debate about color required clarity, "as it could risk prematurely excluding some technological routes that could be more cost and carbon effective," it said.Partnerships and projectsWhile discussions about the future of hydrogen take place, a number of firms are beginning to make plays in the sector.Just this week, it was announced that SSE Renewables and wind turbine giant Siemens Gamesa Renewable Energy had signed a memorandum of understanding centered around exploring opportunities related to the production and delivery of so-called green hydrogen. In a statement Monday, SSE Renewables said the partnership would involve itself and Siemens Gamesa aiming to "co-locate hydrogen production facilities at two selected onshore wind farms â¦ from which the partners will begin production and delivery of green hydrogen through electrolysis."One of the wind farms will be in Scotland, while the other will be located in Ireland. Jim Smith, who is managing director of SSE Renewables, said hydrogen was "rapidly becoming an important and exciting component of the strategy to decarbonise power production, heavy industry and transport, among other sectors."

Tata Motors car prices to be increased again. Check details

28 Jul, 2021, 01:01PM | Livemint

After Maruti Suzuki, Tata Motors is looking to again increase the prices of its entire range of passenger vehicles from next week as it aims to offset the steep rise in procurement cost of essential materials, according to a PTI report. The Mumbai-based auto major sells a range of passenger vehicles like Tiago, Nexon, Harrier and Safari in the domestic market. MORE FROM THIS SECTIONSee All Premium Premium Jobtech startup Bandhoo raises fresh funding from Unitu .... Premium Premium Ola expands ESOP pool to Rs3000 crore ahead of proposed IPO Premium Premium Paytm plans to hire 20,000 sales executives, offer sala .... Premium Premium Sanofi India sells nutraceuticals biz to Kedaara-Univer .... "We have seen a very steep increase in the prices of steel and precious metals over the last one year. The financial impact of the increase in commodity prices is in the range of 8-8.5 per cent of our revenues in the past one year," Tata Motors President Passenger Vehicles Business Unit (PVBU)Shailesh Chandra told PTI. He noted that the company has been able to pass on only a small part of the increase in input costs to the customers so far. "From the company realisation perspective, we have passed on only 2.5 per cent. From an ex-showroom perspective this would be around 3 per cent, so there is a big gap to the extent of increase that has happened (in the input costs) and what we have been able to pass on to the market," Chandra said. He noted that the company has been able to mitigate some of the impact of rising input costs by running various cost reduction initiatives as it wanted to avoid passing on a big quantum of price hike to customers. "But with the gap still remaining and the prices of essential commodities still remaining high, we are now forced to take a price hike from next week," Chandra noted. He added that the company is currently in the process of working out the details of the increase in each model/trim. MINT PREMIUM See All Premium Economic momentum rebounds from May nadir but outlook still uncertain Premium Semiconductors Are Big News. Here’s What You Should Know Premium Tech-focussed funds have had a rich harvest. Will it continue? Premium Sales of packaged consumer goods bounce back as curbs ease Prices of precious metals like rhodium and palladium have gone up significantly over the last one year. Steel prices have also remained high during the period. Earlier this month, the country's largest carmaker Maruti Suzuki India hiked prices of hatchback Swift and CNG variants of other models by up to ₹15,000 to counter increase in input costs. Similarly, Honda has also announced to increase prices of its entire model range in India from August, as it looks to offset the impact increase in commodity prices. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Godawari Power jumps 5%, hits new high on strong Q1 results

28 Jul, 2021, 12:45PM | Business Standards

Shares of Godawari Power & Ispat were locked in the upper circuit of 5 per cent at Rs 1,777.65, also its new high, on the BSE in intra-day trade on Wednesday after reporting strong earnings for the quarter ended June 2021 (Q1FY22). The company reported an over 16-fold year-on-year (YoY) jump in its standalone net profit at Rs 403 crore, on the back of healthy operational performance. It had reported a profit of Rs 25 crore in the year-ago quarter. In Q1FY22, revenue from operations grew 96 per cent YoY at Rs 1,126 crore against Rs 574 crore in the corresponding quarter of the previous fiscal. The company recorded its highest-ever quarterly export turnover of Rs 639 crore during the quarter. It has reported the highest ever iron ore production of 559 kmt and the highest ever steel billets production of 115 kmt. Ebitda (earnings before interest, taxes, depreciation, and amortization) was up 354 per cent YoY at Rs 573 crore. Ebitda margins improved to 50.9 per cent from 16.9 per cent in Q1FY21 and 37.9 per cent in Q4FY21. The company said its long term debt is fully repaid in standalone business. While on consolidated debt/equity reduced to 0.15x as on date from the peak of 2.75x in FY17. The company achieved 95 per cent capacity utilisation across key product categories and enhanced iron ore production capacity. The company has also undertaken low cost debottlenecking in pellets, sponge iron, billets and beneficiation plant. In the past three months, the stock of Godawari Power has gained 106 per cent, as compared to a 4.8 per cent rise in the S&P BSE Sensex. While, in the past one year, it has zoomed 955 per cent, as against a 35.5 per cent rally in the benchmark index.

Messaging startup Gupshup raises $240 million ahead of possible IPO next year

28 Jul, 2021, 12:20PM | Livemint

Gupshup, a Silicon Valley messaging startup with a focus on India, on Wednesday said it raised $240 million from Tiger Global Management and others to buy back shares ahead of a possible IPO next year. While venture capital investments are traditionally used for hiring more engineers or expanding sales and marketing, buy-back deals allow investors in a startup to realize their investment before an IPO. MORE FROM THIS SECTIONSee All Premium Premium Pfizer raises full-year outlook on covid-19 vaccine sales Premium Premium Embassy REIT expects demand, leasing rebound in second .... Premium Premium Air India's MRO arm owes PF Trust ₹122.44 crore in pen .... Premium Premium Maruti Suzuki registers sale of 3.53 lakh units during .... A flood of funds at a time when startups stay private for much longer has led to more buy-back deals on the private market, said Ed Zimmerman, a lawyer at Lowenstein Sandler who teaches venture capital at Columbia University's business school, referring to the market in general. Gupshup raised $100 million in April from Tiger Global and was valued at $1.4 billion. Tiger Global has emerged as the biggest funder of venture deals this year. Gupshup, which means chit chat in Hindi, allows businesses to communicate with customers through existing chat channels like text messaging, said CEO Beerud Sheth. "We want to build relationships with these large investors because they can help us in a future IPO and for our growth. But ... taking too much money can be dilutive," said Sheth about the buy-back. As Gupshup has been around for well over a decade, Sheth said there was even an investor who passed away, making the buy-back necessary. The buy-back will also allow employees to cash out, a challenge for many startups as delayed IPOs have kept many founders and employees rich only on paper. That's helped create an active market for those shares on the private market, said Paul Maguire, managing partner at Iron Edge VC, which set up funds to invest in startup shares. Whether on the public or private market, buy-back deals were often a big endorsement of a company, he said, without knowledge of this deal. MINT PREMIUM See All Premium Economic momentum rebounds from May nadir but outlook still uncertain Premium Semiconductors Are Big News. Here’s What You Should Know Premium Tech-focussed funds have had a rich harvest. Will it continue? Premium Sales of packaged consumer goods bounce back as curbs ease Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Stock futures are lower after major averages snap five-day winning streak

28 Jul, 2021, 11:06AM | CNBC

VIDEO2:5802:58Markets are looking for direction from Fed following inflationary pressureClosing Bell U.S. stock index futures fell during early morning trading on Wednesday after the major averages pulled back from record highs, snapping a five-day winning streak.Futures contracts tied to the Dow Jones Industrial Average fell 113 points. S&P 500 futures and Nasdaq 100 futures also traded in negative territory.During regular trading the S&P dipped 0.47%, while the Dow shed 85.79 points, or 0.24%. At the lows of the day the 30-stock benchmark dipped more than 260 points. The Nasdaq Composite declined 1.21% for its worst daily performance since May 12. All three major averages finished Monday's session at record highs."Risk sentiment is on edge as pressure continues in Chinese equities," TD Securities wrote in a note to clients. "This comes at an inopportune time as markets are digesting the pervasiveness of a growth scare," the firm added. The sell-off for Asian markets came amid an ongoing crackdown from Beijing on tech and education companies.A host of megacap tech names reported quarterly results on Tuesday after the market closed, including Apple, which beat top- and bottom-line estimates and said iPhone sales jumped 50% year over year. Google-parent Alphabet also posted quarterly results, registering a 69% jump in advertising revenue, while Microsoft beat earnings despite a dip in revenue from its Windows division.The busiest week of earnings continues on Wednesday with Pfizer, McDonald's, Qualcomm, Facebook, Ford and PayPal among the names on deck. Of the S&P 500 companies that have reported quarterly results thus far, 89% have topped earnings estimates, while 86% have exceeded revenue expectations, according to data from Refinitiv.Despite Tuesday's dip, the major averages are still on track to end the month higher. The S&P is up 2.4% for July, while the Nasdaq Composite and Dow have gained 1.1% and 1.6%, respectively."While the delta variant has the potential to spark renewed short-term volatility, we do not think it will pose a major threat to the bull market," UBS wrote in a note to clients. "Overall, we remain optimistic about the outlook for the economy."The Federal Reserve kicked off its two-day meeting on monetary policy Tuesday. On Wednesday the Federal Open Market Committee will release a statement followed by remarks from Chairman Jerome Powell during a press conference."We're not expecting fireworks at this Fed meeting," noted LPL Financial Fixed Income Strategist Lawrence Gillum. "But we are expecting the committee to go further down the road in discussing the when and how to start removing the emergency level monetary accommodation it has been providing markets."The meeting follows comments from the International Monetary Fund on Tuesday that inflation could wind up being more than just transitory."We expect Jay Powell to reiterate that the tapering discussion is underway, but that it's too soon to reveal a specific date on when the initial curtailment of asset purchases will begin," added Danielle DiMartino Booth, CEO and chief strategist at Quill Intelligence."We expect Jay Powell to acknowledge persistent supply chain disruptions as a key cause of inflation, but we also expect him to highlight examples of specific sectors that have seen relief on the cost front, such as lumber and iron ore," she said.Become a smarter investor withÂ CNBC Pro.Â Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.Â Sign up to start aÂ free trial today

Shipping prices may be heading higher but are 'not super yet,' analysts say

28 Jul, 2021, 10:53AM | CNBC

A ship unloader unloads iron ore at a dock in Suzhou, Jiangsu province, China, April 6, 2021.Costfoto | Barcroft Media | Getty Images Shipping rates may be rising, but they are "not super yet," according to one analyst.Dry bulk shipping rates surged this year as the global economy bounced back and commodity demand recovered, but some market watchers say the industry may not be headed for a sustained period of robust growth just yet."Is it a supercycle? Well, I would say not yet, but it has the potential to become one," said Mark Williams, managing director of Shipping Strategy, a maritime consultancy.A so-called supercycle refers to a sustained period of high and increasing prices, typically driven by strong demand and low supply.He said rates for capesize vessels â the largest category of ships that carry dry cargo and raw materials such as grain, iron ore and coal â are around the levels seen in mid-2019. Reuters reported on Tuesday that average daily earnings for capesizes were $31,880 â a jump of more than 10 times the figure of about $3,000 in February last year.The Baltic Dry Index, which tracks rates for vessels that carry dry bulk commodities, gained about 74% from the start of the year to July 3."It's good â (but) really, it's not super yet," he said during a panel discussion at TradeWinds' Shipowners Forum Singapore 2021 earlier this month. We're seeing rates at multi-year highs, but we don't see them reaching the bull cycle peaks that we've seen previously.Rashpal BhattiBHP The vice president of maritime and supply chain excellence at mining giant BHP agreed."We're seeing rates at multi-year highs, but we don't see them reaching the bull cycle peaks that we've seen previously," Rashpal Bhatti said at the same session.The last major shipping boom ended in 2008 as a result of the global financial crisis.Analysts are wary of factors that could derail prices, but see freight rates staying high, at least in the second half of 2021 and possibly beyond. What's driving prices up? Several factors have supported freight rates, including a commodities boom that's boosting demand for transportation and economic recovery as parts of the world bounce back from the pandemic.But government policy and macroeconomics are at the core of the "very strong" markets, said Williams.Authorities are pumping cash into the system through stimulus measures â and that's been a "key lever" to fuel economic growth, he said."This supercharged GDP growth is driving commodity demand, and that's the basis of the strong markets we enjoy today," Williams said. VIDEO10:0310:03Here's what's behind the container ship traffic jam causing delays around the worldTrade James Marshall, CEO and founder of shipping company Berge Bulk, said he expects more iron ore supply from Brazil and stronger coal demand from China in the second half of the year, and that's going to be "very positive" for freight rates.Inefficiencies and port congestion could also contribute to increasing shipping costs, he added."Our ships are still getting held up by severe â¦ Covid quarantines," he said during the Shipowners Forum, which was part of Singapore International Ferrous Week."If anything, we see that congestion (getting) worse with the delta variant and more problems with â¦ Covid infections," he said. It could lead to "a significant tightening of the market in the second half of the year," he added. What will keep freight prices robust Fleet sizes will not grow significantly in the next few years as there hasn't been a big rush to order new bulk carriers, Williams said.Discipline in not ordering new ships and the phasing out of certain older vessels will also help keep rates higher, he added."It's difficult to see the fleet grow very rapidly anytime next couple of years. And that supply side discipline may be what turns what I'm calling the 'mother of all recoveries' into the supercycle," he said. What we're in is a disruptive global economic situation bought about by the pandemic, and this freight market is being driven by a construction boom.Mark WilliamsShipping Strategy Shipbuilding capacity is also in short supply when it comes to bulk carriers, Williams added, predicting no more than 3% fleet growth for the next three years."If you have demand growth running above fleet growth in any of those three years, you're going to have a firm freight market rate," he said.Williams said he expects a "really firm market" in 2022 and sees a "very strong chance" of it continuing into 2023. Still, he reiterated his stance that the industry is not yet in a supercycle."What we're in is a disruptive global economic situation brought about by the pandemic, and this freight market is being driven by a construction boom, which is a government policy response to that pandemic," he said. Risks: inflation and rising interest Government policy could just as easily stop costs from rising further, Williams said.He said that if macroeconomic conditions remain strong in 2023, the world could be in a "dangerous position" with regard to inflation."At that point we're going to see a rise in interest rates from central banks that will inevitably slow down economic growth, and then this business cycle will flip over â¦ and it will take the shipping cycle with it," he said.On the supply side, Bhatti from BHP said an improving pandemic situation could moderate price surges.When Covid restraints are eased, congestion at ports will be reduced and free up shipping capacity."As that capacity comes back into the market, that will of course dampen some of the â¦ spikes that we've seen," he said.

Even in India's sunny cities, rooftop solar systems come under a cloud

28 Jul, 2021, 10:13AM | Business Standards

With its many advantages, rooftop solar systems could have been the most popular power alternative in India's homes and establishments: It is sustainable, causes minimal distribution losses, allows dedicated transmission and requires no land use. Yet, as of December 2020, it makes for only about 20% of all the solar energy capacity installed in the country--6,792 MW of the total of 34,197 MW. To understand the reasons, we picked Nagpur, a central Indian city with 300 sunny days a year, for a two-part investigation. The average annual solar radiation in Nagpur is about 5.09 kWh/m2/day. To put it in context, 90% of India receives 5 kWh/m2/day of solar radiation, but only in summer months. Despite this advantage, of the 532,000 properties with solar rooftop potential in Nagpur, only 2,528 (0.47%) have actually installed it--2,187 residential properties and 341 non-residential, commercial or mixed use. As an incentive, the city's municipal corporation offers a 5% discount on property tax for those using rooftop systems but even that has not helped much, we found. What are the reasons for the slow growth of the rooftop solar sector in Nagpur, and the rest of Maharashtra? High costs, tedious application and installation procedures, and tardy delivery of services are some hurdles, we report in this first of a two-part series focussed on consumer issues. In the second and concluding part, we will examine the role of discoms in the rooftop sector. High costs Statistics on growing power usage show that it is imperative for consumers to switch to alternative power sources. Homes make for 75% of power consumers in Maharashtra and their need for dedicated energy is ever-growing with increased use of appliances. A 2019 survey by energy non-profit Prayas of 3,000 households in semi-urban and rural areas of Uttar Pradesh and Maharashtra concluded that "beyond the basic uses of lighting and space-conditioning, people use electricity for a host of appliances which reduce drudgery and improve quality of life. As the household's income increases, the use of these appliances increases significantly adding to its electricity consumption". Up to 95% of the households surveyed in Maharashtra used televisions, 98% smart phones, 67% mixers/blenders and 55% refrigerators. We found that people in Nagpur are keen to switch to solar power but the uptake of rooftop solar systems in Nagpur--and across Maharashtra--is poor and this is primarily because of the high cost of installation--approximately Rs 2 lakh for a 3-kV system and Rs 5 lakh and more for a 6-kV system. This prompts users to seek subsidies, policies for which have undergone frequent changes in the state. In a short film we made to document the issues faced by a cross-section of rooftop solar users in Nagpur, Prachi Mahurkar, who works for promotion of green buildings, spoke of cost hurdles. "When we were planning to build our top-floor home, we thought that given the plentiful sunshine in Nagpur we should go for solar panels--we needed 44. We found the technology changing and improving rapidly, sometimes in 15 days. When we started checking out the market we found that even with a subsidy, Indian panels were more expensive than imported ones. We decided on imported ones," she said. State policies and agencies dealing with rooftop solar power have also changed frequently over the last decade--as the timeline below shows--leaving consumers confused and frustrated. Solar installers also complain that discoms are not promoting the alternative energy system enough. Five years since govt push, uptake still low In 2008, Nagpur was declared one of India's 60 'Solar Cities' as part of a solar city programme launched by the Ministry of New & Renewable Energy (MNRE). These cities were to aim at a minimum 10% reduction in their projected demand for conventional energy in five years and replace it with a combination of renewable energy sources and energy-efficient measures. Nagpur was one of the five cities chosen in Maharashtra. For at least three decades, say experts, Maharashtra has had big solar projects and even off-grid rooftop solar installations--those not connected to a power system or utility company. But it had no policy to connect urban rooftop solar installations to the grid till 2015. Sudhir Budhay, a certified energy manager and solar consultant, who has been in the solar rooftop business for three decades, has been installing off-grid solar systems for over 25 years. He found that many consumers illegally connect their power systems to the grid for intervals when solar energy is unavailable--for example, at night or after three consecutive cloudy days. In 2013, Budhay filed a public interest litigation with the Maharashtra Electricity Regulatory Commission (MERC) seeking regulation for legal grid support to rooftop solar installations. Later that year, the MERC directed that a panel be formed to look into the case, and subsequently, the MERC (Net Metering for Roof-top Solar Photovoltaic Systems Regulations), 2015, were notified. (Net metering refers to a system where a consumer is credited for the surplus power generated by his/her installation, and it is adjusted against subsequent consumption.) In 2016, under the MNRE's Central Financial Assistance (CFA) scheme--aimed at promoting rooftop systems in states--a subsidy scheme with net metering was initiated in Maharashtra. Initially the scheme was implemented by the power generation company and then, as the timeline below shows, it has been a work in progress for the Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL), the state's primary power discom. Various problems cropped up over the years, limiting the spread of the rooftop system, as we explain. 'Long wait every step of the way' Describing a 'consumer' as a 'prosumer'--one who produces power as well--the Centre's 'Electricity (Rights of Consumers) Rules, 2020' promised, among other things, that the "technical feasibility study shall be completed within a time period not exceeding 20 days and the outcome of the study shall be intimated to the applicant". In cases of delays, consumers can drag discoms to court. But consumers complain that there is no effort to penalise tardy delivery of net metering connections. Consider the number of steps involved in getting a rooftop system below: Many consumers alleged that they had to not only deal with long waits at every step but also bribe officials to get their work done quickly. An online system was introduced in 2020 for securing the MSEDCL's sanction to set up a rooftop solar system. But this has not helped, said Pradyumna Sahasrabhojanee, an architect, who applied under the Central Financial Assistance category in January 2021. He complained of procedural delays--being asked to hand in hard copies of his application and being told that the Mumbai-based private agency allotted to him said it was unable to send its personnel to Nagpur. He finally received the allotment sanction in April but as on July 25, the system was not yet fully installed, and only the structure on which the panels are to be put up was ready. Pravin Sute, an MSEDCL executive engineer (commercial department), maintained that under a January 2021 commercial circular, the consumer can expect an entirely online procedure to secure a connection. Consumers can call MSEDCL to resolve any issues they face in dealing with these companies, he said, adding that no company can cite the pandemic to deny service in any area. The MSEDCL's tenders committee is empowered to act against truant agencies, he added. Delayed subsidies Some consumers such as Shripal Kothari, a chartered accountant based in Nagpur, complained about delays in subsidy payments. Kothari decided to go for a 7 kW solar rooftop system only because there was a subsidy on offer. Since June 2019, he has been waiting for the money, he said. "Almost 9-10 months after my system was installed, MSEDCL gave frivolous reasons such as my account is in a 'cooperative bank/nationalised bank/ joint account', even when my name is first [in the joint account]. Why could they not have pointed out such things right at the beginning? The payment of subsidy has never been a smooth affair, even before MSEDCL took over the subsidised rooftop solar schemes. The Maharashtra Energy Development Agency (MEDA), or MahaUrja, had issued a policy and methodology for grid-connected solar projects in 2015, and once the net metering regulation was notified, was put in charge of implementing the subsidised scheme. The delays in payment of subsidies were related to hitches caused by certain kinds of consumer bank accounts, said MEDA's general manager (solar) Vinod Shirsat. "We immediately disbursed whatever money came to us from the Centre," he said. "If at all there was some delay, it was because we ourselves received the money late. People who have accounts in cooperative banks face such issues as these banks don't have an RTGS [real time gross settlement] facility. So, naturally, we asked for another account. But of the 12,000-odd people that received subsidies, hardly 100-150 people faced this problem." Shirsat, however, could not explain why consumers were not informed earlier on that they would need bank accounts that support RTGS. Although the implementation of the rooftop scheme was handed to the MSEDCL in 2019-20, it was only towards the end of 2020 that MSEDCL started accepting applications for rooftop installations, after having selected 26 agencies across 16 zones of the state. Yet the delays with subsidy allotment continue. As of March 2021, the MSEDCL had not allotted any subsidy for the year 2020-21, Sute said, but having gone fully online, things would improve. "When a customer submits a commissioning report online, it goes directly to the MNRE. We are demanding an advance CFA. So, once the MNRE approves it, the money will be directly transferred to the designated agency," he said. Officials were unable to specify how long it takes for a consumer to receive subsidy after submitting their commissioning report. No matter how rapidly MSEDCL processes applications, the subsidy amount has to come from the MNRE. To avoid delays, MSEDCL has asked for a 30% advance to be able to pay consumers on time, Sute said. When a consumer gets a new power connection, the power department staff installs the new meter, money for which is charged to the customer. But in the case of a solar rooftop, the customer not only pays for it but also sends it for testing. Neither Shirsat nor Sute could explain why this was a requirement. "These procedures are introduced deliberately to harass a consumer and force him into paying bribes to local discom officials," alleged a solar rooftop integrator, who asked to remain anonymous. Not enough promotion: Manufacturers Businesses that install rooftop solar systems also believe that cost is the biggest reason why consumers are wary, but cite a range of other stumbling blocks. Saket Suri, secretary (social) of Maharashtra Solar Manufacturers' Association (MASMA) enumerates inconsistent policies, procedural hassles, and lackadaisical attitude of government agencies, both at national level and state level. Whatever policies are established benefit discoms more than promoting solar power generation. Vivek Bhore, who holds one patent for solar panels and two for solar water heaters, has been running a solar installation business for over 20 years and suggests an aggressive campaign to promote clean power. For over a decade, at various public platforms, he has been advocating the 'polluter pays' principle to promote rooftop systems: anyone causing pollution by using fossil fuels must install a solar device as compensation. "This will drive home the importance of solar energy," said Bhore. He also suggested that banks be given targets to disburse loans for solar installations and that all public buildings and structures carry hoardings exhorting citizens to use solar rooftop and offering details about local solar installers.

APL Apollo, Apollo Tricoat Tubes hit new highs on bonus issue plan

28 Jul, 2021, 09:58AM | Business Standards

Shares of APL Apollo Tubes and Apollo Tricoat Tubes rallied up to 7 per cent on the BSE to hit their respective new highs in intra-day trade on Wednesday after the companies announced bonus issue plans. “The board of directors of the company is scheduled to meet on August 6, 2021, to consider and approve the proposal for issue of bonus shares on the equity shares of the company,” the firms announced in separate regulatory filings on Tuesday. Their boards will also consider un-audited financial results for the first quarter ended June 30, 2021 (Q1FY22). Among individual stocks, APL Apollo Tubes hit a new high of Rs 1,837.70, up 5 per cent in intra-day trade today, rising14 per cent in the past two trading days. Meanwhile APL Tricoat Tubes too hit new high of Rs 1,669 after it surged 7 per cent in intra-day deal today, gaining 12 per cent in two days. In comparison, the S&P BSE Sensex was down 0.46 per cent at 52,337 points at 09:30 am. In March this year, APL Apollo announced the merger of Apollo Tricoat and Shri Lakshmi Metal with itself. This merger would combine the businesses under the ‘APL Apollo’ brand with wide product offerings and geographical footprint leading to a stronger market presence. Under the merger scheme, Apollo Tricoat’s minority shareholders will receive one equity share in APL Apollo for every one equity share held. APL Apollo Tubes is India’s leading structural steel tube manufacturer. The Company operates 10 manufacturing facilities with a total capacity of 2.6 million tons. APL Apollo’s multi-product offerings include over 1,500 varieties for multiple building material structural steel applications. APL Apollo serves as a ‘one-stop shop’ for a wide spectrum of products, catering to an array of industry applications such as urban infrastructure and real estate, rural housing, commercial construction, greenhouse structures and engineering applications. Apollo Tricoat’s main products include varieties of the home improvement range. The Company operates two manufacturing facilities at Malur, Karnataka and Dujana, Uttar Pradesh.

Rolex Rings IPO opens today: Should you subscribe?

28 Jul, 2021, 07:51AM | Livemint

Rolex Rings Limited ₹731 crore initial public offer (IPO) opened for subscription today and will close on Friday i.e., July 30. The price band for the initial share sale is fixed at ₹880-900 per share. The issue will comprise a fresh issue of ₹56 crore and an offer-for-sale (OFS) of up to 75 lakh equity shares by Rivendell PE LLC (formerly known as NSR-PE Mauritius LLC). As of 11 am on the first day of the bidding, retail portion was fully subscribed at 1.57 times whereas non-institutional investors category was booked 0.05 times. Qualified institutional buyers are yet to bid. Overall, Rolex Rings issue has been subscribed 0.80 times, BSE data showed. MORE FROM THIS SECTIONSee All Premium Premium IMF report highlights uneven recovery with emerging eco .... Premium Premium SJS Enterprises files DRHP to raise ₹800 cr via IPO Premium Premium Sensex falls 250 points, Nifty sub 15,700; Tata Consume .... Premium Premium Ramco Cements stock under pressure after June quarter v .... The automotive components manufacturer raised ₹219 crore from 26 anchor investors ahead of its IPO. The anchor investors include ITPL – Invesco, Matthews Asia, HSBC Global Investment. In addition, HDFC Trustee Company Ltd, ICICI Prudential, Axis Mutual Fund, Kotak Mahindra Life Insurance and Nippon Life India Trustee were other investors invested in the anchor book bidding. As per market observers, Rolex Rings grey market premium (GMP) was at around ₹440. The grey market is an unofficial platform, wherein trading starts after the announcement of IPO price band till the listing of IPO shares. Equirus Capital Private Limited, IDBI Capital Markets & Securities Limited, and JM Financial Limited are the book running lead managers to the issue. Link Intime India Pvt Ltd is the registrar to the issue. 50% of the offer will be reserved for Qualified Institutional Buyers (QIBs), 35% for retail investors and the remaining 15% for Non-Institutional Investors (NIIs). Proceeds from the fresh issue would be used towards funding long-term working capital requirements as well as general corporate purposes. The basis of allotment of IPO shares is likely to take place on August 4 while the company may list on the stock exchanges on August 9. 'Glaring at the performance of company, the growth seems to be missing as revenue from operations remained at ₹6163.32 million in FY 2020-21 from ₹9043 million in FY 2019,'' said Abhay Doshi, Founder, UnlistedArena.com, dealing in Pre-IPO & Unlisted Shares. As per RHP the company had defaulted in payment of certain loans in the past, and had approached CDR Cell for restructuring debt in FY13. The raw materials used by company pre-dominantly includes carbon steel, alloy steel and stainless steel, the price of which has been volatile in the past which could affect their operating margins, he said. ''At the price of ₹900, the asking PE comes at 24x. High sentiment in primary markets may emnate in listing gains but for long term it would be worthy to watch for future performance and take any decision,'' Doshi added. MINT PREMIUM See All Premium Semiconductors Are Big News. Here’s What You Should Know Premium Tech-focussed funds have had a rich harvest. Will it continue? Premium Sales of packaged consumer goods bounce back as curbs ease Premium Banks flag that shadow banks are rigging ratings using this instrument Rolex Rings is a leading forging companies in India in terms of installed capacity and a manufacturer and global supplier of hot rolled forged and machined bearing rings, and automotive components. ''For Rolex Rings, the revenues for most listed peers and the company have declined over the past four years but the company has generated better ROEs on account of better Asset Turnover. The company has a long-standing relationship with existing clients and the with newer products, it should be able to increase the share from existing customers.. Considering potential rebound in demand from user industries, we have a positive outlook on Rolex Rings IPO,'' said Milan Desai, Lead Equity Analyst, Angel Broking. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Parliamentary panel calls for fresh package to help MSMEs

28 Jul, 2021, 07:49AM | Economic Times

A parliamentary panel has said the stimulus package announced by the government was inadequate to help small businesses in the pandemic-hit economy and batted for more measures, particularly for micro, small and medium enterprises ( MSMEs ). It has recommended that the government should immediately come out with a larger economic package “aimed at bolstering demand, investment, exports and employment generation” to help the economy, including MSMEs, to recover from the fallout of Covid-19. “The measures adopted were more of loan offering and long-term measures instead of improving the cash flow to generate demand as immediate relief,” the parliamentary standing committee on industry said in its report on Tuesday. “The stimulus package announced by government last year could not percolate down properly to the lower levels of MSME sector,” it said. “The committee feels that extra efforts need to be taken on this front.” It suggested that a new National Employment Policy may be considered along with exploring the feasibility of establishing a National Electronic Employment Exchange and building a skill-based database to provide employment to skilled manpower in their area of expertise. The maximum impact of the pandemic was felt on the gem and jewellery, leather, man-made yarn and fibres sectors, the report said. As these are highly labour-intensive sectors, employment prospects in these sectors were also badly affected by the lockdowns imposed on account of Covid-19. Besides, the maximum impact of the pandemic was felt on lodging, tourism, airlines, retail sector, steel, apparel, and automotive sectors, it said. “It is estimated that almost 25% of MSME loans could slip into default as several MSMEs are finding it tough to draw working capital from banks,” the report said, quoting industry associations. The committee recommended that the government should provide incentives to attract more MSMEs to register themselves on the Udyam Portal , which currently is a burden for MSMEs as it increases the number of compliances. Citing the perennial issue of delayed payments to MSMEs, the committee has recommended that strict provisions against delayed payments need to be put in place to ensure timely release of payments by central public sector enterprises (CPSEs), which will immensely help MSMEs to meet their working capital or credit requirements.

Sensex closes 135 pts lower, Nifty at 15,709; Maruti Q1 results below estimates

28 Jul, 2021, 07:32AM | Livemint

Sensex, Nifty shed over 0.24% on Wednesday. Maruti Suzuki's Q1 results were below street expectations. A retreat in China's stock rout led to a recovery in Asian stocks. All eyes will be on the result of the US Fed meeting that concludes later today. 28 Jul 2021, 03:57:52 PM IST Rupee recovers 9 paise to close at 74.38, snaps 2-day losing run The rupee recovered by 9 paise to close at 74.38 (provisional) against the US currency on Wednesday, snapping it two-day losing run ahead of the US Fed policy decision. Forex traders said the rupee is trading in a narrow range ahead of the monthly expiry and the US Fed's policy decision. At the interbank foreign exchange market, the local unit opened at 74.44 against the dollar and witnessed an intra-day high of 74.31 and a low of 74.49 during the session. The local unit finally ended at 74.38, higher by 9 paise over its last close. On Tuesday, the rupee had settled at 74.47 against the US dollar. (PTI) Share Via 28 Jul 2021, 03:55:55 PM IST Market closing quote: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments "The markets slipped below the crucial 15,600 level but was swift to recover from there and managed to close above 15,700. This is an indication that the market is still range bound and is continuing to trade within the 15,400-15,900 band. Until we do not get past either levels convincingly, the index will not see a significant move in either direction." Share Via 28 Jul 2021, 03:45:26 PM IST Market opening The Sensex closed at 52,443.71, down 135.05 points or 0.26%, while the Nifty was at 15,709.40, down 37.05 points, or 0.24%. IT, metals were top gainers. Auto, PSU banks, and realty were top drags. On the 30-share Sensex, Bharti Airtel, Tata Steel, IndusInd Bank, and 10 other stocks closed in green, while Kotak Mahindra Bank, Dr Reddy’s Labs, M&M, and 14 other stocks closed in red. View Full ImageSensex at close Share Via 28 Jul 2021, 03:30:30 PM IST Maruti Suzuki Q1 disappoints Maruti Suzuki India reported Q1 consolidated net profit of ₹4.75 billion compared to a loss of ₹2.67 billion a year ago. The carmaker’s Q1 ebitda stood at ₹ 8.5 billion compared to ₹20.5 billion in the previous quarter. NSE BSE listElement-graph-11627466429685-132500 listElement-graph-11627466429685-132500 Share Via 28 Jul 2021, 03:24:58 PM IST Sebi to introduce new identity for Indian companies In a bid to enable companies, especially startups, without promoters to get listed on stock exchanges for accessing public capital, Sebi is planning to introduce a new concept of "controlling shareholders-driven companies" in place of "promoter-driven" companies. Sebi chairman Ajay Tyagi said this while addressing a capital market summit organized by industry body Ficci on Wednesday. (Read here) Share Via 28 Jul 2021, 03:09:34 PM IST Central Bank of India trades lower Central Bank of India's stock was trading at ₹24.60 each, down 0.81% at 3:09 pm. The bank reported Q1 net profit of ₹2 billion compared to ₹1.35 billion a year ago. The lender’s gross NPA was at 15.92% compared to 16.55% in the previous quarter. The bank’s Q1 net NPAs were at 5.09% compared to 5.77% in the previous quarter. NSE BSE listElement-graph-11627465173113-132885 listElement-graph-11627465173113-132885 Share Via 28 Jul 2021, 03:04:43 PM IST Welspun India gains Welspun India reported Q1 consolidated net profit of ₹2.18 billion compared to ₹491 million a year ago, compared to the Q1 estimate of ₹1.2 billion. The company’s Q1 ebitda was ₹4.8 billion compared to ₹2.6 billion a year ago. The company’s Q1 ebitda margin was at 22.6% compared to 22.1% a year ago. NSE BSE listElement-graph-11627464882010-114162 listElement-graph-11627464882010-114162 Share Via 28 Jul 2021, 02:50:14 PM IST 80 MT cement capacity addition in next 3 yrs, a 10 yr high: Crisil Buoyed by a healthy growth outlook, the cement industry is pressing the pedal on capacity additions, with 80 million tonnes (MT) expected over the next three years through fiscal 2024, a quarter more than that seen during the last three fiscal (64 MT. This will also be the highest capacity addition seen in any block of three consecutive years, during the last 10 year period, said Crisil Research in a note. (Read here) Share Via 28 Jul 2021, 02:36:45 PM IST Bharti Airtel commentary: Amarjeet Maurya - AVP - Mid Caps, Angel Broking Today Bharti Airtel Ltd (BAL) stock is up ~5%. BAL is getting positive momentum in stock due to the company increasing tariffs rate for the postpaid subscriber. The company is increasing tariffs rate for the enterprise segment ( which account for around 60% of the company’s postpaid users) which would boost overall average ARPU for BAL. Going forward, we expect BAL to report healthy top-line & Bottom-line growth on the back of a strong brand, growth in customer additions, and improvement in ARPU. Hence, we are positive on stock. NSE BSE listElement-graph-11627463204222-132454 listElement-graph-11627463204222-132454 Share Via 28 Jul 2021, 02:21:04 PM IST HDFC twins, RIL top drags View Full ImageIndex contribution Share Via 28 Jul 2021, 02:17:29 PM IST AAI spent ₹17,784 cr in last 5 yrs to renovate or build airports: Govt The Airports Authority of India (AAI) has spent approximately ₹17,784 crore during the last five years in renovating or building airports across the country, Minister of State for Civil Aviation V K Singh said on Wednesday. In a written reply to a question in Rajya Sabha, Singh also said that the central government has accorded in-principle approval to two greenfield airports -- Jewar in Uttar Pradesh and Hollongi in Arunachal Pradesh -- during the last three years. (PTI) Share Via 28 Jul 2021, 02:06:02 PM IST Droom closes pre-IPO growth funding round one at $1.2 bn valuation Droom, an online automobile marketplace, has closed the first leg of its pre-IPO growth funding round of up to $200 million at a valuation of $1.2 billion, it said on Wednesday. In addition to participation by several existing investors, new investors including 57 Stars and Seven Train Ventures participated in the first closing of the round, the company said in a statement. The company also said that it is pursuing a dual-track for a possible IPO and aims to be listed either on Nasdaq or in India in 2022. (Read here) Share Via 28 Jul 2021, 01:51:18 PM IST Sanofi India sells nutraceuticals biz to Kedaara-Universal Medicare for ₹587 cr Sanofi India Ltd on Wednesday said its board has approved the sale and transfer of its nutraceuticals business to Universal Nutriscience Pvt. Ltd for ₹587 crore. The move will help Sanofi India focus strongly on its growth pillars while allowing the nutraceuticals business to have more opportunities for expansion in an organisation where it will have a better strategic fit. (Read here) NSE BSE listElement-graph-11627460478038-100674 listElement-graph-11627460478038-100674 Share Via 28 Jul 2021, 01:33:10 PM IST Banks, financials drag View Full ImageNifty sectoral indices Share Via 28 Jul 2021, 01:30:27 PM IST M&M to adopt 58 MWp captive solar plant in Maharashtra Homegrown auto major Mahindra & Mahindra (M&M) on Wednesday said it is adopting a 58 MWp captive solar plant that is expected to generate about 100 million units of power annually beginning 2022. The project will quadruple M&M's renewable power share from 12% to 56% across its facilities in Maharashtra, including Mumbai, Nashik, Pune, Igatpuri and Nagpur, the company said in a statement. The solar plant, located at Parbhani district in the Marathwada region of Maharashtra, will be built, owned, and operated for a period of 25 years by ReNew Sunlight Energy Pvt Ltd, which is a 100% subsidiary of ReNew Power Pvt Ltd, it added. NSE BSE listElement-graph-11627459226282-100520 listElement-graph-11627459226282-100520 Share Via 28 Jul 2021, 01:14:40 PM IST Tata Motors car prices to be increased again. Check details Tata Motors sells a range of passenger vehicles like Tiago, Nexon, Harrier and Safari in the domestic market. After Maruti Suzuki, Tata Motors is looking to again increase the prices of its entire range of passenger vehicles from next week as it aims to offset the steep rise in procurement cost of essential materials, according newswires. The Mumbai-based auto major sells a range of passenger vehicles like Tiago, Nexon, Harrier and Safari in the domestic market. (Read here) NSE BSE listElement-graph-11627458277975-100570 listElement-graph-11627458277975-100570 Share Via 28 Jul 2021, 01:03:09 PM IST IndusInd Bank Q1 commentary: Jyoti Roy - DVP- Equity Strategist, Angel Broking Ltd "IndusInd Bank reported a 8.0% year-on-year (y-o-y) increase in net interest income to ₹ 3,564 crore while NIMs for the quarter contracted by 22bps y-o-y to 4.06% due to interest reversals. Other income for the quarter was up by 18% y-o-y at ₹1788 crore. Total income was up by 11% y-o-y to ₹5,352 crore while operating expenses were up by 14% y-o-y to ₹2,167 crore. Pre provisioning profits for the quarter was up by 9% y-o-y to ₹3,185 crore while provisions for the quarter were down by 18% y-o-y and 1% quarter-on-quarter (q-o-q) to ₹1,844 crore. As a result the bank reported a profit of Rs. 1016 crore up by 99% y-o-y and 10% q-o-q.NII growth was driven by advances growth of 6%y-o-y though they were down by 1% q-o-q, while deposits registered a growth of 26% y-o-y. Asset quality deteriorated marginally with GNPA and NNPA increasing to 2.88% and 0.88% of advances as compared to 2.67% and 0.69% of advances in Q4FY21. Overall IndusInd posted a good set of numbers in the backdrop of the second Covid wave especially on the asset quality front which held up relatively well. We expect that the worst of the Covid impact is over for the bank and we expect the bank to start reporting sequential growth in advances and NIIs from Q2FY22 along with lower credit costs thus driving earnings growth. Post the Q4FY22 results we have a positive outlook on the bank.' NSE BSE listElement-graph-11627457587528-132187 listElement-graph-11627457587528-132187 Share Via 28 Jul 2021, 12:53:44 PM IST IDBI Bank gains IDBI Bank's stock was at ₹38.15 each, up 0.39% at 12:53 pm. The company has reported Q1 net profit of ₹6 billion, compared to ₹1.44 billion a year ago. Net NPAs were at 1.67% compared to 1.97% earlier. NSE BSE listElement-graph-11627457022199-100116 listElement-graph-11627457022199-100116 Share Via 28 Jul 2021, 12:39:39 PM IST Dalmia Bharat Q1 commentary: Milan Desai, lead equity analyst, Angel Broking "Dalmia Bharat Q1FY22 numbers were below estimates on the volume front but better than expected realizations aided operational profitability. The volumes grew by 33% year-on-year (y-o-y) to 4.89 Mnt but were down ~24% quarter-on-quarter (q-o-q) which is slightly below expectations. Blended realizations were up 2% y-o-y and 8% q-o-q which is ahead of expectations. Cement companies have been taking price hikes, especially in South and East regions, which have helped in absorbing the sharp increase in energy cost. Energy cost jumped from ₹686/tonne in Q1FY21 and ₹875/tonne in Q4FY21 to ₹1,057/tonne in Q1FY22. ebitda/tonne at ₹1432/tonne came in ahead of expectations, up from ₹1,200/tonne in Q4FY21 and ₹1,680/tonne in Q1FY21. Given the higher impact on demand in southern states, we believe that these results are reasonable. We remain positive on the stock considering and maintain our buy rating." NSE BSE listElement-graph-11627456177133-293380 listElement-graph-11627456177133-293380 Share Via 28 Jul 2021, 12:15:05 PM IST Small business loan disbursals rise 40% in FY21: Sidbi-TransUnion Cibil report Lenders have disbursed loans worth ₹9.5 trillion to micro, small and medium enterprises (MSMEs) in FY21, 40% higher than ₹6.8 trillion in the previous year, showed findings from the latest edition of the Sidbi - TransUnion Cibil MSME Pulse Report. The report said that government interventions like Emergency Credit Line Guarantee Scheme (ECLGS) was a major factor in driving this significant surge in credit disbursement to MSMEs. (Read here) Share Via 28 Jul 2021, 12:12:23 PM IST Sebi: More IPOs seen to help investors exit than to raise funds Share Via 28 Jul 2021, 12:12:02 PM IST Sebi: Seeing more cases of wildly held cos Share Via 28 Jul 2021, 12:11:47 PM IST Sensex heatmap View Full ImageBharti Airtel top gainer Share Via 28 Jul 2021, 12:10:11 PM IST Sebi working with tech sector on ease of IPOs; new ech issues not on IGPs: Ajay Tyagi Share Via 28 Jul 2021, 12:08:46 PM IST Data capabilities enhanced; new data centre in operation; surveillance dept utilising these capacities: Sebi chief Share Via 28 Jul 2021, 12:07:52 PM IST Sebi supports development of debt market along the same lines as equity markets: Ajay Tyagi Share Via 28 Jul 2021, 12:07:03 PM IST Sebi asks corporates to ensure greater transparency Sebi chairman Ajay Tyagi has pulled up the corporate sector to ensure more than bare minimum compliance with respect to transparency, during a Ficci event. Share Via 28 Jul 2021, 12:04:46 PM IST Bharti Airtel revises prepaid plans -Discontinue ₹49 recharge-Minimum recharge now at ₹79 NSE BSE listElement-graph-11627454085407-132454 listElement-graph-11627454085407-132454 Share Via 28 Jul 2021, 12:03:28 PM IST India-focused messaging startup Gupshup raises $240 mn for share buy-back Gupshup, a Silicon Valley messaging startup with a focus on India, on Wednesday said it raised $240 million from Tiger Global Management and others to buy back shares ahead of a possible IPO next year. While venture capital investments are traditionally used for hiring more engineers or expanding sales and marketing, buy-back deals allow investors in a startup to realize their investment before an IPO. A flood of funds at a time when startups stay private for much longer has led to more buy-back deals on the private market, said Ed Zimmerman, a lawyer at Lowenstein Sandler who teaches venture capital at Columbia University's business school, referring to the market in general. (Reuters) Share Via 28 Jul 2021, 12:03:28 PM IST Crude oil commentary: rathamesh Mallya, AVP- Research, Non-Agri Commodities and Currencies, Angel Broking "On Tuesday, WTI Crude ended lower by 0.36% to close at $71.7 per barrel despite of a weaker Dollar as worries over wide spread of the covid-19 Delta variant continued to cloud the demand outlook for the global oil market.However, markets expect the global economic growth to sustain in the coming months which limited the fall in oil prices. Even the Organization of Petroleum Exporting Countries and their allies, also known as Opec+ have announced to increase crude supply by 400,000 barrels per day from August to December in order to meet the rising global crude demand in the months ahead. Bets on decrease in the US Crude inventories and expectation of increase in global oil demand might levy some support for oil prices. Officials US crude inventory data will be published later in day." Share Via 28 Jul 2021, 11:56:24 AM IST SJS Enterprises files DRHP to raise ₹800 cr via IPO SJS Enterprises Ltd has filed a draft red herring prospectus with the Securities Exchange Board of India to raise ₹800 crore via initial public offering.The IPO consists of a pure offer for sale of ₹688 crore by Evergraph Holdings Pte Ltd and ₹112 crore by KA Joseph. Currently, Evergraph Holdings and KA Joseph hold 77.86% and 20.74% stake in the company, respectively. (Read here) Share Via 28 Jul 2021, 11:40:00 AM IST Bajaj Finserv surpasses Axis Bank in mcap ranking Bajaj Finserv Ltd now has higher market capitalisaion than Axis Bank Ltd following a surge in its share price which hit a fresh record high on Wednesday.At 10.50 am, shares of Bajaj Finserv hit a fresh record high of ₹13,974 with market cap stood at ₹2.21 trillion which was more than that of Axis Bank's ₹2.19 trillion mcap. So far this year, Bajaj Finserv has outperformed the market by gaining 56% as compared to 9% rise in the benchmark Sensex. Axis Bank rose 15% in this period. Share Via 28 Jul 2021, 11:19:41 AM IST IndiGo’s net worth negative after Q1, but sentiments for the stock nosedive only a bit InterGlobe Aviation Ltd’s shares flew southwards on Wednesday on the National Stock Exchange. In early deals, the stock was more than 4% down.This was after the firm that runs India’s largest airline, IndiGo, saw June quarter (Q1FY22) losses widen sharply, coming in worse than forecasted. Standalone net loss stood at ₹3,180 crore, roughly ₹1,000 crore higher than Ambit Capital Pvt. Ltd’s estimates. With this, the airline’s net worth has now turned negative. At the end of financial year 2021 (FY21), IndiGo’s net worth stood at ₹71 crore, dropping meaningfully from ₹5,860 crore a year ago. NSE BSE listElement-graph-11627451379469-222055 listElement-graph-11627451379469-222055 Share Via 28 Jul 2021, 11:05:37 AM IST Govt plans to amend to DIGCA, GIBNA: report *DIGC stands for Deposit Insurance and Credit Guarantee Corporation*GIBNA stands for General Insurance Business (Nationalisation) Act Share Via 28 Jul 2021, 10:40:42 AM IST All sectors in red View Full ImageNifty sectoral indices Share Via 28 Jul 2021, 10:26:50 AM IST IndusInd Bank gains IndusInd Bank's stock was trading at ₹988.15 each, up 1.28% at 10:26 am. The lender on Tuesday reported a consolidated net profit of ₹1,061 crore, showing a rise of 99.2% year-on-year for the quarter ended 30 June, 2021. The lender had posted a net profit of ₹510 crore in the year-ago period. The bank's net interest income (NII) also rose 8% year-on-year to ₹3,563.7 crore from ₹3,309 crore in Q1FY21, IndusInd Bank said in a regulatory filing. NSE BSE listElement-graph-11627448208393-132187 listElement-graph-11627448208393-132187 Share Via 28 Jul 2021, 10:24:37 AM IST Apple reports strong growth in India for the fourth straight quarter American technology giant Apple has reported strong growth in India for the fourth consecutive quarter. “Today, Apple is reporting a very strong quarter with double digit revenue growth across our product and services categories and in every geographic segment. We set a new June quarter revenue record of $81.4 billion, up 36% from last year, and the vast majority of markets we tracked grew double digits, with especially strong growth in emerging markets, including India, Latin America and Vietnam," Tim Cook, chief executive officer of Apple, said during the company’s Q2, 2021 earnings call last night. Share Via 28 Jul 2021, 10:22:28 AM IST Dabur leads gains View Full ImageNifty FMCG index Share Via 28 Jul 2021, 10:18:00 AM IST Ramco Cements stock under pressure after Q1 volumes disappoint Ramco Cements Ltd reported a higher-than-anticipated fall in sales volumes in the June quarter. On a year-on-year (y-o-y) basis, volumes fell around 11% due to the prolonged lockdowns in its key markets of Tamil Nadu, Kerala and Karnataka. On a sequential basis, the impact on volumes was more pronounced with a 33% decline. However, the sharp increase in realisations due to the pricing discipline in the region, compensated for lower volumes. On a sequential basis, realisations grew 13% to ₹5,739 per tonne. (Read here) NSE BSE listElement-graph-11627447678851-100260 listElement-graph-11627447678851-100260 Share Via 28 Jul 2021, 10:13:25 AM IST Dr. Reddy's Laboratories trades lower Dr. Reddy's Laboratories' stock was trading at ₹4,755.50 each, down 1.83% at 10:11 am. The company expects the locally manufactured Russia’s covid-19 vaccine Sputnik V to be available from September-October period, M V Ramana, chief executive officer of branded markets (India and emerging markets) said. The sudden spike of covid-19 cases in Russia has delayed the arrival of Sputnik V doses is getting delayed and the situation may ease by August end, Ramana said. NSE BSE listElement-graph-11627447403539-100124 listElement-graph-11627447403539-100124 Share Via 28 Jul 2021, 10:10:34 AM IST Nifty commentary: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments "The index is nearing its short term support of 15,600. If it breaks this on a closing basis, the next pit stop would be 15,400 which is a crucial medium term support. If we break that as well, we might witness a pause to the current uptrend. Traders would then need to re-evaluate the bullish trend of this market. If either of the two levels do not break, we will remain range bound between 15,400 and 15,900." Share Via 28 Jul 2021, 09:55:03 AM IST Sugar stocks under pressure View Full ImageShree Renuka, Bajaj Hindusthan Sugar top drags Share Via 28 Jul 2021, 09:38:04 AM IST Pharma stocks top drags View Full ImageNifty top losers Share Via 28 Jul 2021, 09:30:51 AM IST India reports 43,654 fresh covid cases, 41,678 recoveries India reports 43,654 fresh COVID cases, 41,678 recoveries, and 640 deaths in the last 24 hoursActive cases: 3,99,436Total recoveries: 3,06,63,147 Death toll: 4,22,022Total vaccination: 44,61,56,659 pic.twitter.com/C6bBRNXgVb— ANI (@ANI) July 28, 2021 Share Via 28 Jul 2021, 09:26:17 AM IST HDFC twins, RIL top drags View Full ImageIndex contribution Share Via 28 Jul 2021, 09:25:20 AM IST Sensex heatmap View Full ImageSensex sheds early gains Share Via 28 Jul 2021, 09:22:10 AM IST Pharma, financials top drags View Full ImageNifty sectoral indices Share Via 28 Jul 2021, 09:10:47 AM IST Market pre opening At market pre-opening, the Sensex was at 52,662.64, up 83.88 points, or 0.16%, while Nifty was at 15,746.45, down 78.00, or 0.49%. View Full ImageSensex pre-opening Share Via 28 Jul 2021, 09:08:06 AM IST Apple sales top estimates on demand for 5G iPhones Apple Inc. reported record third-quarter revenue on demand for iPhones, iPads and services, bolstered by retail stores reopening globally and consumers embracing new 5G networks. Sales grew 36% to $81.4 billion from a year earlier, the tech giant said on Tuesday. Analysts were expecting revenue of $73.8 billion. The iPhone, Apple’s core product, generated $39.6 billion, beating projections of $34.6 billion. The third quarter is typically one of Apple’s slowest periods—with consumers holding out for new phone launches around September—but the 5G iPhone 12 appears to have helped the company buck that trend. (Bloomberg) Share Via 28 Jul 2021, 09:00:44 AM IST Bitcoin, ether, dogecoin prices surge today. Check latest crypto rates Cryptocurrency prices today gained with Bitcoin surging over 8% to $39,937, CoinDesk data showed. Bitcoin prices have been gaining in the past few sessions amid speculation that Amazon may be entering the cryptocurrency sector and after comments from Ark Investment Management LLC’s Cathie Wood and Tesla chief executive Elon Musk helped boost its momentum. Ether gained nearly 7% to $2,309 whereas Dogecoin jumped nearly 5% to $0.20. Other digital tokens like XRP, Cardano, Uniswap, Stellar, Litecoin also surged more than 4% over the last 24 hours. Both Bitcoin and Ethereum have rallied in the past week after sinking in May on worries about Bitcoin’s environmental impact and a regulatory crackdown in China. (Read here) Share Via 28 Jul 2021, 08:42:12 AM IST Alphabet beats analysts’ estimates on rebound of digital ads Google parent Alphabet Inc. reported quarterly sales that topped Wall Street estimates, driven by robust digital ad spending from marketers eager to get consumers buying again during an uneven pandemic reopening. Second-quarter revenue, excluding payments to distribution partners, was about $51 billion, the Mountain View, California-based company said Tuesday in a statement. Analysts projected $46.1 billion, according to data compiled by Bloomberg. Profit was $27.26 a share, topping the average estimate of $19.35. Share Via 28 Jul 2021, 08:33:55 AM IST Banks flag that shadow banks are rigging ratings using this instrument Banks have cautioned rating agencies about some non-bank lenders seeking credit lines that they don’t plan to use to hide the true picture of their liquidity position, two executives familiar with such instances said. Rating companies consider the size of a company’s unutilized credit limit as one of the attributes to determine its rating. A higher rating helps companies raise money at a cheaper rate because they are considered less risky. (Read here) Share Via 28 Jul 2021, 08:21:28 AM IST Market outlook Markets are likely to remain volatile on Wednesday ahead of the US Federal Reserve meet. Trends in SGX Nifty suggest a flat opening of Indian benchmark indices. On Tuesday, the BSE Sensex ended at 52,578.76, down 273.51 points or 0.52%. The Nifty closed at 15,746.45, down 78 points or 0.49%. (Read here) Share Via 28 Jul 2021, 08:16:31 AM IST Coforge Q1 results below street expectations Coforge reports Q1 net profit of ₹123.6 crore, while ebit was at ₹159 crore. Revenues were at ₹1,461.6 crore. Share Via 28 Jul 2021, 08:02:38 AM IST Rolex Rings IPO opens today: Should you subscribe? Rolex Rings Limited ₹731 crore initial public offer (IPO) will open for subscription today and will close on Friday i.e., July 30. The price band for the initial share sale is fixed at ₹880-900 per share. The issue will comprise a fresh issue of ₹56 crore and an offer-for-sale (OFS) of up to 75 lakh equity shares by Rivendell PE LLC (formerly known as NSR-PE Mauritius LLC). (Read here) Share Via 28 Jul 2021, 07:53:48 AM IST BSES will become one of 'greenest' discoms in country by 2024: Experts Reliance Infrastructure-led BSES is slated to become one of the "greenest" power distribution companies in the country by increasing the share of renewable energy in its portfolio to over 50% by 2024, power sector experts said on Tuesday. According to estimates, 3,300 MW of power portfolio of BSES discoms—BRPL and BUPL—is to become green by 2024. It will reduce around 7 million tonnes of carbon dioxide annually, they said. Recently, BSES signed agreements with Solar Energy Corporation of India (SECI) to procure 510 MW of solar and hybrid power. Share Via 28 Jul 2021, 07:42:22 AM IST Asian stocks track fall in Wall Street indices Asian stocks followed Wall Street lower Wednesday as a rout in China spurs caution and US megacap technology earnings receive a mixed response. Treasuries held a climb and a gauge of the dollar was steady. Chinese equities fell further, and modest gains in Hong Kong provided little succor after this week’s plunge on a regulatory crackdown that’s stirred questions about how far Beijing will go to curb big companies. The Nasdaq Golden Dragon China Index—which tracks 98 of China’s biggest firms listed in the US—has suffered a record drop. The offshore yuan pared a slide. US contracts fluctuated following the tech-heavy Nasdaq 100’s biggest decline in more than two months as major American equity indexes fell.S&P 500 futures were flat as of 10:55 a.m. in Tokyo. The S&P 500 fell 0.5%Nasdaq 100 futures fell 0.1%. The Nasdaq 100 fell 1.1%Japan’s Topix index fell 0.7%Australia’s S&P/ASX 200 lost 0.5%South Korea’s Kospi index rose 0.1%Hong Kong’s Hang Seng index rose 0.7%China’s Shanghai Composite index fell 0.9%SGX Nifty was up 0.19% Share Via 28 Jul 2021, 07:32:44 AM IST US markets pulled down by tech earnings US equities ended a five-day winning streak as megacap technology stocks including Apple Inc. and Microsoft Corp. tumbled ahead of their earnings reports. The tech-heavy Nasdaq 100 posted its biggest drop in more than two months as all three of the major American equity indexes fell from all-time highs. The Hang Seng Index sank the most since May 2020 as speculation swirled that U.S. funds are offloading China and Hong Kong assets.Shares of Amazon.com Inc. and Facebook Inc., which are set to report earnings later this week, also tumbled. Nine of the 10 stocks in the NYSE FANG+ index, which includes the biggest U.S.-based tech companies as well as China’s Baidu Inc. and Alibaba Group Holding Ltd., ended the session lower.The S&P 500 fell 0.5% as of 4 pm New York timeThe Nasdaq 100 fell 1.1%The Dow Jones Industrial Average fell 0.2%The MSCI World index fell 0.6% Share Via Never miss a story! Stay connected and informed with Mint. Download our App Now!!

SGX Nifty, global cues and other things to know before the stock market opens today

28 Jul, 2021, 07:02AM | Livemint

Indian markets on Tuesday closed lower dragged by pharma and select banking and financial stocks whereas metals stocks gained led by news of potential steel export tax in China. Sensex closed at 52,578.76, down 273 points, or 0.52%, while Nifty at 15,746.45, down 0.5%. Meanwhile, a sharp sell-off in Chinese stocks overnight, where concerns about the impact of a recent tightening in government regulations pummelled prices, pushed global equity markets lower on Tuesday. MORE FROM THIS SECTIONSee All Premium Premium Ramco Cements stock under pressure after June quarter v .... Premium Premium Glenmark Life vs Rolex Rings IPO: GMP, subscription and .... Premium Premium Sensex, Nifty fall tracking global peers; markets await .... Premium Premium Tatva Chintan IPO: What grey market premium (GMP) signa .... Wall Street: A slide in technology and consumer stocks dragged US market lower with the major indexes slipping below the record highs they set a day earlier. The S&P 500 snapped a five-day winning streak whereas Dow Jones closed 0.25% lower. The tech-heavyweight Nasdaq 100 fell over 1% Asian markets: Asian stocks followed Wall Street lower at the open Wednesday as a rout in China spurs caution and U.S. megacap technology earnings receive a mixed response. Japan and Australia futures declined but rose in Hong Kong, where stocks have plunged on a regulatory crackdown that’s forcing investors to ask how far Beijing will go to curb the power of its big companies. IMF growth forecast: The International Monetary Fund (IMF) on Tuesday slashed India’s economic growth projection for FY22 to 9.5% from 12.5% estimated in April, citing a slow recovery in consumer confidence because of the ferocious second wave of the pandemic and a tardy vaccination programme. SGX Nifty: Trends on SGX Nifty indicate a positive opening for the Indian markets on Wednesday. Singapore Nifty (SGX Nifty) is the Indian Nifty that is traded in Singapore Stock Exchange and is considered to be the first indication of the Indian markets opening. Q1 announcements: On Tuesday. InterGlobe Aviation, the parent of India’s top domestic airline IndiGo, posted its biggest quarterly loss, hit by the second covid wave. Its loss widened to ₹3,174.20 crore in the June quarter from ₹2,844 crore a year earlier. Separately, Private sector lender IndusInd Bank on Tuesday reported a near doubling of its June quarter net profit to ₹1,016 crore on a yearly basis on the back of lower provisions. MINT PREMIUM See All Premium Tech-focussed funds have had a rich harvest. Will it continue? Premium Sales of packaged consumer goods bounce back as curbs ease Premium Banks flag that shadow banks are rigging ratings using this instrument Premium How India's real estate law let down home buyers Earnings today: Maruti Suzuki, Central Bank, Happiest Minds, IDBI Bank, Nestle India, Coforge, Birlasoft, Dhanlaxmi Bank are some of the companies that are scheduled to announce their quarterly earnings for the first quarter today. IPO today: Auto-components maker Rolex Rings Limited's initial public offering (IPO) will open for subscription today and will be opened for bidding till July 30. The company has fixed its price band for the initial share sale at ₹880-900 a share. (With inputs from agencies) Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Day trading guide for Wednesday: 8 stocks to buy or sell today — 28 July

28 Jul, 2021, 06:46AM | Livemint

Day trading guide for Wednesday: The weakness with range-bound trend continued at the Indian stock market on Tuesday as the NSE Nifty ended 78 points lower at 15,746 levels while the BSE Sensex shed 273 points and closed at 52,578 mark. Bank Nifty also ended in the red zone losing 152 points on Tuesday. The choppy trend is expected to continue in today's stock market opening bell as SGX Nifty has opened with a downside gap of 35 points and the US markets, especially Dow Jones ended Tuesday after losing around 0.24 per cent. However, on yesterday, volumes on the NSE expanded compared to the recent averages. Metals sector was the sole gainer as the Chinese government’s latest move to curb domestic production and tame surging prices was expected to aid India’s steel mills and Novelis gave an encouraging guidance benefitting Hindalco’s stock price, while Power and Healthcare stocks came under selling pressure. MORE FROM THIS SECTIONSee All Premium Premium Ramco Cements stock under pressure after June quarter v .... Premium Premium Glenmark Life vs Rolex Rings IPO: GMP, subscription and .... Premium Premium Sensex, Nifty fall tracking global peers; markets await .... Premium Premium Tatva Chintan IPO: What grey market premium (GMP) signa .... Speaking on day trading guide for Wednesday; Nagaraj Shetti, Technical Research Analyst at HDFC Securities said, "The weakness with choppy trend continued in the Nifty and still there is no respite for bulls at the lows. The chart pattern of daily and weekly signal a possibility of an upside bounce in the market from the lows of around 15,650 to 15,680 levels in the next 1-2 sessions. On the higher side 15,900 remains overhead hurdle for the near term." Day trading stocks to buy today On the basis of these facts and figures, stock market experts — Sumeet Bagadia, Executive Director at Choice Broking; Jay Thakkar VP and Head of Equity Research at Marwadi Shares and Finance; Mudit Goel, Senior Research Analyst at SMC Global Securities; Sandeep Matta, Founder at TRADEIT Investment Advisors and Kapil Goenka, Director at C M Goenka Stock Brokers — have recommended following shares to buy today. Sumeet Bagadia's day trading stocks to buy today 1] Hindalco Industries: Buy at ₹415, target ₹430 to ₹440, stop loss ₹403 2] Bajaj Finserv: Buy at ₹13800, target ₹14200 to ₹14500, stop loss ₹13500 MINT PREMIUM See All Premium Tech-focussed funds have had a rich harvest. Will it continue? Premium Sales of packaged consumer goods bounce back as curbs ease Premium Banks flag that shadow banks are rigging ratings using this instrument Premium How India's real estate law let down home buyers Jay Thakkar's shares to buy today 3] Graphite India: Buy at CMP ₹697, target ₹744, stop loss ₹674 4] Bombay Burmah Trading Corporation or BBTC: Buy at ₹1275, target 1350, stop loss 1235 Mudit Goel's stock of the day 5] Infosys: Buy at CMP, target ₹1620, stop loss ₹1590 Day trading guide by Sandeep Matta 6] ITD Cementation India: Buy at ₹86, target ₹90 to ₹94, stop loss ₹78 7] CEAT: Buy at ₹1330, target ₹1400 ₹1450, stop loss ₹1262 Trade view by Kapil Goenka 8] NIIT: Buy at ₹308, target ₹320, stop loss ₹299. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Govt extends bidding deadline for transaction for RINL till Aug 17

27 Jul, 2021, 08:54PM | Business Standards

The government on Tuesday extended the deadline till August 17 for merchant bankers and legal advisors to bid for managing strategic sale of RINL. The earlier deadline for submitting bids was July 28. The Department of Investment and Public Asset Management (DIPAM) had on July 7 floated the Request for Proposal (RFP) for appointing transaction and legal advisors. The government would appoint one transaction advisor from reputed merchant bankers or consulting firm for providing advisory services to DIPAM and managing the strategic disinvestment of government's stake in RINL, along with RINL's stake in its subsidiaries/joint ventures. It would also appoint one law firm as legal advisor for facilitating the transaction. The Cabinet Committee on Economic Affairs (CCEA) on January 27 gave its 'in-principle' approval for 100 per cent disinvestment of government stake in Rashtriya Ispat Nigam Ltd (RINL), also called Visakhapatnam Steel Plant or Vizag Steel, along with RINL's stake in its subsidiaries/joint ventures through strategic disinvestment by way of privatisation. The government has set disinvestment target of Rs 1.75 lakh crore for current fiscal year. As part of the privatisation strategy, the government aims to complete strategic sale of Bharat Petroleum Corporation Ltd (BPCL), Shipping Corp, Container Corporation, Neelachal Ispat Nigam Ltd, Pawan Hans, Air India among others, by March 2022. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

PFRDA sets floor for pension funds to invest in IPOs

27 Jul, 2021, 08:33PM | Economic Times

MUMBAI: India’s pension funds regulator, which recently expanded the list of instruments asset managers could own, Tuesday allowed partial deployment of retirement cash pools into initial public offerings (IPO), primarily of above Rs 21,415 crore market capitalisation to cushion the impact of low-interest rates and boost yields for the average saver. "Investment shall be made in equity shares of such companies through IPO where the full float market capitalisation, calculated using the lower band of the issue price of the IPO, is higher than the market capitalisation of 200th company in the list of top 200 stocks,” Pension Fund Regulatory and Development Authority ( PFRDA ) said in a circular Tuesday evening. For example, if the lower band of any IPO price is at Rs 150 apiece. It will be multiplied by the total number of outstanding shares and the sum should be more than the market cap of the 200th ranked company on stock exchanges. Did you Know? Stock score of Bharat Heavy Electricals Ltd moved down by 2 in 6 months on a 10-point scale.View Latest Stock Report » Bharat Heavy Electricals is the 200th company by market capitalization on BSE, which was at Rs 21,415 crore at the end of trading Tuesday. The threshold size implies sufficient liquidity and competitive interest. Funds are already allowed to invest in equity IPOs. PFRDA has recently allowed investment in new-age assets, such as REITs and InvITs, to maintain a decent rate of return as interest rates plunge to record lows. The regulator has urged fund managers to consider the risks involved and the liquidity available in those investments before taking any such decision. “We have also permitted investment in IPOs considering the wide opportunities available in the primary market,” said Supratim Bandhyopadhyay, Chairman at PFRDA. The rule of threshold was pending PFRDA has already allowed IPO investments. Follow-on Offer (FPO) / Offer For Sale (OFS) were also permitted. Besides, pension funds can invest into secondary market listed equities ranked among the top 200 companies on local bourses. A few days ago, PFRDA also allowed pension funds to invest in bonds issued by trusts that need money to run long-term projects. “We will allow all such new investment instruments where the revenues are ring-fenced,” said Bandhyopadhyay. Seven pension funds have collectively invested about Rs 800 crore since January in infrastructure and real estate trusts, since January in assets promoted by large companies – PowerGrid, IndiGrid, Embassy and Mindspace. These pension funds - SBI, LIC, UTI , ICICI Prudential, Kotak Mahindra, HDFC and Aditya Birla Sun Life - collectively manage about Rs 6.17 lakh crore of retirement money coming from central and state governments, private organizations and individual subscribers. “We prefer strong sponsors with proven track records for investment in InvITs and REITs,” said Bandhyopadhyay. “You are managing retirement savings for millions of people. Dual responsibility of retaining high returns coupled with safety needs dedicated supervision and execution.” A subscriber can invest up to 5 percent of contributions in new instruments like InvITs and REITs, according to the PFRDA mandate. The regulator permitted pension funds to invest in IPOs that may generate decent returns in the long run. A pension fund can invest in IPOs following the prudential norms already in place. Zomato’s IPO returned a stellar 65% on debut last week. Many more IPOs on the anvil, including that of Paytm , The schemes managed by pension funds have generated returns in the wide range of 8.6-15.49% since inception, show data from PFRDA. The National Pension System was introduced way back in 2004 for central government employees and extended to ordinary savers in May 2009. The variance of scheme returns among different asset classes - equity, corporate bonds and government securities – is high in the short term but the gap is reduced in the long run. Pension funds follow mark to market valuation, a process similar to that of mutual funds. "M-TO-M helps enhance your returns and credibility of NPS architecture by depicting the actual releasable value of investments despite holding funds of long-term investors," said the PFRDA Chairman. Pension fund managers, particularly with interest rates low, are looking to invest in debt papers of the right duration where the mark-to-market method can yield good returns. The details of all investments in equity shares through IPO/FPO or OFS should be reported to New Pension Scheme Trust within 30 days of making such bets.

Market Wrap Podcast, July 27: Here's all that happened in the markets today

27 Jul, 2021, 05:52PM | Business Standards

As the global mood soured and investors booked profits in bulk in pharma names amid regulatory concerns at Dr Reddy's Labs, benchmark indices reversed early gains and retreated for the second day on Tuesday. Regulatory overhaul by the Chinese government drove MSCI’s broadest index of Asia-Pacific shares outside Japan to its lowest level since December. Hong Kong benchmark fell 2.84 per cent and Chinese blue-chip shares cracked 2.9 per cent. Although Japan and Aussie markets showed resilience. The European markets and US futures were also subdued amid risk-off sentiment amid investors ahead of the US Fed meet later today. Amid this backdrop, the BSE barometer Sensex declined 274 points or 0.52 per cent to 52,579 while the Nifty50 closed shop at 15,746, down 79 points or 0.49 per cent. DRL, Axis Bank, Kotak Bank and Sun Pharma were the top index losers while Tata Steel, Bajaj twins and SBI were the top gainers. Broader market outperformance continued as Nifty Smallcap declined 0.02 per cent and Nifty Midcap 0.43 per cent. Meanwhile, in sectoral space, the Nifty Pharma index clocked its biggest intra-day crash in the seventh month as it declined over 5 per cent. Weak Q1 show by select names and a probable action against pharma major DRL on a whistleblower complaint were key overhangs. It finally settled 4.3 per cent down. Metal index with a gain of nearly 1.5 per cent outperformed. In stock-specific action, DRL shares tanked 10 per cent to Rs 4844.35 after the company in in its Q1 filing said it has commenced a detailed investigation into an anonymous complaint that alleges healthcare professionals in Ukraine and potentially in other countries were provided with improper payments by or on behalf of the company in violation of US anti-corruption laws. DRL has disclosed the matter to the US Department of Justice, Securities and Exchange Commission and Securities Exchange Board of India. Further, the company posted a 1 per cent YoY decline in its consolidated net profit at Rs 570.8 crore in the June quarter (Q1FY22). Inox Leisure shares rallied nearly 6 per cent to Rs 320.65 on the BSE even as the company refuted media reports claiming that Amazon is looking to pick a stake in the firm. HUDCO stock tanked nearly 4 per cent to Rs 45.40 as the two-day offer for sale by the government to sell up to 8 per cent stake opened for instititional investors. The issue was oversubscribed on Day 1 of bidding. APL Apollo Tubes hit a 52-week high of Rs 1819.3 after the company said board would consider bonus issue of shares at their meeting on August 6. The scrip finally ended the day 8 per cent up at Rs 1735.70 on the BSE. Even as the pharma stocks bled, the IPO by Glenmark Life Sciences received strong investor response on Day 1 of the bidding process. The IPO sailed through on Day 1 itself with nearly 3 timed bids. Now, going into trade on Wednesday, the focus would remain on earnings season with over 60 companies slated to post their Q1 earnings, including Maruti Suzuki, Nestle India, Birlasoft, Happiest Minds, Icra and UBL. Besides, focus will be on the Fed's policy meeting. Lastly, FII flow and global cues will continue to sway market moves.

Industrial demand resuming with crude prices looking up: Sunil Duggal, Vedanta

27 Jul, 2021, 04:29PM | Economic Times

With crude prices looking up and the production getting better as this last quarter gas sales got impacted because of the demand in Gujarat where our gas pipeline goes, the industrial demand is resuming, said Sunil Duggal, CEO, Vedanta The aluminium business has been your star performer with a record EBITDA margin. Tell us what triggered this and are these margin level sustainable for the next foreseeable future? As far as the aluminium business is concerned, I think we have done very well. The EBITDA contributions have been around $1,000 per tonne and the volume has also gone up. We took the decision at some point of time over about a year back that we are going to preserve our margins and at the same time we also took a decision that we are going to ramp up our aluminium volume. I am very proud to say the efforts have yielded results both in terms of volume as well as cost. We have been able to contain the cost although the commodity prices or the aluminium prices have gone up. So, with aluminium prices and the cost, we could contribute around $1,000 of the EBITDA and this quarter the highest contribution from the aluminium business surpassed zinc business in our portfolio. We are very proud of it. But going ahead there are lot of structural measures we are taking. We want to make this company more integrated by securing the raw material sources of bauxite, raising the capacity of Lanjigarh which you also know we declared two quarters back. As we speak the project is on, which we want to complete in next 12 to 15 months time. So, the complete supply of alumina through the domestic bauxite will come to our smelters. And operationalisation of the three coal blocks which we have won will also reduce the coal cost by another 30-35%. So, it will reduce our aluminium cost by say around $300-$400. As you must have also noticed, we declared two quarters back that we are raising our value-added product capacity. The new smelter which we have announced at BALCO will also come up with 100% VAP capacity. So, our intention is to make the company 100% VAP. This could also contribute near $200 of the additional NSR . With a potential of $500 per tonne and from existing level of $1,000, even if we see the commodity headwinds, we still should be able to contribute $1,000 of EBITDA. But my own sense is that even the commodity prices are going to stay at current levels looking at the global equation which are emerging and looking at the renewable power. Despite a 13% sequential improvement in Brent prices, oil and gas EBITDA was flat for you. Has the higher profit sharing at Rajasthan block impacted your profitability? Yes, you are right. The profit petroleum was 60% and as per the agreement it went up from 40% to 50%. That means that minimum profit of petroleum will have to pay 50%, but maximum it can go to 60%. It will range between 50% to 60%. It has an equation with the investment multiple. Because of our lower investment last year because of COVID, the profit petroleum has gone to the upper level of the tranche and it is at 60%. That is the reason. With crude prices looking up and the production getting better as this last quarter gas sales got impacted because of the demand in Gujarat where our gas pipeline goes, the industrial demand is resuming. In fact, going up and the production is also going up as we will progress quarter to quarter with the new drilling and infill drilling which is going on. We are quite confident that the trajectory of the contribution from oil and gas business will also look up. Let us talk about ESL Steel. How is it integrating? Its realisations and EBITDA have been significantly lower than the industry average. When according to you will those levels improve? We are taking all measures on the complete value chain in this business – right from improving the internal efficiency, their set health, digital efforts, debottlenecking of the existing furnaces, finishing the unfinished project which we took over from the previous promoter, raising the ultimate capacity to three million tonne, raising the value-added product capacity. Because ultimately, we want to sell 100% product as the value-added product and making the product portfolio in such a way that it gives us some flexibility depending on the market condition, the market demand and which product market demand comes from, and some marketing efforts. I think overall all these actions will take us to the industry best and in the coming quarters you will see that this business will be contributing a healthy contribution in our overall pie. Your debt ratios have come up quite substantially. Will you be able to maintain the debt to EBITDA ratio at 0.6X? Furthermore, did you see higher working capital during the quarter? Yes so, the working capital is a function of the commodity prices. If you have a WIP, it is evaluated based on the commodity prices. That is why you must have seen the working capital going up, but we also had the sale pressure at the end of the quarter because of the COVID impact, otherwise our results have been still better. With now the demand opening up, commodity prices are looking better. The debottlenecking effort bringing the result, digital set health optimisation effort bringing result, some of our brownfield expansion is yielding results and the volume will be going up. I think in the cost curve you will see the lower trajectory, and even if the commodity prices stay, it’ll make a healthy contribution of EBITDA and this trajectory of the net debt going down could be maintained. But ultimately, any vision or the dream of any organisation is to make the company debt-free and that is our intention in the next couple of years. You have hinted at higher dividend for Vedanta via raising debt. Well, it is a combination of many things. We declared the previous quarter that the capex guidance was $1.8 billion. The project and the sustaining together with the declaration of the new capex plan, I think still the overall cash flow will be restricted to $2 billion. But in the coming year we will give the guidance as we go forward with the balance sheet looking healthy. With the contribution from all the businesses becoming better, the trajectory of EBITDA going up, I think you will have the news on the dividend also in the coming quarter. Vedanta Resources has its own focus on debt reduction as well. When can be Vedanta expect the receipt of the balance of the $1 billion loan extended to them? All efforts are on. I cannot divulge every information as to what exactly we are doing, but the intent is very clear. We want to make both Vedanta, Vedanta PLC a debt-free company. If, God bless, the way the company is performing in all our assets and even in new acquisitions like FACOR, I think the coming quarters will be a very exciting journey for us.

Harappan era city in Gujarat is new Unesco World Heritage site

27 Jul, 2021, 04:22PM | Livemint

NEW DELHI : Dholavira, a Harappan era city situated in Gujarat, has been named a world heritage site by the UN education and cultural organization Unesco on Tuesday. The new addition comes after Unesco had named Kakatiya Rudreshwara (Ramappa) Temple of Telangana as a World Heritage Site on 25 July. MORE FROM THIS SECTIONSee All Premium Premium After Telangana temple, Gujarat's Dholavira inscribed o .... Premium Premium A Covid-weary world is facing a distressing reality check Premium Premium Citizenship Act: Govt seeks extension till 9 Jan for fr .... Premium Premium Covid-19 vaccination for children may begin from next m .... “The ancient city of Dholavira is one of the most remarkable and well-preserved urban settlements in South Asia dating from the 3rd to mid-2nd millennium BCE (Before Common Era). Discovered in 1968, the site is set apart by its unique characteristics, such as its water management system, multi-layered defensive mechanisms, extensive use of stone in construction and special burial structures," Unesco said on Tuesday. “Of note is also the art associated with the city—artefacts of various kinds such as copper, shell, stone, jewellery of semi-precious stones, terracotta, gold, ivory have been found at the site. In addition, the inter-regional trade links associated with Dholavira, have also been acknowledged as contributing to the shared heritage of humanity," the UN body said. A world Heritage site tag, other than being an honour for a country and state, also increases the tourism potential of the site, especially among foreign tourists. Unesco New Delhi director Eric Falt said while while the “Harappan city of Dholavira has borne witness to the entire trajectory of the rise and fall of an early civilization of humankind, the Kakatiya Rudreshwara (Ramappa) Temple stands as an outstanding marvel of the Kakatiyan culture. Both sites make great contributions to the shared heritage of humanity". Kakatiya Rudreshwara temple, popularly known as known Ramappa Temple is located in the village of Palampet in Telangana was built during the Kakatiyan regime (1123–1323 CE). “The distinctive Vimana of the temple is made of lightweight porous "floating bricks", which reduced the weight of the roof structures. The building features decorated beams and the temple’s magnificent sculptures illustrate regional dance customs and Kakatiyan culture," the UN body said on Tuesday. TRENDING STORIESSee All Premium Glenmark Life IPO: GMP, subscription status and other d .... Premium Why Dr Reddy's Lab shares hit 10% lower circuit today Premium Tatva Chintan IPO share allotment finalised. How to che .... Premium Tatva Chintan IPO: GMP rises further, listing date and .... Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Torrent Gas to invest ?10,000 crore to set up CGD network over five years

27 Jul, 2021, 01:26PM | Livemint

Mumbai: Torrent Gas Ltd, the gas distribution arm of $3 billion Torrent Group will invest ₹5000 crore in Tamil Nadu over the next five years to lay infrastructure for its city gas distribution (CGD) business. The company plans to invest around ₹10,000 crore over the next five years across the country. Torrent Gas has already invested around ₹1,900 crore in India, and MORE FROM THIS SECTIONSee All Premium Premium Adani Ports raises $750 mn through offshore bond offering Premium Premium IndiGo Q1 net loss widens to ₹3,179 cr as revenue hit .... Premium Premium Harpic reports double-digit growth for Reckitt in India Premium Premium Disney+ Hotstar rolls out new slate, mobile plan On Tuesday, Torrent launched its operations in Chennai, the only metro city in the country to be authorized to a private entity. Torrent will add 25 CNG (compressed natural gas) stations in Chennai and Tiruvallur, extending its network of 214 operational CNG stations across the country. The company further plans to increase the number of operational CNG stations to 350 by 31 March 2022 and 500 by 31 March 2023. Jinal Mehta, director, Torrent Gas said, “Torrent Gas is committed to making CNG widely available in Chennai and Tiruvallur and we aim to commission 50 CNG stations by September 21 and 100 CNG stations by June 22. Torrent Gas intends to make a total investment of ₹5,000 crores in Tamil Nadu over the next 5 years towards the creation of CGD infrastructure including laying steel and PE pipelines to provide piped natural gas to domestic, industrial, and commercial customers and setting up CNG stations." The project shall generate direct and indirect employment for approximately 5000 people in the state. Torrent Gas has announced a price of ₹51.35 per kg for CNG, in Chennai and Tiruvallur, which is the second-lowest CNG price in the country after the NCR region, the company said. At this price, the adoption of CNG as fuel will help customers in Chennai save up to 66% vis-a-vis petrol, 61% vis-à-vis diesel, and 42% vis-à-vis Auto LPG. CNG prices are also much more stable as compared to those of petrol and diesel, which undergo frequent changes. MINT PREMIUM See All Premium The key milestones in India’s IPO journey, in five charts Premium Don’t assume your health policy covers maternity insurance Premium Zomato eyes a big slice of this grocery unicorn Premium How the Sebi-mandated one-stop-shop for mutual funds will work Torrent Gas has been authorized by Petroleum and Natural Gas Regulatory Board (PNGRB) for establishing and operating CGD network and providing CNG and PNG in 33 Districts across seven states and one union territory. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Elon Musk is not 'happy' with Apple about these two things

27 Jul, 2021, 12:44PM | Times Of India

Apple CEO Tim Cook in the past has praised what Tesla does and said that he admires its CEO Elon Musk . Musk, who his known for his candid views, hasn’t really taken serious digs at Apple. That was till yesterday when during Tesla’s quarterly earnings call when Musk took jabs at Apple not once but twice. According to a report by CNBC , Musk during the call said that there was misconception about Tesla using cobalt, something which is used in producing lithium-ion cells that are used in smartphones and electric cars. Musk said, “Apple uses I think almost 100% cobalt in their batteries and cell phones and laptops, but Tesla uses no cobalt in the iron-phosphate packs, and almost none in the nickel-based chemistries.” He further explained that, “On on a weighted-average basis we might use 2% cobalt compared to say, Apple’s 100% cobalt.” This was clearly a dig at the environment sustainability which Apple believes it does a lot more than other companies. This isn’t the first time Apple has had to face criticism over the use of cobalt. Two years back, the company was accused of aiding and abetting forced child labour in cobalt mines. Apple has said that its long-term goal is to not require mining of any sort by using recycled materials only. Musk also said that Tesla wants to support the advent of sustainable energy but it does not want to build a “walled garden.” He told investors, “I think we want to emphasise that our goal is to support the advent of sustainable energy. It is not to create a walled garden and use that to bludgeon our competitors which is used by some companies.” It was a blatant dig at Apple and Musk didn’t hide as he fake coughed and said “Apple” after his comment on the walled garden.

Nifty challenges investors patience. What will take it to make a decisive move?

27 Jul, 2021, 11:36AM | Livemint

Indian stock markets edged higher today bfailed to extend gains in noon trade, amid selling pressure at higher levels. Nifty was trading 0.2% higher at 15,860 after rising to 15,881 at day's high. Sensex had also pared early gains and trade just 50 points higher. Nifty has been stuck in the 15600 to 15900 range in over a month, testing the patience of investors. "The Nifty continues to be spiritless in its momentum; the range bound movement still persists! Until we do not get past 15900 on the upside or break 15400 on the downside, we will be far from witnessing a definite trend," says Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments. MORE FROM THIS SECTIONSee All Premium Premium Rolex Rings IPO: GMP, date, price, other key details to .... Premium Premium DLF stock hits new 52-week high on robust June quarter .... Premium Premium IndiGo, SpiceJet set for a nasty Q1FY22 amid second wav .... Premium Premium Equitas SFB, Equitas Holdings surge on board nod for me .... "While the propensity remains on the upside, the test of patience is challenging. A buy on dips can be looked at a possible trading strategy," he said. Among the Sensex stocks, Tata Steel, SBI and Bajaj Finance were up around 2% while Dr Reddy's, Axis Bank and Kotak Bank were among the laggards. Axis Bank's June-quarter consolidated net profit more than doubled, although its asset quality deteriorated. Elsewhere, Equitas Holdings surged 8% after its board of directors and shareholders approved the merger of unit Equitas Small Finance Bank with the company. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, expects 15600 - 15900 Nifty range to hold for some more time since FIIs have again turned aggressive sellers ( ₹2377 crore in cash market yesterday) at around 15900 levels. "Even though DIIs are consistently buying ( ₹1551 crore yesterday), they are being overwhelmed by FII selling which has touched ₹14755 crore in July so far. Nifty is unlikely to decisively break above 15900 until FII selling weakens substantially," he added. The broader markets outperformed with BSE midcap index up 0.3% and smallcap 0.9%. MINT PREMIUM See All Premium Don’t assume your health policy covers maternity insurance Premium Zomato eyes a big slice of this grocery unicorn Premium How the Sebi-mandated one-stop-shop for mutual funds will work Premium These two banks face the biggest risk from Vodafone Idea Vijayakumar of Geojit sounded a note of caution on the rally in broader markets. "Since money is continuously flowing into domestic equity mutual funds, the fund managers don't have any option but to buy even if valuations are high. The mid-small-cap segment is witnessing high volatility in response to results since the institutional activity is low in this segment. The newbie retail investors are now focused on this segment. But this segment can correct hugely when the market turns bearish and, therefore, investors have to be cautious." Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Rolex Rings IPO: GMP, date, price, other key details to know before you subscribe

27 Jul, 2021, 11:18AM | Livemint

Auto-components maker Rolex Rings Limited's initial public offering (IPO) will open for subscription on Wednesday i.e., July 28 and will be closed on July 30. The company has fixed its price band for the initial share sale at ₹880-900 a share. The issue comprises of a fresh issue of ₹56 crore and an offer for sale (OFS) of ₹750 crore by Rivendell PE. As per market observers, Rolex Rings grey market premium (GMP) is at around ₹420. The grey market is an unofficial platform, wherein trading starts after the announcement of IPO price band till the listing of IPO shares. MORE FROM THIS SECTIONSee All Premium Premium DLF stock hits new 52-week high on robust June quarter .... Premium Premium IndiGo, SpiceJet set for a nasty Q1FY22 amid second wav .... Premium Premium Equitas SFB, Equitas Holdings surge on board nod for me .... Premium Premium Your ₹20,000 would have become ₹1 crore in this pharm .... Rolex Rings is one of the top five forging companies in India in terms of installed capacity and a manufacturer and global supplier of hot rolled forged and machined bearing rings, and automotive components. ''Glaring at the performance of company, the growth seems to be missing as revenue from operations remained at ₹6163.32 million in FY 2020-21 from ₹9043 million in FY 2019,'' said Abhay Doshi, Founder, UnlistedArena.com, dealing in Pre-IPO & Unlisted Shares. As per RHP the company had defaulted in payment of certain loans in the past, and had approached CDR Cell for restructuring debt in FY 2013. The raw materials used by company pre-dominantly includes carbon steel, alloy steel and stainless steel, the price of which has been volatile in the past which could affect their operating margins. ''At the price of ₹900, the asking PE comes at 24x. High sentiment in primary markets may emnate in listing gains but for long term it would be worthy to watch for future performance and take any decision,'' Doshi said. Proceeds from the fresh issue would be used towards funding long-term working capital requirements as well as general corporate purposes. Equirus Capital Private Ltd, IDBI Capital Markets & Securities Limited, JM Financial Limited have been appointed as merchant bankers for the issue. The equity shares of the company will be listed on the BSE and NSE. ''For Rolex Rings, the revenues for most listed peers and the company have declined over the past four years but the company has generated better ROEs on account of better Asset Turnover. The company has a long-standing relationship with existing clients and the with newer products, it should be able to increase the share from existing customers.. Considering potential rebound in demand from user industries, we have a positive outlook on Rolex Rings IPO,'' said Milan Desai, Lead Equity Analyst, Angel Broking. MINT PREMIUM See All Premium Don’t assume your health policy covers maternity insurance Premium Zomato eyes a big slice of this grocery unicorn Premium How the Sebi-mandated one-stop-shop for mutual funds will work Premium These two banks face the biggest risk from Vodafone Idea Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Decommissioning coal power plants older than 25 yrs can save Rs 37,000 crore: Study

27 Jul, 2021, 08:42AM | Economic Times

Decommissioning coal power plants older than 25 years on priority could result in total savings of Rs 37,750 crore, a study by Council on Energy, Environment and Water (CEEW) said. Besides, an another study by CEEW suggested that power distribution utilities or discoms in India could save up to Rs 9,000 crore (USD 1.23 billion) each year by prioritising coal power despatch based on efficiency rather than the prevailing system which prioritises based on variable costs. According to a study released by CEEW on Monday, this move can provide much needed respite to public discoms, which last reported a loss of Rs 61,360 crore (USD 8.4 billion) in FY'19. The findings are based on the performance of 194 GW of Indian coal assets (out of a total capacity of nearly 205 GW) during the 30 months preceding the COVID-19 pandemic. Further, the study found that prioritising efficiency-based despatch during this time could have improved coal fleet efficiency by 1.9 per cent, resulting in annual coal savings of 42 million tonnes (MT) and a commensurate reduction in greenhouse gas emissions. The CEEW study also recommends considering 30 GW of India's coal-based (power generation) capacity for accelerated decommissioning. The proposed plants overlap with those identified for retirement in the National Electricity Plan ( NEP ), 2018. The study also recommends temporarily mothballing a further 20 GW of relatively new capacity that does not feature in the NEP list. Factoring in planned renewables and coal capacity, relegating these newer plants would not adversely affect supply at a system level. In fact, it stated that relegating these inefficient plants would additionally result in a one-time saving of Rs 10,000 crore (USD 1.37 billion) on account of avoided pollution control retrofits. Further, the study advocates for a unified electricity market that treats the whole country as a single dispatch region. Its findings reinforce the Central Electricity Regulatory Commission 's (CERC) proposal to move away from bilateral scheduling of generation and focus on shifting to market-based economic dispatch ( MBED ). Decommissioning identified assets will usher in new investments in a more balanced generation system that does not have the sword of surplus hanging over it. A second independent study released today by the CEEW Centre for Energy Finance (CEF) separately examined 130 plants representing 95 GW of India's coal-based capacity. It found that decommissioning coal assets older than 25 years (35 GW of total capacity) on priority could result in annual savings of Rs 7,550 crore (USD 1.03 billion) over the next 5 years. These savings would be generated through avoided annual capacity or fixed-charge payouts, primarily towards operation and maintenance costs. Further, the savings would add up to a total of Rs 37,750 crore (USD 5.2 billion) over the plants remaining life. On the other hand, the decommissioning of these assets would cost Rs 21,500 crore (USD 2.9 billion) in payouts to debt and equity holders and an additional Rs 11,700 crore (USD 1.6 billion) in compensatory payouts to the workforce. This suggests that decommissioning will pay for itself over a five to six-year period, it added. The CEEW-CEF study does not endorse large-scale decommissioning, it found that retiring 95 GW of capacity could cost between Rs 2.3 lakh crore and 3.5 lakh crore (USD 32 to 48 billion) to pay off debt and equity holders. Payoffs to the workforce costs could add another Rs 57,490 crore (USD 7.8 billion). The study also highlighted that freeing up capital through decommissioning will require innovative financial mechanisms. Once unlocked, these resources could be made available for India's transition to renewables. The CEEW study 'Coal Power's Trilemma: Variable Cost, Efficiency and Financial Solvency' can be accessed here and the CEEW-CEF study 'Mapping Costs for Early Coal Decommissioning in India' can be accessed here. The CEEW is one of Asia 's leading not-for-profit policy research institutions.

Sensex closes 274 pts lower, Nifty at 15,746; pharma down 4%; VIX up 6.28%

27 Jul, 2021, 07:29AM | Livemint

Indian indices were down around 0.50% at market closing on Tuesday. News of potential steel export tax in China led to a rally in metal stocks. Asian markets were mixed at close on Tuesday. All eyes will be on Big tech earnings due this week, the results of the US Federal Reserve policy meeting concluding Wednesday and US GDP data due out on Thursday. 27 Jul 2021, 03:54:53 PM IST Rupee slips 5 paise to close at 74.47 (provisional) against US dollar Share Via 27 Jul 2021, 03:48:11 PM IST Market closing The Sensex closed at 52,578.76, down 273.51 points, or 0.52%, while the Nifty was at 15,746.45, down 78.00 points, or 0.49%. On the 30-share Sensex, Tata Steel, Bajaj Finserv, SBI, and eight other stocks closed in green, while Dr Reddy's, Axis Bank, Sun Pharma, and 16 other stocks closed in red. View Full ImageSensex at close Share Via 27 Jul 2021, 03:20:33 PM IST Crude oil futures rise on spot demand Crude oil prices rose ₹6 to ₹5,362 per barrel on Tuesday, as participants widened their positions on a firm spot demand. On the Multi Commodity Exchange, crude oil for the August delivery traded higher by ₹6, or 0.11%, to ₹5,362 per barrel in 5,855 lots. Analysts said raising of bets by participants kept crude oil prices higher in the futures trade. Globally, West Texas Intermediate crude oil traded lower by 0.10% to $71.84 per barrel, while Brent crude traded 0.07% up at $74.55 per barrel in New York. Share Via 27 Jul 2021, 03:14:45 PM IST Dr Reddy's Labs Q1 result commentary: Yash Gupta Equity Research Associate, Angel Broking Dr Reddy’s Laboratories reported total revenue from operations at ₹4,919 crore, up by 11% year-on-year (y-o-y), from ₹4,417 crore in Q1FY21. India generic business has done well for the company, up by 69%, at ₹1,060 crores while API was down by 12% at ₹754 crore. Gross profit margins were down by 380bps y-o-y at 52.2% as raw material prices have gone up in the last 2 quarters. Profit before tax for the quarter was down by 16% at ₹742.5 crore as compared to ₹878.9 crore in Q1FY21. Ebitda margins have also come down from 26.3% to 20.7% in Q1FY22. Profit after tax for the quarter came in at ₹570.8 crore in Q1FY22 as compared to ₹579.3 crores, down by 1%.We believe that the weaker set of numbers reported by Dr Reddy’s Laboratories are due to sales degrowth in API business and muted sales growth in US business. India business and Europe business have reported sales growth of 69% and 12%, respectively. Companies' margins are down significantly and were below the market expectation. Companies gross margin and Ebitda margin are down by 380 bps and 560 bps y-o-y as Q1FY2021 was high base quarter for the company, but margins were down on a quarter-on-quarter basis as well. " Share Via 27 Jul 2021, 03:08:17 PM IST Dr Reddy's, Aurobindo Pharma top drags View Full ImageNifty Pharma index Share Via 27 Jul 2021, 03:03:57 PM IST Adani Ports trades lower Adani Ports and Special Economic Zone Ltd has issued senior unsecured dollar notes worth $750 million in tranches of 20 years and 10.5, with a fixed coupon of 5% and 3.8%, respectively. The issuances, which closed on 26 July, were 3X oversubscribed. NSE BSE listElement-graph-11627378436568-132921 listElement-graph-11627378436568-132921 Share Via 27 Jul 2021, 02:56:31 PM IST Dixon Tech trades lower Dixon Tech's stock was trading at ₹4,525.05 each down 0.14%. The company reported Q1 consolidated net profit ₹181 million compared to ₹16 million a year ago. The company’s Q1 ebitda was ₹ 479 million compared to ₹168.9 million a year ago. NSE BSE listElement-graph-11627377990314-210072 listElement-graph-11627377990314-210072 Share Via 27 Jul 2021, 02:49:30 PM IST Sensex heatmap View Full ImageBajaj Finserv, Tata Steel and Nestle India were top gainers Share Via 27 Jul 2021, 02:43:14 PM IST RIL, DRL, Axis Bank top drags View Full ImageIndex contribution Share Via 27 Jul 2021, 02:35:41 PM IST Kirloskar feud: SC directs status quo on civil suit, Bombay HC order The Supreme Court Tuesday ordered status quo in the Kirloskar Brothers Ltd family feud related to assets wherein KBL's CMD Sanjay Kirloskar has challenged the Bombay high court order directing arbitration in the case. The apex court's status quo will also extend to the proceedings in the Pune civil court on KBL seeking damages for violation of the family deed. Asking the parties involved in the case to explore the possibility of mediation, a bench comprising Chief Justice N V Ramana and Justice Surya Kant issued notice on the appeal by Sanjay Kirloskar and asked them to file replies within six weeks.The top court asked Kirloskar brothers - Sanjay and Atul with others to explore mediation to resolve the family dispute relating to the assets. (PTI) Share Via 27 Jul 2021, 02:20:27 PM IST Axis Bank buys 5.55% stake in financial technology firm IBBIC Axis Bank on Tuesday said it has bought 5.55% stake in financial technology firm IBBIC. The bank has subscribed to 50,000 equity shares of face value of ₹10 each fully paid up of IBBIC Private Ltd (IBBIC) for a consideration of ₹10 per equity share constituting 5.55% of the issued and paid up capital of IBBIC, Axis Bank said in a regulatory filing. (Read here) NSE BSE listElement-graph-11627375824741-132215 listElement-graph-11627375824741-132215 Share Via 27 Jul 2021, 02:04:34 PM IST TTK Prestige commentary: Amarjeet Maurya, AVP, Mid Caps, Angel Broking "During the 1QFY22, TTK Prestige Ltd (TTK) reported consolidated revenue of ₹401 crore (up 77% year-on-year) mainly due to healthy volume growth and improvement in realisation. EBITDA increased by 634% y-o-y to ₹44 crore, while ebitda margin improved by 834 bps y-o-y to 11% due better operating leverage. On the bottom-line front, the company has reported consolidated net profit of ₹31 crore (against ₹2 crore in1QFY21) due to lower base last year in the same quarter. Going forward, we expect that the company will report a healthy top-line & bottom-line growth on back of the strong brand & wide distribution network, new product launches and increase in demand for kitchen products post covid-19." Share Via 27 Jul 2021, 01:56:15 PM IST IRB Infra raises ₹381.63 cr InvIT IRB Infrastructure Developers has raised ₹381.63 crore with an investment of ₹194.63 crore in the IRB Infrastructure Trust, launched in partnership with Singapore based GIC Affiliates. NSE BSE listElement-graph-11627374374314-200048 listElement-graph-11627374374314-200048 Share Via 27 Jul 2021, 01:48:08 PM IST Torrent Gas to invest ₹10,000 cr to set up CGD network over five years Torrent Gas Ltd, the gas distribution arm of $3 billion Torrent Group will invest ₹5000 crore in Tamil Nadu over the next five years to lay infrastructure for its city gas distribution (CGD) business. The company plans to invest around ₹10,000 crore over the next five years across the country. (Read here) Share Via 27 Jul 2021, 01:35:59 PM IST FMCG revenues to grow 10-12% in FY22, urban markets to lead growth: Crisil Ratings firm Crisil expects the fast-moving consumer goods (FMCG) sector to report 10-12% growth in revenues this fiscal doubling from the previous year, the firm said in a research note released on Tuesday. The growth—the highest in the last three fiscals—will be driven by a combination of price-led growth and a favourable base in the last fiscal. It expects demand for discretionary products to improve too in the near-term. Meanwhile, demand in urban markets is set for growth marginally ahead of rural markets, reversing a trend reported by most large FMCG companies last fiscal. Crisil analysed 57 Crisil-rated FMCG companies. These companies represent close to one third of the sectoral revenues of ₹4.2 lakh crore (FY21). Share Via 27 Jul 2021, 01:35:59 PM IST US FOMC commentary: Heena Naik, research analyst - currency, Angel Broking - The two day FOMC Policy Meeting (27-28 July 2021) is likely to end tomorrow and the release of the policy statement may draw heightened interest given the uptick in concerns around the delta variant.- The US Fed Funds target rate range of 0-0.25% and the monthly QE asset purchases is likely to remain the same.- In his recent statement, the US Fed Chair made it clear that the inflation pressures are largely transitory which means that an imminent shift in policy is unlikely. However, there could be discussions surrounding the path of tapering.- Nonetheless, there is a growing hawkishness creeping into the viewpoints expressed by other FOMC members given the strong economy and the fact that inflation is running at more than double its 2% target.- Any hints or talks of a September tapering and improving global growth environment, could push the US Dollar Index higher in turn hampering all other currencies. Share Via 27 Jul 2021, 01:31:38 PM IST Apollo Tubes, Hindalco lead gains View Full ImageNifty metals index Share Via 27 Jul 2021, 01:25:57 PM IST Govt eyeing monetisation of NTPC,NHPC projects worth ₹15,000 cr: report Share Via 27 Jul 2021, 01:25:18 PM IST Power ministry asks Dipam to sell 10% stake in SJVN: report Share Via 27 Jul 2021, 01:09:22 PM IST Base metals commentary: Yash Sawant, Research Associate, Angel Broking "Industrial metals traded higher in today’s session as severe flooding in China’s major industrial regions raised concerns over potential supply shortage in the global markets. Also, a weaker US Dollar ahead of the Federal Open Market Committee’s two-day meeting which begins on Tuesday further supported the Base metals. Markets might cautiously wait for the outcome of the meet for cues on the US Federal Reserve’s stance in the coming months. However, China’s announcement to release another batch on industrial metals later this week in an attempt to ease Commodity prices kept the gains in check." Share Via 27 Jul 2021, 12:57:09 PM IST Glenmark Life Sciences IPO fully subscribed on Day 1 The initial public offering (IPO) of Glenmark Life Sciences Ltd was fully subscribed within hours of opening on the first day, led by robust demand from from retail investors. The overall book, excluding the anchor allotment, was subscribed 1.15 times. As of 1210pm, the retail investor category was subscribed 2.25 times while the non-institutional portion was subscribed 0.17 times. The portion set aside for qualified institutional buyers was yet to receive bids. (Read here) Share Via 27 Jul 2021, 12:43:42 PM IST DRL, Aurobindo Pharma top drags View Full ImageNifty Pharma index Share Via 27 Jul 2021, 12:38:24 PM IST Pharma top drag View Full ImageNifty sectoral indices Share Via 27 Jul 2021, 12:32:49 PM IST Piramal Enterprises gains The company's stock was trading at ₹2,378.55 each, up 5.68% at 12:31 pm. On 23 July, the National Company Law Appellate Tribunal (NCLAT) on Friday declined to stay the resolution plan of Dewan Housing Finance Corporation Ltd (DHFL) and its subsequent takeover by the successful bidder Piramal Capital & Housing Finance over the plea filed by 63 Moons Technologies. NSE BSE listElement-graph-11627369367456-100302 listElement-graph-11627369367456-100302 Share Via 27 Jul 2021, 12:14:48 PM IST Vodafone Idea may seek review of AGR order -Vodafone Idea may file a review petition with respect to Supreme Court's AGR order -The Supreme Court had dismissed telcos' pleas seeking recalculation of AGR dues--CNBCTV18 NSE BSE listElement-graph-11627368287931-132822 listElement-graph-11627368287931-132822 Share Via 27 Jul 2021, 12:04:14 PM IST Macquarie downgrades Axis Bank to neutral Brokerage firm Macquarie Securities has downgraded Axis Bank stock to neutral following its disappointing first quarter performance. In its research report, Macquarie said that the private sector lender reported lower than expected net profit of ₹2,160 crore owing to higher credit costs and lower margins. “We are cutting FY22-24E EPS by 8-9% driven by a ~20bp increase in credit costs and a 10-20bp reduction in margins. Our TP remains unchanged as it is largely based on our sustainable ROE of 15.7% which remains unchanged, said Macquarie in its report. Share Via 27 Jul 2021, 11:53:50 AM IST Nifty challenges investors patience. What will take it to make a decisive move? Indian stock markets edged higher today bfailed to extend gains in noon trade, amid selling pressure at higher levels. Nifty was trading 0.2% higher at 15,860 after rising to 15,881 at day's high. Sensex had also pared early gains and trade just 50 points higher. Nifty has been stuck in the 15600 to 15900 range in over a month, testing the patience of investors. (Read here) Share Via 27 Jul 2021, 11:33:35 AM IST Dr Reddy's trades lower post Q1 result Dr Reddy’s Laboratories' stock was trading at ₹5,291.95 each, down 2.17% at 11:33 am. The company reported consolidated first quarter net profit of $5.7 billion compared to ₹5.95 billion a year ago. First quarter ebitda stood at ₹10.2 billion compared to analyst estimates of ₹11.9 billion. NSE BSE listElement-graph-11627365814193-100124 listElement-graph-11627365814193-100124 Share Via 27 Jul 2021, 11:33:35 AM IST ShareChat parent raises additional $145 mn at $2.8 bn valuation Mohalla Tech, the parent company behind Moj and ShareChat, has raised an additional $145 million as an extension to its Series F round led by Singapore state investor Temasek, Moore Strategic Ventures (MSV) and Mirae-Naver Asia Growth Fund. (Read here) Share Via 27 Jul 2021, 11:33:35 AM IST USFDA may inspect Aurobindo Pharma's facilities: report The USFDA may conduct onsite inspection at Aurobindo Pharma's facilities, CNBCTV18 reported, citing people familiar with the matter. NSE BSE listElement-graph-11627365194898-124804 listElement-graph-11627365194898-124804 Share Via 27 Jul 2021, 11:20:56 AM IST ESAF Small Finance Bank files ₹998-cr IPO papers with Sebi ESAF Small Finance Bank has filed preliminary papers with capital markets regulator Sebi to raise ₹998 crore through an initial public offer (IPO). The ₹997.78-crore public issue comprises fresh issue of equity shares worth ₹800 crore and an offer for sale of ₹197.78 crore by existing selling shareholders, the draft red herring prospectus (DRHP) filed with Sebi showed. Share Via 27 Jul 2021, 11:20:56 AM IST Inox refutes deal talks with Amazon Inox Leisure has refuted reports indicating discussion around potential acquisition by Amazon. NSE BSE listElement-graph-11627364785404-132706 listElement-graph-11627364785404-132706 Share Via 27 Jul 2021, 11:12:41 AM IST DLF stock hits new 52-week high on robust June quarter earnings Realty major DLF Ltd posted decent earnings in the June quarter on the back of its development business. Reacting to the earnings, shares of the company rose nearly 3% on the NSE in Tuesday's opening trade to hit a new 52-week high of ₹344. (Read here) NSE BSE listElement-graph-11627364560720-132868 listElement-graph-11627364560720-132868 Share Via 27 Jul 2021, 10:57:22 AM IST IT, pharma drag View Full ImageNifty sectoral indices Share Via 27 Jul 2021, 10:43:07 AM IST IndiGo, SpiceJet set for a nasty Q1FY22 amid second wave turbulence InterGlobe Aviation Ltd, which runs India’s largest airline, IndiGo, is scheduled to announce its June quarter (Q1FY22) results today. Expectations are not running high and understandably so. The reason is simple. The recovery in passenger traffic that the aviation sector was witnessing until February came to a pause with the second wave and the ensuing restrictions. Add to this, crude oil prices have inched up, which means operating costs increase for airlines. For perspective: average aviation turbine fuel (ATF) prices in Q1FY22 increased by around 97% year-on-year and 12% against the March quarter (Q4FY21). (Read here) Share Via 27 Jul 2021, 10:22:11 AM IST L&T's strong order pipeline gives hopes of faster revival after subdued Q1 Infrastructure company Larsen & Toubro's (L&T) June quarter earnings were a mixed bag. While the operating performance of its core engineering and construction (E&C) was largely in-line with expectations, weakness in the finance business led to a miss in profit after tax. Also, its execution was weaker-than-expectations. But a key disappointment for investors in this stock came from the weak order inflows. The company's order inflow of ₹15,100 crore, rose 10% year-on-year, but still remains below pre-pandemic Q1FY20 levels of ₹30,000 crore. NSE BSE listElement-graph-11627361530559-100510 listElement-graph-11627361530559-100510 Share Via 27 Jul 2021, 10:10:10 AM IST Alembic Pharma trades lower Alembic Pharma's stock was trading at ₹828.00 each, down 9.09% at 10:09 am. The company withdrew its earnings guidance after it reported Q1 net sales of ₹1,269.69 crore, up 0.89% from ₹1,258.43 crore a year ago. Quarterly net profit was at ₹192.69 crore in June 2021 down 39.53% from ₹318.64 crore in June 2020. NSE BSE listElement-graph-11627360805521-224849 listElement-graph-11627360805521-224849 Share Via 27 Jul 2021, 10:03:28 AM IST Single-day rise of 29,689 COVID-19 infections, 415 fatalities pushes India's caseload to 3,14,40,951, death toll to 4,21,382: Govt Share Via 27 Jul 2021, 10:02:38 AM IST Nifty commentary: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments "The Nifty continues to be spiritless in its momentum; the range bound movement still persists! Until we do not get past 15,900 on the upside or break 15,400 on the downside, we will be far from witnessing a definite trend. While the propensity remains on the upside, the test of patience is challenging. A buy on dips can be looked at a possible trading strategy." Share Via 27 Jul 2021, 09:54:34 AM IST Glenmark Life IPO opens today: GMP, issue price, other things to know before you subscribe Glenmark Life Sciences Ltd's initial public offering (IPO) opens for subscription today and will be opened for bidding till July 29. The price band for the initial share sale is fixed at ₹695-720 per share. Its IPO size has been reduced as it will now consist of a fresh issue of ₹1,060 crore and offer for sale (OFS) of up to 63 lakh shares by its promoter Glenmark Pharma. The company is aiming to raise ₹1,515 crore through its share sale. (Read here) Share Via 27 Jul 2021, 09:42:30 AM IST Tatva Chintan IPO: GMP (grey market premium) rises ahead of share allotment Tatva Chintan IPO: Ahead of finalisation of share allotment, all eyes are now set on Tatva Chintan IPO listing date i.e. 29th July 2021. However, before listing of Tatava Chintan shares at NSE and BSE, grey market has already started signaling the bullish expectations of the markets. According to the stock market observers, Tatva Chintan IPO GMP (grey market premium) today is ₹1150, which is ₹90 higher from its yesterday's share price in the grey market. Market observers said that the rising trend in the Tatva Chintan IPO grey market premium indicates strong listing of the shares as fundamentals of the company is also very strong. (Read here) Share Via 27 Jul 2021, 09:39:30 AM IST Equitas Holdings gains Equitas Holdings' stock was trading at ₹134.60 each, up 8.16% at 9:38 am. The board of directors and shareholders of Equitas Holdings Ltd (EHL) and Equitas Small Finance Bank (ESFB) on Monday approved the amalgamation scheme of the two companies. The share exchange ratio would result into each shareholder of the transferor company, EHL, getting 226 equity shares of the transferee company, ESFB, for every 100 shares held by them in the holding company. EHL (transferor company) is the promoter or the holding company of ESFB (transferee company). NSE BSE listElement-graph-11627358937742-243712 listElement-graph-11627358937742-243712 Share Via 27 Jul 2021, 09:34:31 AM IST Zomato gains Zomato's stock was trading at ₹146.85 each, up 4.26% at 9:32 am. The foodtech companyis set to double down on the online grocery market. The food delivery platform, which went public last week, will lead a ₹3,500 crore ($470 million) investment in Grofers, which turned unicorn recently, two people directly aware of the development said. Share Via 27 Jul 2021, 09:29:44 AM IST Sector Watch: Specialty Chemicals gain View Full ImageOmkar Chemicals, Daikaffil Chemicals lead gains Share Via 27 Jul 2021, 09:17:25 AM IST Market opening The Sensex opened at 52,995.72 , up 143.45 points or 0.27%, while the Niftywas at 15,860.50, up 36.05 points, or 0.23%. View Full ImageSensex at open Share Via 27 Jul 2021, 09:17:26 AM IST Market pre-opening At market pre-opening, the Sensex was at 52,995.72, up 143.45 points or 0.27%, while the nifty was at 15,860.50, up 36.05 points, or 0.23%. View Full ImageSensex at pre-open Share Via 27 Jul 2021, 09:07:26 AM IST Reuters poll-global economy to grow 6.0% and 4.5% in 2021 and 2022 (vs 5.9% and 4.4% in April poll) Share Via 27 Jul 2021, 08:56:08 AM IST Crypto prices today: Bitcoin tumbles after reaching $40,000, ether, dogecoin down 5% In cryptocurrencies, Bitcoin prices fell after surging to $40,000 level after speculation that Amazon may be entering the cryptocurrency sector after it posted a job seeking a “digital currency and blockchain product lead." The five-week intra-day high reached Monday comes after a long slide where it dipped under $30,000 from an April high of nearly $65,000. (Read here) Share Via 27 Jul 2021, 08:40:33 AM IST Market outlook Markets are likely to remain in consolidation mode on Tuesday while trends in SGX Nifty suggest a positive opening of Indian benchmark indices. On Monday, the BSE Sensex ended at 52,852.27, down 123.53 points or 0.23%. The Nifty closed at 15,824.45, down 31.60 points or 0.20%. (Read here) Share Via 27 Jul 2021, 08:21:50 AM IST Petrol, diesel prices today remain steady Fuel prices remained unchanged for the tenth consecutive day on Tuesday, however, remained at the record high levels. Petrol is retailing at ₹101.84 in Delhi, whereas diesel at ₹89.87. In India's financial capital Mumbai, petrol is being sold at ₹107.83 per litre, whereas diesel at ₹97.45 per litre.In Kolkata, petrol prices stand at ₹102.08 per litre and diesel prices at ₹93.02 per litre. In Chennai, petrol prices at ₹102.49 per litre; diesel prices – ₹94.39 per litre. (Read here) Share Via 27 Jul 2021, 08:17:29 AM IST Bajaj Auto, Pierer Industrie AG to rejig shareholding in KTM Bajaj Auto Ltd on Monday said it has reached an agreement its Austrian partner Pierer Industrie AG for simplifying their shareholding pattern in premium bike maker KTM through a two-step transfer of their stakes to a new holding company. Earlier, PIERER Mobility AG (PMAG) and Bajaj Auto's 100% Netherlands subsidiary, Bajaj Auto International Holdings BV (BAIHBV), held 51.7% and 48%, respectively in KTM AG. Pierer Industrie AG holds over 65.29% in PMAG. Share Via 27 Jul 2021, 08:03:01 AM IST Stocks to Watch Axis Bank, Tata Motors, Kotak Mahindra, L&T, Hudco, among other stocks may be in the news today. (Read here) Share Via 27 Jul 2021, 07:54:15 AM IST Tesla delivers $1bn net income, tops analysts’ profit forecasts Tesla Inc. reported better-than-expected second-quarter earnings, as strong sales of its electric vehicles fattened margins and delivered $1 billion in net income, a milestone for the 18-year-old company. Profit more than tripled to $1.45 a share on an adjusted basis, swelling as vehicles sales rebounded from pandemic shutdowns last year, the Palo Alto, California-based automaker said Monday. That beat the 97-cent average of analysts’ estimates and marked the eighth straight quarter of profit for Tesla. (Bloomberg) Share Via 27 Jul 2021, 07:41:50 AM IST Asian markets witness mixed start Asian stocks made modest gains early Tuesday as traders assessed steep losses in Chinese stocks sparked by Beijing’s sweeping regulatory overhaul as well as another record close on Wall Street. Shares rose in Japan, Australia and South Korea. US stock futures were little changed after the S&P 500 hit a new peak, with Tesla Inc. the latest firm to post better-than-expected results. The Nasdaq 100 and Dow Jones Industrial Average also ended at all-time highs.S&P 500 futures fell 0.1% as of 9:24 a.m. in Tokyo. The S&P 500 rose 0.2%Nasdaq 100 futures were little changed. The Nasdaq 100 climbed 0.1%Japan’s Topix index added 0.4%Australia’s S&P/ASX 200 index rose 0.5%South Korea’s Kospi index increased 0.8%Hang Seng Index futures were little changed earlierSGX Nifty was down 0.17% Share Via 27 Jul 2021, 07:29:22 AM IST Wall Street closes at record highs, propelled by Tesla earnings U.S. equities extended their run to all-time highs on Monday, with with megacap technology companies leading the way higher as investors weighed the outlook for growth at the start of a busy week of earnings and policy updates. Tesla Inc. was among those providing the biggest boost to the S&P 500, rising for the first time in four sessions and then extending gains in postmarket trading after second-quarter results beat analysts’ estimates. Gains in other heavyweights set to report earnings later this week including Apple Inc., Amazon.com Inc., Alphabet Inc. and Facebook Inc. also propelled the benchmark index.The S&P 500 rose 0.2% as of 4:09 p.m. New York timeThe Nasdaq 100 rose 0.1%The Dow Jones Industrial Average rose 0.2%The MSCI World index was little changed Share Via Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Global shipping industry disrupted again, this time by floods in Europe and China

27 Jul, 2021, 07:27AM | CNBC

VIDEO2:0802:08Flooding in China and Europe another 'body blow' for supply chains, shipping firm CEO saysSquawk Box Asia The floods in China and Europe are yet "another body blow" for global supply chains, the CEO of a shipping firm told CNBC on Monday.Â "Rarely does a week go past without something new," says Tim Huxley, CEO of Mandarin Shipping.Â Shipping has already seen massive disruptions this year.Â As parts of the world rebounded from the pandemic, increased spending led to a shortfall of containers, creating delays and driving up prices.Then in April, one of the world's largest container ships became wedged in the Suez Canal, halting traffic for nearly a week. The waterway is one of the busiest in the world, with about 12% of trade passing through it.In June, an uptick of Covid cases in southern ChinaÂ caused more delays at ports in the region, again jacking up shipping prices. 'Broken railway links' caused by floods in Europe Heavy rainfall and flooding have devastated parts of western Europe. Some of the most severe flooding happened in Germany and Belgium. Parts of Switzerland, Luxembourg and the Netherlands have been affected as well."This is really going to disrupt the supply chain because the railway links have all been broken," Huxley told CNBC's "Squawk Box Asia."He said that includes railways coming from the Czech Republic and Slovakia into the German ports of Rotterdam and Hamburg, which have been "seriously disrupted.""And so that's going to delay cargo movements in and out," he said. "It's gonna really disrupt the industry." VIDEO4:2904:29Jefferies' Randy Giveans on the global shipping supply chainWorldwide Exchange Huxley pointed to Thyssenkrupp, noting the German steel making giant could not get raw materials due to the flooding."That ultimately will have a knock on effect on industries such as the motor industry, domestic appliances and things like that," he said.S&P Global Platts reported, citing a letter to customers, Thyssenkrupp declared force majeure on July 16. A force majeure event occurs when unforeseeable circumstances, such as natural catastrophes, prevent one party from fulfilling its contractual duties, absolving them from penalties.A source at the firm's mills told S&P Global Platts that parts of the railway in Hagen are "missing," adding it's even more difficult than before to get trucks for delivery.Â Hagen is a city in Western Germany that is among the worst-hit by the floods. Flooding in landlocked Henan disrupting supply of wheat, coal Meanwhile, the disruption caused by the flooding in the Chinese province of Henan is made worse by the fact that the province is landlocked, said Huxley. Read more about China from CNBC ProTencent and more: Investment firm names 'high quality' Chinese stocks trading at a discountArk Invest's Cathie Wood dumps more Chinese stocks amid crackdownGoldman Sachs downgrades Chinese education stocks on prediction market will 'shrink significantly' The disruption of railways is, again, going to cause a "big impact," he said.Â "Obviously, that will have an impact on shipping, that will force shipping rates up," Huxley said.Â The distribution of wheat and coal has been affected, according to Huxley, who pointed out that Henan is the "bread basket" of China and has produced 38 million tons of wheat this summer.Â

Elon Musk snipes at Apple twice on Tesla earnings call

27 Jul, 2021, 04:52AM | CNBC

In this articleTSLA Elon Musk, chief executive officer of Tesla Inc., right, departs from court for the SolarCity trial in Wilmington, Delaware, U.S., on Monday, July 12, 2021.Samuel Corum | Bloomberg | Getty Images Tesla CEO Elon Musk sniped at Silicon Valley neighbor Apple twice during a conference call to discuss Tesla earnings on Monday.Although the companies don't compete directly today, Apple is reportedly building an electric self-driving vehicle under a project code-named Titan, and has attracted a number of engineers and executives away from Tesla. The Titan project is reportedly run by Doug Field, who returned to Apple in 2018 after five years at Tesla.When asked about Tesla's supply chain, Musk said that there's a misperception that Tesla uses a lot of cobalt, a key material in the production of lithium-ion cells used in both smartphones and electric cars."Apple uses I think almost 100% cobalt in their batteries and cell phones and laptops, but Tesla uses no cobalt in the iron-phosphate packs, and almost none in the nickel-based chemistries," Musk said. "On on a weighted-average basis we might use 2% cobalt compared to say, Apple's 100% cobalt. Anyway, so it's just really not a factor."Some cobalt mined in places like the Democratic Republic of the Congo has been linked to human rights abuses such as child labor. In 2019, Apple, in addition to Tesla and other major technology companies, was named as defendants in a human rights lawsuit, according to The Guardian.In a conflict minerals report published earlier this year, Apple said it publishes a list of all conflict minerals and cobalt smelters and refiners, and all of Apple's cobalt suppliers participated in audits in 2020. An Apple representative didn't return a request for comment.Later in the call, Musk made a crack about Apple's so-called "walled garden," which is named because Apple strictly controls what software can be installed on the iPhone through its App Store. Apple's walled garden is facing scrutiny from lawmakers and other companies, including in an antitrust trial that took place earlier this year after it was sued by Epic Games over App Store fees and policies."I think we do want to emphasize that our goal is to support the advent of sustainable energy," Musk said in response to a question about letting competitors use its charger network. "It is not to create a walled garden and use that to bludgeon our competitors which is used by some companies."Musk then faked a cough and said, "Apple."During the call, Musk said he likely would not appear on future Tesla earnings calls unless he has "something really important" that he needs to say. VIDEO2:5802:58A final look at Tesla's earningsFast Money

Ordnance factory workers' indefinite strike fizzles out

27 Jul, 2021, 02:12AM | Business Standards

The strike was threatened to protest “the arbitrary and biased decision taken by the present government, in violation of all previous written assurances and agreement, to splinter the 41 OFs into seven non-viable corporations,” according to a press statement issued on July 8 by the Ordnance Factory Board (OFB) workers’ unions. In a statement tabled in Parliament on Monday, the MoD explained: “The OFB employees’ Federations and Associations have opposed the government decision to corporatise OFB. The employees’ federations have intimated, vide letter dated June 29, that they would serve strike notice on July 8 and would commence indefinite strike from July 26. However, no such notice has been received till date.” The government has provided details to Parliament of the OFB’s corporatisation plan. The 12 major OFs that produce ammunition and explosives will be grouped into a single defence public sector undertaking (DPSU). Another five OFs that manufacture vehicles will be grouped into a second DPSU. Another five that manufacture weapons and equipment will form a third. Eight more OFs will come together to form an “ancillaries” group that will manufacture metals and steel. Three more OFs will form an “opto-electronics” group and a single unit — Ordnance Parachute Factory, Kanpur — will form the seventh vertical. The MoD told Parliament it had adequately addressed apprehensions of OFB employees’ associations about the corporatisation of OFB under the secretary (Defence production). “It is pertinent to mention that chief labour commissioner (Central) also held discussions with government and OFB federations as part of the conciliation process under the Industrial Disputes Act 1947,” stated the MoD. “Regular interactions are being held with the stakeholders by the government. The defence minister also held a meeting with the recognised Defence Civilian Employees’ Federations on July 16 and appealed to them to continue discussions with the department,” the MoD said. The ministry has taken pains to clarify that the restructuring process underway was not “privatisation” of defence production, but “corporatisation” that was intended to improve efficiency. “To enhance functional autonomy, efficiency and unleash new growth potential and innovation in OFs, the government has decided to convert the production units of OFB into seven DPSUs. Since independence, the OFB has been effectively owned by the MoD. It has functioned directly under the department of defence production (DDP) and is run by a specialist cadre of officers. In contrast, the nine existing DPSUs are part-owned by the public and are administered along the same lines as PSUs. These include four DPSUs engaged in shipbuilding: Mazagon Dock, Mumbai; Garden Reach Shipbuilders & Engineers, Kolkata; Goa Shipyard and Hindustan Shipyard, Visakhapatnam. There are five more DPSUs: Hindustan Aeronautics, Bharat Electronics, Bharat Dynamics, Bharat Earth Movers, and Mishra Dhatu Nigam.

Trump friend Tom Barrack says 'I'm 100% innocent' of illegal lobbying for the United Arab Emirates

27 Jul, 2021, 01:22AM | CNBC

Thomas Barrack, a close adviser to former President Donald Trump and chair of his inaugural committee, arrives for a court appearance at the U.S. District Court of Eastern District of New York on July 26, 2021 in Downtown Brooklyn in New York City.Michael M. Santiago | Getty Images Private equity investor Thomas Barrack and a business associate pleaded not guilty Monday through their lawyers in New York to charges of illegally lobbying his friend ex-President Donald Trump on behalf of the United Arab Emirates."As you'd expect, the system is working," Barrack, 74, said as he left Brooklyn federal courthouse after his arraignment."I think what you'll find is that â¦ over time, you'll all see that I'm 100% innocent," said Barrack, who was arrested last Tuesday in Los Angeles on the charges.His $250 million release bond was maintained by a judge during the hearing, where his next court appearance was scheduled for Sept. 2.Judge Sanket Bulsara also ordered Barrack to refrain from traveling on private aircraft and from conducting any foreign financial transactions and to limit his domestic financial transactions to $50,000 or less.And Bulsara told Barrack not to have any contact with officials from the UAE. Thomas Barrack, a billionaire friend of Donald Trump who chaired the former president's inaugural fund, stands during his arraignment hearing at the Brooklyn Federal Courthouse in Brooklyn, New York, U.S., July 26, 2021 in this courtroom sketch.Jane Rosenberg | Reuters Barrack, who will live in his residence in Aspen, Colorado, is allowed under the bond to travel only to southern California to visit his children, and to New York for court appearances. His compliance with the travel restrictions is being monitored by an electronic ankle bracelet and GPS.As he entered the courthouse before his arraignment, Barrack was met by a man hoisting a sign saying "Traitor" in big black letters.That's the same message â wielded by what appeared to be the same person â that often greeted Trump's 2016 campaign chief Paul Manafort and his ally Roger Stone during their federal criminal cases, which ended in convictions.Those convictions later were voided when Trump pardoned both men shortly before leaving office. Former Trump campaign manager Paul Manafort (2nd R) arrives with his wife Kathleen Manafort (R) at the Albert V. Bryan U.S. Courthouse for an arraignment hearing as a protester holds up a sign March 8, 2018 in Alexandria, Virginia.Â Alex Wong | Getty Images In a statement released after the arraignment, Barrack said, Â "Of course I am innocent of all these charges and we will prove that in court.""The important thing for us to remember is three miles from here standing in the middle of New York Harbor is the Statue of Liberty with a torch in her hand signifying enlightenment, welcoming the seven continents across the seven seas to bring to her the immigrant masses to give them tolerance, liberty and justice," Barrack said. "My grandparents came here in 1896 and 1900 and from humble and simple beginnings they gave me the gift of all that America has to offer," he said."That statue is made of steel with a patina of copper.Â We're in the middle of a very heated moment and I can only tell you that the hardest steel is forged from the hottest fire."Barrack had been jailed without bond until Friday, when a federal judge in Los Angeles ordered him released on the $250 million bond, one of the largest criminal bails in history. CNBC PoliticsRead more of CNBC's politics coverage:Senators hope to forge ahead with bipartisan infrastructure bill this weekFour cops will testify at the first Jan. 6 committee hearing â hereâs what you need to knowVA requires health-care workers to get Covid vaccine, first major federal agency to do so The bond is secured by $5 million cash, more than $21 million in securities, and by four properties. On Monday, Barrack's son, ex-wife and a former business partner appeared Monday via video monitor to co-sign the release package and pledge properties to secure the bond.Prosecutors in a detention memo last week had raised concerns that Barrack might flee to avoid the charges, given his holding of Lebanese citizenship and his access to a private jet. Barrack's lawyer told Bulsara on Monday that Barrack does not own a plane.Barrack, who chaired Trump's inauguration committee, with a 27-year-old business associate, Matthew Grimes, is charged in an indictment accusing them of secretly working to advance the interests of UAE with Trump's 2016 campaign and then during his presidency.Grimes was released on a $5 million bond on Friday, and was arraigned with Barrack on Monday. Roger Stone, a longtime adviser to President Donald Trump, arrives at the Prettyman United States Courthouse before facing charges from Special Counsel Robert Mueller that he lied to Congress and engaged in witness tampering January 29, 2019 in Washington, DC. A self-described 'political dirty-trickster,' Stone said he has been falsely accused and will plead 'not guilty.'Chip Somodevilla | Getty Images Barrack, who never registered with the American government as an agent for the oil-rich UAE, is also charged with obstruction of justice and making multiple false statements during a June 2019 interview with federal law enforcement agents.Prosecutors have said that as Barrack was promoting UAE's interests with the Trump administration, he was informally advising U.S. officials on Middle East policy and was seeking appointment to a senior role in the U.S. government, including as special envoy to the Middle East.The indictment also charges another man, UAE national Rashid Sultan Rashid Al Malik Alshahhi, 43, who remains at large after fleeing the United States three years ago after being interviewed by law enforcement authorities. VIDEO0:5900:59Trump ally Tom Barrack arrested on foreign lobbying chargesClosing Bell Last Friday, Falcon Acquisition, a special purpose acquisition company backed by Barrack, withdrew its registration statement with the Securities and Exchange Commission, saying it was abandoning planned transactions.The transactions had included an initial public offering of 25 million shares to raise $250 million for Falcon Acquisition, which was formed by Barrack's family office Falcon Peak and TI Capital. The SPAC had planned to list its shares on the New York Stock Exchange.Barrack stepped down in 2020 as CEO of Colony Capital, a private equity firm he founded. He resigned as the firm's executive chairman in April.- Additional reporting by CNBC's Brian Schwartz

Chinese education stocks tumble in 'panic selling' amid broad crackdown

27 Jul, 2021, 01:12AM | Business Standards

A selloff in Chinese private education companies sent shockwaves through the nation’s equity market on Monday, as investors scrambled to price in the growing risks from an intensifying crackdown by Beijing on its industries. Stocks slumped on the mainland and in Hong Kong, with the benchmark CSI 300 Index and the Hang Seng Index both tumbling more than 3 per cent. Education stocks plunged in the wake of a sweeping overhaul that threatens to upend the $100 billion sector and jeopardize billions of dollars in foreign investment. “I see panic selling in the market now as investors are pricing in a possibility that Beijing will tighten regulation on all sectors that have seen robust growth in recent years,” said Castor Pang, head of research at Core Pacific Yamaichi. “I don’t think investors can do any bottom fishing at this point. We don’t know where the bottom is.” New Oriental Education & Technology Group plunged as much as 40 per cent in Hong Kong, extending Friday’s record 41 per cent fall. It warned in a filing that the regulations will have a material adverse impact on the company. Koolearn Technology Holding tumbled as much as 35 per cent, the biggest decliner on the Hang Seng Tech Index, which fell as much as 7.1 per cent, its biggest fall ever. China Maple Leaf Educational Systems Ltd. dropped 16 per cent. Chinese regulators on Saturday published reforms that will fundamentally alter the business model of private firms teaching the school curriculum, as Beijing aims to overhaul a sector it says has been “hijacked by capital.” The new regulations ban firms that teach school curriclums from making profits, raising capital or going public. Friday was already a bloodbath for the sector in both Hong Kong and the US, after a leaked document circulated on social media. The “worst-case became a reality,” wrote JPMorgan Chase & Co analysts including DS Kim in a note, saying it was uncertain whether the companies could remain listed. “It’s unclear what level of restructuring the companies should undergo with a new regime and, in our view, this makes these stocks virtually un- investable.” Chinese education stocks have seen their market value fall more than $100 billion since the beginning of this year, with TAL Education Group and New Oriental losing a combined $65 billion, data compiled by Bloomberg show. The latest reforms follow an unprecedented pace of regulatory tightening from Beijing, amid crackdowns on industries from tech to real estate. The government’s moves to rein in the nation’s powerful tech firms such as Jack Ma’s Ant Group Co. and Didi Global have sent global investors fleeing. A campaign to cut leverage in the property industry has also weighed on builder shares, with a Hong Kong gauge of related firms falling to its lowest since February. “Overall sentiment is really bad now,” said Jackson Wong, asset management director at Amber Hill Capital. “Regulations on the education sector were unexpected and are really negative for the general market.” Mainland investors have been net selling Hong Kong shares via exchange links in the city for a sixth straight day, on track for the longest streak since May 2019, according to Bloomberg-compiled data. In the latest move, companies that teach school subjects can no longer accept overseas investment, which could include capital from the offshore registered entities of Chinese firms, according to a notice released by the State Council. Those now in violation of that rule must take steps to rectify the situation, the country’s most powerful administrative authority said, without elaborating. “Curriculum tutoring firms should remodel their businesses or even switch to a different industry as soon as possible,” said Jiang Ya, an analyst with Citic Securities Ltd. “These measures are just the beginning and there is potentially an abundance of follow-up policies and continued tight regulation.” Indices fluctuate between gains, losses Equity indices nursed mild losses on Monday after choppy trade as investors pared positions in blue-chips amid a largely subdued trend in global markets. World markets were rattled after China intensified its regulatory crackdown on tech companies, while participants also awaited cues from the US Federal Reserve meeting later this week. Snapping a two-session rally, the Sensex ended 123.53 points or 0.23 per cent lower at 52,852.27. Similarly, the broader Nifty slipped 31.60 points or 0.20 per cent to 15,824.45. SBI was the top loser in the Sensex pack, shedding 1.36 per cent, followed by Reliance Industries, M&M, Tech Mahindra, L&T, Bharti Airtel, HDFC, and IndusInd Bank. On the other hand, Bajaj Finserv, UltraTech Cement, Sun Pharma, Titan and Tata Steel were among the major gainers, rising up to 2.46 per cent. PTI

Jindal Stainless Q1 results: Co reports PAT of Rs 306 cr; announces Rs 2,150 cr expansion plan

27 Jul, 2021, 12:10AM | Economic Times

Mumbai: Jindal Stainless Ltd ’s consolidated profit after tax was recorded at Rs 305.84 crore during the first quarter of the financial year as against a net loss of Rs 124 crore in the same period last year, mainly on account of rising in pent-up demand and the company’s cost management measures. “With the post-pandemic recovery, rigorous internal efficiencies, ongoing merger, and slated expansion plans…JSL is geared to maximise the value for all its stakeholders,” said JSL’s managing director, Abhyuday Jindal. The company’s standalone net profit as of the quarter was at Rs 271.4 crore, up 2% quarter on quarter. In the March quarter, the company reported a standalone net profit of Rs 265 crore. The sales volume grew by 168% year on year to 237,852 tonnes in Q1FY22. The company’s earnings before interest, taxes, depreciation and amortization were at Rs 601 crore, 9.5 times higher than the previous year’s profit of Rs 64 crore. The company's net revenue was recorded at Rs 4,033 crore, up 193% year-on-year. The company also announced plans to double its capacity in the next 18 months. “The estimated CAPEX for the brownfield expansion is Rs 2,150 crore, which is less than one-third of greenfield CAPEX cost for the corresponding enhancement,” the company said. The company will be expanding its steel melting capacity and will focus on backward and forward linkages. The company’s steel melting capacity will grow from the existing 1.10 MTPA (million tonnes per annum) to 2.10 MTPA – at an estimated CAPEX of Rs 530 crore, which will be completed by Q3FY23. It has planned a Commissioning Combo Line for downstream expansion, with an investment of Rs 1,250 crore, which will be completed by Q4 FY23. The company is also expanding its Ferrochrome capacity from 0.25 MTPA to 0.35 MTPA to scale up backward integration and cost efficiency at an estimated CAPEX of Rs 315 crore. The remaining CAPEX will be expended on enhancing quality assurance for new generation grades in high-end segments, balancing of units, and other necessary improvement activities, the company said. “Our plan for the near future is unleashed today; we are going to double our melt capacity in the next 18 months. The expansion will strengthen our ability to serve domestic and international customers across different market segments,” said Abhyuday Jindal. JSL also reduced its long-term external debt by Rs 210 crore. “Net Lenders’ debt (excluding group company JSHL ’s debt) as of June 30, 2021, stood at Rs 1,445 crore. During Q1FY22, interest cost reduced by 38% over CPLY to Rs 81 crore,” the company said in a media statement.

Mamata govt contacted me soon after returning to power: Anil Agarwal

27 Jul, 2021, 12:07AM | Business Standards

Vedanta chairman Anil Agarwal on Monday said the Mamata Banerjee government had contacted him within a fortnight of her party's return to power for investments in West Bengal for industrial development in the state. Agarwal, speaking at an open virtual discussion with Indian Chamber of Commerce, appreciated the change of mindset of governments at the Centre and in the state with their proactive approach towards investors. It is remarkable. Within 14-15 days of formation of the government in Bengal, I got two communications for investment in the state, he said but did not elaborate. Agarwal also appreciated Central ministers for valuing what industry wants and said the government can divest 60-70 per cent stake in PSUs as hive-off would take time. The value creation in the PSUs can be at least 3-4 times, he added. Agarwal expressed bullishness about the power sector. He said power could be supplied at Rs available at Rs 2- Rs 3 per unit. "If efficiently produced it will cost about Re 1 a unit, the head of the USD 12 billion revenue group said. In February this year, Agarwal had said that Vedanta had partnered with London-based global investment firm Centricus for creating a USD 10 billion fund that will invest in stake sale of public sector companies by the Indian government. Vedanta is a diversified natural resources company with interests in zinc-lead-silver, Iron ore, steel, copper, aluminium, power, oil and gas. The Bengal government had also sent feelers to Tata group when it came to fresh investment. State Industry Minister Partha Chatterjee had said the government was working on inviting investments in the state. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Vedanta Q1 results: Company reports 314% jump in PAT, Ebitda up 150% YoY

26 Jul, 2021, 11:43PM | Economic Times

Mumbai: Anil Agarwal-led Vedanta Ltd reported a jump of 314 per cent in its attributable profit after tax at Rs 4,280 crore during the June quarter of FY 22 as against a profit of Rs 1,033 crore in the same quarter last year mainly on account of the low-base year effect, coupled with a rise in the company’s higher revenues and better commodity prices. “We continued the momentum across our segments, we delivered record operational performance driven by structural integration of technology adoption in all our business…we continued our focus on cost-cutting,” Sunil Duggal, group chief executive officer told ET. On a quarterly basis, the company's PAT has come down by 39 per cent from Rs 7,013 crore. “Employees got affected, we had logistics and shipping issues we did have an impact of the second wave that is why the quarterly profits and volumes were low came down...also in March quarter we had a one-time gain from ESL,” Duggal said. Revenue for the quarter under review was at Rs 28,105 crore, higher by 1 per cent Q-o-Q, primarily due to improved commodity prices, partially offset by lower sales volume at Zinc India , Iron Ore & Steel and Copper business, the company said. Revenue for Q1 FY2022 was higher by 79 per cent Y-o-Y. The company’s earnings before interest, taxes, depreciation and amortisation for Q1 FY2022 was at Rs 10,032 crore, higher by 10 per cent Q-o-Q. Ebitda for Q1 FY2022 was higher by 150 per cent YoY. “We had a robust EBITDA margin1 of 41 per cent during the quarter compared to 28 per cent in Q1 FY2021,” the company said in a press statement. “Despite uncertain market conditions we were able to report record quarterly Ebitda this time,” Duggal said. The company’s finance cost for Q1 FY2022 was at Rs 1,182 crore, down by 11 per cent Q-o-Q and 6 per cent Y-o-Y, primarily due to lower average borrowings. The company’s cash and cash equivalents as of June are at Rs 31,318 crore. The company’s gross debt was at Rs 51,579 crore on 30th June 2021, “The company’s gross debt was decreased by Rs 5,449 crore Q-o-Q. This was mainly due to deleveraging of Vedanta Limited Standalone,” the company’s media statement said. The company’s total CAPEX planned for the year is around $1.8-$2 billion. Segment performance The company’s Aluminium business reported the Highest ever quarterly Aluminium production of 549kt With the Cost of production at $ 1,526 per tonne, up 20 per cent Y-o-Y. “Aluminium continued its strong performance, making aluminium business the highest contributor to Ebitda in our businesses,” said Duggal. The company’s Zinc production of 236kt, up 17 per cent Y-o-Y and Silver production at 161 tonnes, up 37 per cent Y-o-Y. Its Oil & Gas business reported an average gross operated production of 165 kboepd for Q1 FY2022. Company’s saleable steel production at 289 kt, up 8 per cent Y-o-Y BALCO Expansion “We are announcing a new project in BALCO, this will be a 100 per cent value-added product expansion,” Duggal said The investment is around Rs 6,500 crore for an expansion of around 0.4-0.6 million tonne or 580 Kt of aluminium production. The company has planned to complete this project within the next 18-24 months. The company plans to take its aluminium making capacity to 2.8 million tonne from 1.8 million tonne including this current expansion in BALCO. The company had a capacity of 2,50,000 tonne in 2012 after which an expansion was announced taking the company’s capacity to 5,75,000 tonnes. This expansion comes after 10 years and will take the company’s capacities to 1 million tonnes. “With this, we will be reaching the 1 million tonne of capacity…this will be a brownfield expansion,” Duggal said.

TMC government proactively sought investments: Vedanta's Anil Agarwal

26 Jul, 2021, 10:51PM | Economic Times

Vedanta chairman Anil Agarwal on Monday said the Mamata Banerjee government had contacted him within a fortnight of her party's return to power seeking investments from his industrial group in West Bengal. Agarwal, speaking at an open virtual discussion with Indian Chamber of Commerce, appreciated the change of mindset of governments at the Centre and in the state with their proactive approach towards investors. "It is remarkable. Within 14-15 days of formation of the government in Bengal, I got two communications for investment in the state," he said but did not elaborate. Agarwal also appreciated Central ministers for valuing what industry wants and said the government can divest 60-70 per cent stake in PSUs as hive-off would take time. The value creation in the PSUs can be at least 3-4 times, he added. Agarwal expressed bullishness about the power sector. He said power could be supplied at Re 1 available at Rs 2- Rs 3 per unit. "If efficiently produced it will cost about Re 1 a unit," the head of the USD 12 billion revenue group said. In February this year, Agarwal had said that Vedanta had partnered with London-based global investment firm Centricus for creating a USD 10 billion fund that will invest in stake sale of public sector companies by the Indian government. Vedanta is a diversified natural resources company with interests in zinc-lead-silver, Iron ore, steel, copper, aluminum, power, oil, and gas. The Bengal government had also sent feelers to Tata group when it came to fresh investment. State Industry Minister Partha Chatterjee had said the government was working on inviting investments in the state.

Jindal Stainless reports Rs 271-cr profit for Q1; announces expansion plan

26 Jul, 2021, 09:05PM | Business Standards

Jindal Stainless Ltd (JSL) returned to black in the April-June quarter, posting a net profit of Rs 271.42 crore on the back of a significant rise in income. The stainless steel maker also announced a Rs 2,150 crore investment plan to double the capacity of its Jajpur unit to 2.10 MTPA, to cater to the future growth in domestic as well as international markets. During the year-ago quarter, the company had posted a loss of Rs 86.50 crore. Its total income in the quarter under review rose to Rs 3,850.89 crore from Rs 1,271.25 crore in the year-ago period. The company's expenses were at Rs 3,433.27 crore in April-June 2021 as against Rs 1,410.04 crore a year ago. The board of the company also approved a proposal for enhancing the capacity of the Jajpur facility in Odisha from 1.10 MTPA to 2.10 MTPA (million tonne per annum) at an investment cost of Rs 2,150 crore, JSL said. The proposed capacity would be added by financial year 2022-23, the company said adding the mode of financing to expand the unit will be through a combination of internal accruals and debt. In a separate statement, JSL Managing Director Abhyuday Jindal said, Our plan for the near future is unleashed today; we are going to double our melt capacity in the next 18 months. The expansion will strengthen our ability to serve domestic and international customers across different market segments. With the post pandemic recovery, rigorous internal efficiencies, ongoing merger, and slated expansion plansJSL is geared to maximise the value for all its stakeholders. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Adani Wilmar aims to raise up to Rs 4,000 crore via IPO

26 Jul, 2021, 09:02PM | Economic Times

MUMBAI: Adani Wilmar , which sells premium edible oil under the ‘Fortune’ brand, is planning to raise up to Rs 4,000 crore through an initial public offer as it seeks to expand its kitty of consumer products, two people aware of the development said. The plan to sell shares has been on for some time now, and the company is now close to filing the red herring prospectus, as it has already appointed investment bankers, including Kotak, Bank of America, Credit Suisse and ICICI Securities. The banks could not be contacted immediately for comment. An email query to Adani remained unanswered utill as of press time. Did you Know? Stock score of Adani Enterprises Ltd moved down by 3 in 3 months on a 10-point scale.View Latest Stock Report » People in the know said the issue may be launched in the next two months as bankers have already started the process of filing draft offer documents. Adani Wilmar will likely have 5-10 per cent promoters' stake dilution through the proposed share sale. “The company is currently holding discussions with bankers as the matter is at an advanced stage of finalisation,” said one of the persons cited earlier. India’s IPO market is seeing a boom. Local companies have already raised an estimated $7 billion so far in 2021, in part aided by the rising pace of vaccination which has helped allay fears around the pandemic. Last week, restaurant aggregator Zomato raised Rs 9,375 crore in a blockbuster IPO which catapulted it to the elite club of top 100 listed companies in value terms, with a market capitalisation that crossed Rs 1 lakh crore. It was the latest of the 29 listings that India has seen so far this year. Among the other are Powergrid Infrastructure Investment Trust, Sona BLW Precision Forgings and Indian Railway Finance Corporation. This time, local startup companies are leading from the front, with the likes of Zomato, Delhivery, Policybazaar, keeping Dalal Street busy. Large companies, too, are seen tapping the potential as yield-hungry investors rush to seek higher returns from shares amid a record low interest rate regime. India’s food packaging industry is valued at Rs 1,636 crore and estimated to grow to Rs 2,687 crore by 2025. Adani Wilmar, formed in 1999, is a joint venture between Adani Enterprises with Wilmar Group (Singapore). It focuses on oil seed crushing, manufacturing of edible and nonedible oils, oleochemical products, manufacturing and trading of agro products like rice, pulses, wheat flour, soya nuggets and sugar. Adani Wilmar’s Fortune is the largest edible oil brand in India’s domestic retail consumer pack market. The company has a capacity of refining 16.285 tonnes of edible oil per day and services 1.5 million outlets across the country. It has a fair share of exports as it sends shipments of a variety of edible oils, including mustard, soybean and sunflower to Singapore, Indonesia, China and the Middle East. Adani Wilmar’s revenue in FY21 was Rs 37,182 crore, an increase of 25 per cent from the previous year. Its earnings before interest, taxes, depreciation and amortisation were Rs 1,430 crore in FY21, according to its latest annual report.

L&T Q1 consolidated net surges four-fold at Rs 1,174 cr on higher revenue

26 Jul, 2021, 08:14PM | Business Standards

Larsen & Toubro reported a consolidated net profit attributable to the owners of the company at Rs 1,174 crore in the June quarter, up nearly four times from the same period last year on the back of increased revenues. It had reported a bottomline of Rs 303 crore in the corresponding period last year. The company’s topline in the period under review stood at Rs 29,334.73 crore, up 38 per cent from the same period last year. “Though the topline in the June quarter was up from last year, it has actually come to the pre-COVID levels noted in first quarter of FY20 which is a more comparable scenario given that last year first quarter was COVID-19 hit,” R. Shankar Raman, chief financial officer at Larsen &Toubro informed during earnings conference call. As per Bloomberg estimates, the company’s topline was expected to be at Rs 29,329 crore, while the bottomline was seen at Rs 1,503 crore in the period under review. Among the company’s businesses, the infrastructure segment contributed the highest revenue to the consolidated topline at Rs 10,543.46 crore followed by IT&Technology Services at Rs 7,241 crore and hydrocarbon at 4,201 crore. chart Infrastructure segment secured orders of Rs 11,023 crore, during the quarter ended June 30, 2021, registering a marginal decline over the corresponding quarter of the previous year, mainly due to pandemic induced delay in tendering activities and finalization of orders, said the company. International orders at Rs 1,058 crore constituted 10 percent of the total order inflow of the segment during the quarter. The company’s consolidated EBITDA margin during the quarter stood at 10.8 percent as against 7.6 percent in the same period last year. The company’s EBITDA during the quarter was at Rs 31.7 billion, up 96 percent from last year. Project progress was impacted during the quarter with regional lockdowns, shortage of industrial oxygen and supply chain disruptions. The international revenues during the quarter at Rs 11,186 crore constituted 38 percent of the total revenue. The company bagged orders worth Rs 26,557 crore at the Group level during the quarter ended June 30, 2021 registering a growth of 13 per cent over corresponding period of the previous year. Also, during the quarter, orders were received in various segments like Metros, Rural Water Supply, Minerals and Metal, Residential, Power Transmission and Distribution, Power and Hydrocarbon Offshore sectors, said the company. International orders at Rs 9,045 crore during the quarter comprised 34 percent of the total order inflow. The consolidated order book of the group was at Rs 323,721 crore on June 30, 2021, with international orders at 20 percent of the total order book. Going ahead, the company’s focus continues to be on efficient execution of its large order book, working capital reduction, cost optimization through use of digital technologies aimed at operational efficiencies and driving an agile Balance Sheet, said the company. With inputs costs having gone up in the last few months mainly in steel and cement, the management informed that it has been in talks with clients as well as material suppliers on pricing of the commodities and are also looking to hedge in order to control increasing costs. In terms of international order book outlook, the management said that the West Asia region is expected to bounce back soon with orders coming from hydrocarbons, power transmission and water.

Vedanta Q1 PAT jumps over four-folds to ?4,280 crore

26 Jul, 2021, 08:00PM | Livemint

Vedanta Limited on Monday reported over four-fold jump in its consolidated profit after tax (PAT) to ₹4,280 crore during the June quarter, boosted by higher income. During the year-ago quarter, the company's "net profit after taxes before exceptional items" was at ₹1,033 crore, Vedanta Limited said in a BSE filing. MORE FROM THIS SECTIONSee All Premium Premium Yes Bank and IDFC First are at most risk from Voda Idea Premium Premium Trifecta Capital raises $130 mn for close of VC fund Premium Premium MyGlamm raises ₹355 crore led by Accel Premium Premium Detroit bumbles over 12 million imported bees Total income in the April-June period of the ongoing financial year surged to ₹29,151 crore from ₹16,998 crore in the same quarter a year ago. The company's expenses were at ₹21,847 crore as against ₹14,965 crore in April-June of 2020. Sunil Duggal, the Chief Executive Officer of Vedanta in a statement, said, "We are happy to announce another strong quarter with continued momentum across all businesses. We delivered record operational performance, maintaining the trajectory of cost and volumes, driven by structural integration and technology adoption. "Despite the uncertain market conditions, we have continued with our winning streak by reporting the highest ever quarterly EBITDA of ₹10,032 crore, up 150 per cent y-o-y." He further said that the company's focus is on lowering its carbon footprint, unlock a sustainable future growth and maximizing value for stakeholders. As of June, net debt of the company was at ₹20,261 crore, the statement said. MINT PREMIUM See All Premium How India is prepping for the third wave Premium Why India is warming up to a trade deal with the UK Premium Sensex, Nifty open flat; Axis Bank and SBI Top Losers Premium Before you invest in NPS, understand its risks, liquidity and cost Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world's leading oil and gas and metals company with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa, Namibia, and Australia. At 549 kilo tonne (kt), Vedanta Ltd recorded its highest ever quarterly production of aluminium. In India, the company produced 236 kt refined zinc, a y-o-y rise of 17 per cent, while the production of silver rose 37 per cent to 161 tonne during the June 2021 quarter. "The average gross operated production of oil and gas was at 165 kboepd for Q1 FY2022," the company said. The production of saleable iron ore at Karnataka was at 1.4 million tonne, and the production of saleable steel was at 289 kilo tonne in April-June 2021. This story has been published from a wire agency feed without modifications to the text. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

JSW Steel’s investment in paints unit is an arm’s length deal: Parth Jindal

26 Jul, 2021, 07:47PM | Livemint

Parth Jindal, Managing Director of JSW Paints Limited on Monday said that proposed equity infusion of ₹750 crore into the company by publicly traded JSW Steel Limited is being done at an arm's length and there will no conflict of interest between the two companies, otherwise related parties both promoted by the Jindal family. In an interview to Mint, Jindal who heads JSW group’s unlisted cement and paints businesses maintained that the transaction is vetted by independent valuers and the price offered is based on aggregated market valuation. “We were looking to raise funds and had appointed investment bank O3 Capital for the same. We received over ten term sheets from some of the largest private equity and venture capital funds. However, after we received the non-binding term sheets, we approached JSW Steel and requested them to consider an investment, as personally, I feel it was a bit too early for us to go outside the group for funding," said Jindal. Soon after the funding announcement, the brokerage arm JP Morgan said that it was shocked by JSW Steel’s investments in group entities. JSW Paints, part of the JSW Group and the newest entrant in India's ₹545 billion formal paints sector, secured a ₹750 crore investment from JSW Steel last week to fuel its expansion plans. The investment, to be made in three tranches over three years will see the Steel company investing nearly ₹300 crore in the first tranche, subscribing to 7.5% equity shares of the issued and paid-up equity capital of JSW Paints and 6.88% on a fully diluted basis. While ₹250 crore will be invested in the fiscal year 2022-23 the balance ₹200 crore will be invested in fiscal year 23-24. “All the pricing between JSW Steel and Paints will happen at arm’s length," said Parth Jindal, managing director, JSW Paints, adding that funds from the Steel arm were raised after much deliberation. MORE FROM THIS SECTIONSee All Premium Premium Trifecta Capital raises $130 mn for close of VC fund Premium Premium MyGlamm raises ₹355 crore led by Accel Premium Premium Detroit bumbles over 12 million imported bees Premium Premium Surging Vuitton drives LVMH sales sharply up in second .... A compelling reason for the Steel arm to fund Paints was the technology collaboration and innovation Paints would bring to the company along with the strong ripple effect on the consumer brands of steel. The company plans to use the funds to expand operations in both-- industrial as well as decorative segments and become a pan India player. Till last year it was present only in the southern market. This year before Diwali it plans to be present across the country. The funds would be used for three functions. One, in coil coatings as the multinationals companies present in India, do not have the sufficient capacity to meet the growing needs of JSW Steel Coated Products Ltd (JSWSCPL). “Over the last two years, we have been able to introduce more than 20 different products for JSWSCPL. Thus, funds will be used to expand JSW Paints’ capacity from 25,000-kilo litres per annum (klpa) to 60,000 klpa. Second, we will use the funds to take the decorative capacity from 90,000 klpa to 150,000 klpa and third, we will increase our branding and marketing in the decorative segment," added Jindal. The size of India’s paints market is ₹545 billion and it clocked an 11% CAGR over 2014-2019. While decorative paints account for two-thirds (74%) of the market, industrial paints, the rest. "The domestic paint sector is oligopolistic. The top-three control 80-90% of the market and exhibit adequate discipline in terms of pricing and other competitive activities. The incumbents have created strong abilities over the years in terms of manufacturing set-ups, distribution networks and a wide range of products. These act as strong entry barriers to others and create a stable competitive environment," according to an April report on Paints by Anand Rathi. MINT PREMIUM See All Premium Why India is warming up to a trade deal with the UK Premium Sensex, Nifty open flat; Axis Bank and SBI Top Losers Premium Before you invest in NPS, understand its risks, liquidity and cost Premium What to watch this week: US Fed meet, L&T, Axis Bank earnings Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Tata Motors reports loss of Rs4,320 crore as chip shortage hurts JLR production

26 Jul, 2021, 07:24PM | Livemint

Tata Motors Ltd – country’s largest vehicle manufacturer by revenue – reported a year-on-year consolidated net loss of ₹4450 crore for the quarter ending June 30, as production operations of Jaguar Land Rover suffered due to a global shortage in supply of semiconductors. As a consequence the British car maker witnessed a decline in sales of 30,000 vehicles in wholesales during the quarter. The company reported a net loss of ₹8,443.98 crore in the year ago period when the automakers’ global and India operations were impacted due to lockdown measures imposed in different countries to contain the Covid-19 pandemic. MORE FROM THIS SECTIONSee All Premium Premium Trifecta Capital raises $130 mn for close of VC fund Premium Premium MyGlamm raises ₹355 crore led by Accel Premium Premium Detroit bumbles over 12 million imported bees Premium Premium Surging Vuitton drives LVMH sales sharply up in second .... Last month, luxury vehicle manufacturer Jaguar Land Rover guided for a cash outflow of about £1 billion with a negative EBIT margin for the second quarter as it would not be able to manufacture vehicles in line with the demand from different markets. On a sequential basis, the company reported a net loss of ₹7,585.34 crore in the March quarter as Jaguar Land Rover wrote off investments worth ₹15,000 crore meant for developing combustion engine vehicles. The Mumbai based vehicle manufacturer reported a 107.6% increase in revenue from operations to ₹66,406.5 crore as sales of Jaguar Land Rover improved in markets like China and United States. On a sequential basis, revenue declined from ₹88,627.9 crore in the March quarter as the JLR could not meet its wholesale target and India business was impacted by the second wave of Covid-19. A Bloomberg survey of analysts predicted Tata Motors to report a loss of ₹2,774.10 crore and net revenue of ₹61,327.50 in the three months ended June 30. P. Balaji, chief financial officer of Tata Motors, said that to contain the impact of semiconductor shortage JLR management is doing rigorous follow up with suppliers, redesigning vehicles to use less chipsets and planning a long-term arrangement with suppliers to resolve the crisis. “We expect a wholesale of 65,000 units in this quarter for JLR, which is 50% less than the internal target. As a result we are expecting a negative EBIT margin and cash outflow of 1 billion pounds," said Balaji. MINT PREMIUM See All Premium Why India is warming up to a trade deal with the UK Premium Sensex, Nifty open flat; Axis Bank and SBI Top Losers Premium Before you invest in NPS, understand its risks, liquidity and cost Premium What to watch this week: US Fed meet, L&T, Axis Bank earnings He further added that there is no short term reprieve from this current disruption but the company expects gradual improvement from the second quarter onwards. Tata Motors reported a strong recovery in its operating performance in the third and fourth quarter of FY 21, backed by higher sales of JLR vehicles in key markets like China and the US. The company, however, does not expect the growth momentum to continue in the first half of the current fiscal as vehicle production is likely to be hit by a global shortage of semiconductors, a critical component in modern vehicles. JLR reported a profit before loss of 110 million pounds in the June quarter, compared to a year-earlier loss of 413 million pounds. Revenue from operations jumped by 73.7% year- on year to 5 billion pounds on the back of 72.6% increase in wholesales of 84442 units. The India business reported a loss of ₹1320.74 crore compared to a net loss of ₹2190 reported in the year ago period. On a sequential basis, the domestic business reported a net profit of ₹1,645.69 crore in March quarter due to a reversal of an impairment charge of ₹1,182.4 crore and recovery in sales of its passenger vehicle and commercial vehicle businesses. The revenue for the India business improved sharply by 343% to ₹to 11904.19 crore due to the low base of last year. On a sequential basis, the revenue declined from ₹20045.90 crore in the year ago period. “We do expect to see a recovery from the second quarter and at the moment semi conductor is not prominent issue for the domestic businesses. So we expect to improve our market share," said Balaji. He also added that increased prices of steel and precious metals have impacted margins and cost, and the company will take price increases when necessary. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Vedanta consolidated Q1 PAT up four-fold at Rs 4,224 cr on revenue spike

26 Jul, 2021, 06:25PM | Business Standards

Anil Agarwal-led Vedanta Limited reported consolidated net profit attributable to owners of the company at Rs 4,224 crore in the June quarter, up 309 per cent from same period last year on the back of increased revenue. A relatively lower base was also responsible for the year-on-year jump in bottomline in the period under review as last year same quarter was hit due to first wave of Covid-19. In March quarter, the company’s consolidated bottomline was at Rs 6,432 crore. Vedanta’s top line stood at Rs 28,105 crore in the June quarter, up 79 per cent from same period last year. Sequentially, revenues were just a tad up from Rs 27,874 crore in March quarter. The company’s aluminium business contributed the highest at Rs 10,263 crore to the total revenue followed by zinc and lead business in India at Rs 6,323 crore and copper at Rs 3,499 crore. As per Bloomberg estimates, the company’s net sales was seen at Rs 26,821 crore, while the net profit was expected to be at Rs 4,186 crore. The reported numbers were higher than estimates. Exceptional item for Q1 FY22 was at Rs 134 crore, primarily due to payment under amnesty scheme at Zinc India, it said. Alongside, the company’s earnings before, interest, taxes, depreciation and ammortisation (EBITDA) in the June quarter at Rs 10,032 crore was a 5-digit quarterly EBITDA first time in the history of Vedanta. ALSO READ: Vedanta looks to focus on long product steel with upcoming capacity "We delivered record operational performance, maintaining the trajectory of cost and volumes, driven by structural integration and technology adoption. Despite the uncertain market conditions, we have continued with our winning streak by reporting the highest ever quarterly EBITDA of Rs 10,032 crore, up 150 per cent YoY," Sunil Duggal, chief executive officer at Vedanta said in the earnings concall today. The company’s EBITDA margin in the period under review stood 41 per cent as against 28 per cent in the same quarter last year. Among the several business of the company, the aluminium segment contributed the highest to the overall consolidated EBITDA, informed the management. The company's net debt at Rs 20,261 crore as on June 30, 2021 was after a reduction of Rs 6,989 crore, said Vedanta. This in turn improved the net debt/EBITDA to 0.6x, the lowest in the last four years. The company also informed of the strong liquidity position with cash and cash equivalent of Rs 31,318 crore. With a capex of $1.8 billion for FY22, which includes project as well as sustaining capex, Duggal informed that the company will be making additional spends for expansion of its Balco aluminium smelter with Rs 6,611 crore spend, spread over next 18-24 months. For its aluminium business, the company looks to take its capacity to 2.8 million tonne post Balco expansion from current 1.8 million tonne. With the third wave of Covid-19 anticipated, Vedanta management informed that its vaccination drive has been in full swing with nearly 350,000 employees vaccinated and is better prepared for coming quarters to handle the wave.

Big oil companies push hydrogen as green alternative, but obstacles remain

26 Jul, 2021, 06:01PM | Livemint

Big oil companies have long touted hydrogen energy as a way to reduce carbon emissions. Now they are grappling with how to make that a reality. BP PLC, Royal Dutch Shell PLC and TotalEnergies SE are all pursuing multimillion-dollar hydrogen projects, often with government support, as they seek to redefine their future role in a world less reliant on fossil fuels. Hydrogen made using renewable energy can be produced and used without emitting carbon dioxide. Still, experts say there are various hurdles to the light, colorless gas fulfilling its potential. Firstly, most hydrogen today is made from fossil fuels, primarily natural gas. The challenge is to make it using renewable power instead and produce it on an industrial scale, in the hope of bringing down costs. Additionally, hydrogen is explosive, as well as difficult to store and transport. Oil companies are pursuing green hydrogen, which they see as a longer-term goal, while also looking at applying carbon-capture technology to fossil-fuel-based hydrogen production as a way to clean up the gas in the interim. As of the end of June, there were 244 large-scale green hydrogen projects planned, according to the Hydrogen Council, an industry group, up more than 50% since the end of January. It estimates tens of billions of dollars have already been earmarked for hydrogen projects. Historically used to help make fertilizer and chemicals, hydrogen is increasingly being pushed for a much broader range of uses, including for trucks, planes, ships, household heating and as a way to store renewable power. “Today, hydrogen is used as a feedstock primarily…the growth of the hydrogen market is all about it becoming an energy source," said Louise Jacobsen Plutt, BP’s senior vice president of hydrogen and carbon capture and storage. BP is exploring the use of hydrogen to replace natural gas in industries such as steel, cement and chemicals, and also as a substitute for diesel in trucks. Overall, BP forecasts hydrogen could account for about 16% of the world’s energy consumption by 2050—if net zero carbon-emissions goals are to be achieved—up from less than 1% today. Like other major oil companies, BP thinks its existing expertise—it already produces hydrogen at refineries—and infrastructure could help it win a sizable market share. Last year the company said it planned to use wind power to produce hydrogen for a refinery in Germany, hoping to demonstrate the technology at a large scale. However, BP doesn’t expect green hydrogen to be a material part of its business until the 2030s, and it has yet to make a final investment decision on any new hydrogen projects. It will take time to create a market and bring down the cost, Ms. Jacobsen Plutt said, “Because it is so nascent, it is more expensive." Shell also is grappling with high costs. This month, the company started up what it said is Europe’s largest green hydrogen plant, to supply its Rhineland refinery in Germany. But that hydrogen is between five and seven times more expensive than the fossil-fuel-based product it predominantly uses. MINT PREMIUM See All Premium Why India is warming up to a trade deal with the UK Premium Sensex, Nifty open flat; Axis Bank and SBI Top Losers Premium Before you invest in NPS, understand its risks, liquidity and cost Premium What to watch this week: US Fed meet, L&T, Axis Bank earnings “You’re not in the money yet," said Paul Bogers, Shell’s vice president of hydrogen. “For green hydrogen, the core belief is that you almost have to get to a world where the electrons are free." Industry executives say green hydrogen is expensive because of the cost of the electricity needed to make it, as well as the cost of the electrolyzer—the system used to split water into hydrogen and oxygen. Shell hopes it can reduce costs by building hydrogen projects in strategic locations alongside customers’ plants, like at ArcelorMittal SA’s steel mill in the German port of Hamburg, where it can also add hydrogen refueling for trucks. The industry is also getting government support. The European Union paid half the roughly $23 million cost of Shell’s Rhineland project and has earmarked funding for hydrogen as part of its pandemic recovery program. In the U.S., the Energy Department has said it aims to reduce the cost of green hydrogen by 80% to $1 per kilogram in the next decade, in part by supporting pilot projects. Consultants and oil company executives say an interim step to reaching large-scale green hydrogen production is to capture and store carbon generated by making hydrogen from natural gas to reduce emissions—making what is known as blue hydrogen. Critics of fossil-fuel hydrogen where carbon is captured say the process is expensive, and that extracting and transporting natural gas often results in greenhouse gas leaks, meaning any hydrogen produced likely won’t be zero-carbon. Oil-and-gas companies want to pursue this approach because it “could extend the life of their fossil assets," said Cameron Hepburn, director of the Smith School of Enterprise and Environment at the University of Oxford. Some U.S. oil companies also are pursuing hydrogen. Chevron Corp. has signaled that it sees hydrogen having a role in transportation, as an industrial feedstock and in energy storage. This month, it partnered with engine maker Cummins Inc. to explore hydrogen infrastructure and fuel-cell vehicles, following a similar agreement in April with car maker Toyota Motor North America Inc. Amid the enthusiasm, there needs to be greater focus on where best to deploy green hydrogen, said Michael Liebreich, chief executive of consulting firm Liebreich Associates. The priority should be to replace gas-based hydrogen for tasks like making fertilizer and in hard-to-abate industries such as steel, aviation and shipping, Mr. Liebreich said, adding that it makes less sense where electricity could be used directly, like in domestic heating, cars and trains. One area where there is an active debate around the merits of switching to hydrogen is long-distance trucking. In recent months, Volkswagen AG’s Scania brand has scaled back its hydrogen research to focus on batteries instead, saying hydrogen trucks require three times as much electricity, while Daimler Truck AG and Shell agreed to jointly push the adoption of hydrogen fuel-cell trucks in Europe, pledging to roll out 150 refueling stations. Tom Baxter, a visiting professor in chemical engineering at Scotland’s University of Strathclyde, said it is too early to judge what role hydrogen could play in areas such as aviation and shipping, and that he is skeptical about some of the other new uses being touted. “For big trucks going across the [U.S.] or Australia hydrogen might have a role, but it’s niche," Mr. Baxter said. “Setting hydrogen alongside the alternatives that we have, particularly electrification, it’s there that the hydrogen story starts to unravel." This story has been published from a wire agency feed without modifications to the text Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Vedanta first quarter after-tax profit jumps four-fold to Rs 4,280 crore

26 Jul, 2021, 06:01PM | Business Standards

Vedanta Limited on Monday reported over four-fold jump in its consolidated profit after tax (PAT) to Rs 4,280 crore during the June quarter, boosted by higher income. During the year-ago quarter, the company's "net profit after taxes before exceptional items" was at Rs 1,033 crore, Vedanta Limited said in a BSE filing. Total income in the April-June period of the ongoing financial year surged to Rs 29,151 crore from Rs 16,998 crore in the same quarter a year ago. The company's expenses were at Rs 21,847 crore as against Rs 14,965 crore in April-June of 2020. Sunil Duggal, the Chief Executive Officer of Vedanta in a statement, said, "We are happy to announce another strong quarter with continued momentum across all businesses. We delivered record operational performance, maintaining the trajectory of cost and volumes, driven by structural integration and technology adoption. "Despite the uncertain market conditions, we have continued with our winning streak by reporting the highest ever quarterly EBITDA of Rs 10,032 crore, up 150 per cent y-o-y." He further said that the company's focus is on lowering its carbon footprint, unlock a sustainable future growth and maximizing value for stakeholders. As of June, net debt of the company was at Rs 20,261 crore, the statement said. Vedanta Limited, a subsidiary of Vedanta Resources Limited, is one of the world's leading oil and gas and metals company with significant operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa, Namibia, and Australia. At 549 kilo tonne (kt), Vedanta Ltd recorded its highest ever quarterly production of aluminium. In India, the company produced 236 kt refined zinc, a y-o-y rise of 17 per cent, while the production of silver rose 37 per cent to 161 tonne during the June 2021 quarter. "The average gross operated production of oil and gas was at 165 kboepd for Q1 FY2022," the company said. The production of saleable iron ore at Karnataka was at 1.4 million tonne, and the production of saleable steel was at 289 kilo tonne in April-June 2021. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Real estate sector loans worth $18 bn under severe stress: Anarock

26 Jul, 2021, 05:36PM | Business Standards

Around USD18 billion loans of the overall lending to the real estate sector by banks, NBFCs and housing finance companies (HFCs) are under 'severe' stress, a report released by a consulting firm said on Monday. Property consultant Anarock, however, said in its report that at least 67 per cent or about USD 67 billion of the total advances to the sector is now completely stress-free. COVID-19 has had a cascading impact across sectors, and severely stressed' loan levels in Indian real estate industry were expected to go up substantially. However, the construction sector particularly the residential segment - has fared better than anticipated. "Towards 2019-end, at least 16 per cent of the total real estate loan of around USD 93 billion was severely stressed. Despite the devastation of the pandemic over the last year, only 18 per cent of the total USD 100 billion loan value falls under this category. This is far better than other major sectors such as telecom and steel, Anarock Capital MD and CEO Shobhit Agarwal said. The consulting firm expects that another USD 15 billion loans are under "some pressure but has scope for resolution. Non-banking finance companies and HFCs together account for 63 per cent of the nearly USD 100 billion outstanding loan portfolio of the sector, while banks' contribution is at 37 per cent, the report said. Agarwal said at least 75 per cent of total advances to grade 'A' developers is safe, and a large portion of loans to grade 'B' and 'C' real estate players needs monitoring. Grade 'A' developers are companies that are currently active with a good execution track record and have developed real estate of more than 3 million sq ft till date. Grade 'B' players include those who are currently active with an established execution track record and having a developable area of more than 1 million sq ft but less than 3 million sq ft, while grade 'C' comprises developers with less than 1 million sq ft developable area. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Retiring older coal-generation assets could save Rs 37,750 crore: CEEW

26 Jul, 2021, 05:19PM | Business Standards

Decommissioning of coal power plants that are more than 25 years old could lead to a potential savings of Rs 37,750 crore, indicated a study by the Council on Energy, Environment and Water-Centre for Energy Finance (CEEW-CEF). The report said out of India’s total installed capacity of 300 Gw, some 35 Gw of coal-based power plants can be decommissioned on priority. “This could result in annual savings of Rs 7,550 crore over the next five years. These savings would be generated through avoided annual capacity or fixed-charge payouts, primarily towards operation and maintenance costs. Further, the savings would add up to a total of Rs 37,750 crore,” it said. CERC in its tariff regulations of 2019 allowed discoms the “first right of refusal” for procuring electricity from power plants older than 25 years. Thereafter, last year in December, the ministry of power in a notification gave option to the power distribution companies (discoms) to continue or exit from power purchase agreements (PPAs) for projects that have completed 25 years of operation (or the tenure specified in the PPA with the central generating stations). To avail the same, the discoms would have to relinquish the entire PPA and not just a part of it. Earlier this month, the CERC allowed BSES to approach the Union power ministry for de-allocating its share of electricity supply from NTPC’s Dadri-I generating station. The plant supplies power at an average cost of Rs 6.50/unit, making it one of the costliest power stations providing electricity to Delhi. BSES is also in the process to cancel its PPA with six more thermal power generation units namely Unchahar, Farakka, Auriya gas, Anta, Kahalgaon and Dadri Gas power stations– all of them owned by state-owned power generator NTPC ltd. States such as Punjab, Rajasthan, Madhya Pradesh have also applied to exit PPAs, mainly with the gas based power stations. These states claim that the PPA term has crossed 25 years and the power from these units is costly in the range of Rs 5-7 per unit. Gas based units in India are running on low domestic fuel supply and demand higher than average tariff in the country. Vaibhav Pratap Singh, Programme Lead, CEEW-CEF, and the study’s lead author, said, “Estimating costs is a crucial first step for decommissioning. A suitable mechanism must be designed to ensure a just transition for all stakeholders in allied sectors such as coal mining and railways. Managing equity payouts, which contribute to around 29 per cent of decommissioning costs, would also be critical. This could help lower the eventual transition costs and allocate more resources for workforce payouts.” The report further said, retiring 95 Gw of capacity could cost up to Rs 3.5 trillion to pay off debt and equity holders. Payoffs to the workforce costs could add another Rs 57,490 crore. “Freeing up capital through decommissioning will require innovative financial mechanisms. Once unlocked, these resources could be made available for India’s transition to renewables,” it said. BSES which exited the thermal PPA with NTPC Dadri will replace it with 500 Mw of green energy.

33,764 km natural gas pipeline network authorised by petroleum regulator: Govt

26 Jul, 2021, 04:53PM | Livemint

NEW DELHI: In a push for cleaner fuel, India’s petroleum regulator has authorised 33,764 km of natural gas pipeline network for the country’s gas grid. According to a petroleum and natural gas ministry’s statement, minister of state Rameswar Teli in a written reply in the Lok Sabha said, “As on 31.03.2021, Petroleum and Natural Gas Regulatory Board (PNGRB) has authorized approximately 33,764 Km Natural Gas Pipeline Network across the country with the aim to create a national gas grid and increase the availability of natural gas across the country." MORE FROM THIS SECTIONSee All Premium Premium SBI announces reshuffle at HR and tech departments Premium Premium Banks NPAs decline to ₹8.34 lakh cr at March-end 2021: .... Premium Premium Broadcasters bet on big-ticket reality shows to bolster .... Premium Premium New launches in Mumbai residential market increased by .... This comes in the backdrop of India’s push for a gas-based economy. The country consumes around 145 million standard cubic meters a day (mmscmd) of gas. “The authorised Natural Gas pipeline entity is allowed to lay spurlines as per the provision of the regulations. Accordingly, 19,998 km of Natural Gas pipeline (including sub-transmission pipeline & tie in connectivity pipeline) are operational and 15,369 km are under various stages of construction," as per the statement. Gas comprises about 6.2% of India’s primary energy mix, far behind the global average of 24%. The government plans to increase this share to 15% by 2030. India’s gas demand is expected to be driven by the fertilizer, power, city gas distribution, and steel sectors. India’s energy demand is expected to grow at 4.2% per year over the next 25 years. The PNGRB on its part has authorised 232 geographical areas (GAs) through 10 city gas distribution (CGD) bidding rounds that have covered more than 400 districts spread across 27 states and union territories. This covers around 71% of India’s population and 53% of the country. In addition, PNGRB plans to offer another 44 GAs in the upcoming 11th bid round. Also, a gas exchange has been set up. There was a 19.52% uptick in India’s gas production in June, according to the monthly production report released by ministry of petroleum and natural gas. India's natural gas production is expected to increase. Reliance Industries Ltd and its partner BP have been developing three deep-water gas developments in its KG D6 block, off the Andhra Pradesh coast, which together are expected to produce around 1 billion cubic feet a day of natural gas by 2023. Also, state-owned Oil and Natural Gas Corporation Ltd has started gas production from its KG-DWN-98/2 field. MINT PREMIUM See All Premium Why India is warming up to a trade deal with the UK Premium Sensex, Nifty open flat; Axis Bank and SBI Top Losers Premium Before you invest in NPS, understand its risks, liquidity and cost Premium What to watch this week: US Fed meet, L&T, Axis Bank earnings Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

NTPC bags 325 MW solar projects at Shajapur Solar Park in Madhya Pradesh

26 Jul, 2021, 03:11PM | Business Standards

State-run power giant NTPC on Monday said its arm NTPC Renewable Energy Ltd has bagged 325 megawatt (MW) solar projects to be set up at Shajapur Solar Park in Madhya Pradesh. "NTPC Renewable Energy Ltd (NTPC REL), a 100 per cent subsidiary of NTPC, has emerged winner at the Rewa Ultra Mega Solar Ltd (RUMSL) auction for 450 MW of solar projects at the Shajapur Solar Park in Madhya Pradesh," the company said in a clarification to the BSE. As per the filing, the NTPC Renewables won a capacity of 105 MW and 220 MW quoting the lowest tariff of Rs 2.35 per kWh (or per unit), and Rs 2.33 per kWh respectively. However, it said, "Considering the size and scale of operations of the company there is no material impact (of this auction results).... on the company". Presently, the NTPC Group has an installed capacity of 66,875 MW. The NTPC has set a target to install 60 GW of renewable energy capacity by 2032. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Azad Engineering to supply critical aviation components to Boeing

26 Jul, 2021, 01:20PM | Economic Times

Azad Engineering, a city-based maker of supercritical rotating components used in the aerospace industry has won a contract from Boeing to manufacture and supply critical aviation components and parts, the company said on Monday. The company's technology enhancements over the years, and a continuous culture of quality and industrial safety has made it a trusted partner for customers across the globe, it said in a press release. "We are proud to work with Boeing. The contract is a testament to our commitment to quality, precision, and collaborative culture. Without a doubt, the cooperation between Azad Engineering and Boeing is a milestone in the growing aerospace ecosystem in Telangana ," Rakesh Chopdar , Managing Director, Azad Engineering said. Azad Engineering has the capability to manufacture complex and super-critical components and machined parts for the turbine and aerospace industry. Azad will begin delivering the critical components including hydraulic and mechanical fittings to Boeing from Q1 2022, the release said. "This is an important step in our commitment to the government of India's Atmanirbhar Bharat vision. As a company with over seven decades of presence in India, Boeing continues to support the development of indigenous aerospace and defence capabilities in the country," Ashwani Bhargava, Director, Supply Chain Management , Boeing India said. Recently, Azad announced its plan to set up a second manufacturing facility in Hyderabad with an investment of USD 80 million over the next 36 months. The facility will develop a precision engineering cluster, creating job opportunities for highly skilled people in Telangana to leverage and grow the existing aerospace ecosystem, according to the release.

Weak steel demand only due to seasonality: Seshagiri Rao, JSW Steel

26 Jul, 2021, 01:16PM | Economic Times

Prices are going up. That clearly is indicating that the demand is reasonably strong. Whatever corrections we are seeing right now is mostly seasonal in my view, said Seshagiri Rao, joint MD and group CFO, JSW Steel. Edited excerpts: Another quarter where the multiyear high steel prices and spreads have elevated quarterly numbers to record levels. But since the month of June domestic steel prices have been falling. What has your observation been and what is July pricing policy like? There are some corrections which have happened in the month of June mostly associated with seasonally subdued quarter, but notwithstanding whatever we are seeing right now in the market. Overall, the supply has substantially increased globally. If I see the first six months of the calendar year, the total production that has come over the last year is almost 126 million tons of more production. But what is important to note is that in spite of very good supply of 126 million tons, which is a growth of 14% over the last year, the prices in the first half in the US went up by 40% and even in Europe to a similar range. Prices are going up. That clearly is indicating that the demand is reasonably strong. Whatever corrections we are seeing right now is mostly seasonal in my view. The cost push is also very strong, which we have seen in the last quarter. Iron ore prices went up in India by 52%, whereas quarter-on-quarter globally it went over 30% and the coking coal prices went up by 75%. There is a very strong cost push. Notwithstanding the increase in supply because of the very strong demand that is across the world and also the cost push together, I do not expect a very big correction in the steel prices. Some correction cannot be ruled out. While your June quarter auto steel sales have been strong, the demand has been weakening especially in the key auto segments. Help us understand what exactly is the situation on ground. As I mentioned to you the demand seasonally is weak generally in July and September quarter, but from June onwards relative to April and May we are seeing definite signs of improvement which has also got reflected by way of higher demand pick up in the power consumption and appliances. Also in the tractors and motor vehicles and residential construction side we are definitely seeing some improvement over April and May. It is a matter of time because of the monsoon, the construction activity will be very subdued during this quarter. We could see some slowdown in the overall demand, but once the monsoon gets settled and once festive season comes, demand will pick up. But globally, I am seeing very good demand coming up. So, we are not seeing a big correction in the steel prices both in the US and Europe even though some correction in the Asian markets. What is happening on the export front given that there is a seasonality which has kicked in? It may not be possible for all the producers to go for exports. We have been there in the export market for several years. We are able to increase the supplies in the export markets if there is any weakness or subdued demand in the domestic market. If you see in the last quarter, our exports were 35% of the total sales. I think we will operate our plants at full capacity and then if there is weakness in the domestic demand, particularly the downstream value-added products, there is a very good demand in the international markets. We will be able to export them. Number two, the export realisations as on date are better than the domestic prices, but the last one year’s trend, if you see the domestic prices are always at a discount to the landed cost at the ports or they are tracking a little lower than what the global prices are. How is the uptick in coking coal prices impacting you as prices have gone by 75%? There is always a gap between what they announce and what is actually happening on the ground. If I see the first six months of this calendar year, China has produced 504 million tonnes which is 59 million tonne more than the corresponding year of last year where their policy says that in this year, they want to limit the production to that of last year. Whereas it is already 60 million tonnes more they have produced above last year. Then look at exports. The exports in the first six months of the year from China was 37 million tonnes against 28 million tonne of last year. So, their exports were higher and the production was higher than last year. Therefore, there is always a gap between what they are driving and what is happening on the ground. That is what we have to watch. Maybe one indication was that in the month of June the production was down to 93.5 million tonne compared to 99 million tonnes in the month of May. So, month on month it has come down but if I look at the first six months of the year compared with the previous year, there is a substantial increase in supplies. The supplies are more and there is more demand for iron ore, more production, more demand for iron ore. That is why iron ore prices are not coming down and coking coal prices are not coming down. They are still at elevated levels. What sort of pressure have you seen in commodity cost? Definitely coking coal prices are going up, so there is a pressure on the overall cost of production. If I see even in the last quarter, our costs have gone up by 10%. Out of that majorly contributed by both coking coal and also iron ore prices. Whatever increase that has happened in the last three months and also what is right now this gets reflected partly in this quarter and partly next quarter. There will be cost pressures because of the increase in coking coal prices, so that definitely will have an impact on the margins. You have managed to accumulate a couple of captive iron ore mines. I want to understand what cost saving will it bring for you and do you think that as you ramp up, it will help you maintain margins? We do not guide margins. Basically, we guide the volumes. We have guided volumes in the beginning of the year; that is 18.5 million tonne production, including the production that will come from expansion and also sales side we will be able to achieve our guidance. That is how we can talk about it. As far as margins are concerned, there will be a pressure on account of the increase in coking coal prices and also iron ore prices. Iron ore last quarter was 42% of total consumption from the captive sources. We wanted to increase to 50% plus and that is what we are working on. We are also investing to improve the quality, digitisation and mining equipment. There are lots of other things which are going on, but the benefit of that will come a little later. It may not come in this year, but our captive percentage of the total consumption that continues to be going up. Steel cycle is doing so well. Does it make sense to diversify into a space like paints? Why are you investing in that sector? What we realised is industrial paints is very much essential for JSW Steel to serve our customers because we need 1,600 shades of colours which we do on the steel which we produce basically to give to our customers. What our customers are looking at is an assurance and warranties for a longer period of time -- 10 years to 15 years warranty on the paint which we give on the steel. So if we have to give it, we need lot of R&D to be done along with the paint producer and also do different paints and improve them and bring them in an innovative manner. Number two is if I look at the existing paint players in India, very few of them are looking at expanding industrial paint capacities. Whereas JSW Steel has more than doubled or tripled, in fact. The capacity of the colour coded lines, earlier we used to have 7 lakh tonnes capacity. Today we will be close to 2.5 to 3 million tonnes once all the projects get completed. There is a huge amount of increase in our paint requirements. When other players are not increasing capacity of the paints to supply to us and when we are increasing our capacity, it is very much essential to meet the requirement of JSW Steel to secure our supplies in future and also to meet our customer requirement of ensuring and assuring very high quality and warranties. I think it is essential and strategic for us to make this investment. That is why we have taken this call to do the investment and work with them for more and more improvement in the quality of the eventual product we supply to our customer. The US operations have turned EBITDA positive because there has been a blockbuster rally in steel stocks. But will it sustain? Or is the US operations turning profitable a one off? We have started the operations after refurbishing and revamping both Ohio and Baytown in the February and March 2021, so they picked up the capacity during the quarter. Both together have given an EBITDA of $44 billion in the last quarter. In rupee terms, all our overseas operations contributed positively to 282 crore to EBITDA as against the loss of over 300 crore in the previous quarter. That way there is a big big turnaround as far as US operations are concerned. We expect that this will not only continue but improve further from here on. Lastly you have added another source of power -- wind and solar -- through an SPV with JSW Energy. How and when is it going to start and ramp up? Definitely. For an instance, today as a part of our ESG strategy we said we will reduce our carbon emissions and increase our renewable power. Those are the guidance we have already given. In line with that we are now signing with PPS for buying 948 installed capacity of both wind and solar power which will give us two distinct advantages. As per the regulation today in some of the states, 21% of the power that we consume from fossil fuels has to be necessarily through the renewable process. In Maharashtra it is close to 10.6%. So it varies state to state. There is an obligation on JSW Steel to buy the power from renewable sources. If it is not possible, then we have to buy the IEC certificates in the market. Then again you have to pay. That means when we consume the power from fossil fuel, you have to pay higher price for the power, plus you have to buy the REC certificates in the market. Instead, by entering into this buying of renewable power, the cost of renewable power is lower than the fossil fuel power. Number two, there is a significant advantage in terms of procuring on a long-term basis with the renewable power.

About 67% of real estate loans completely stress-free, says Anarock Capital

26 Jul, 2021, 12:17PM | Livemint

MUMBAI: At least 67%, or $67 billion, of the total loan advances to Indian real estate sector by banks, non-banks and mortgage lenders is currently stress-free, according to a study by Anarock Capital. Another 15%, or about $15 billion, is under some pressure but has scope for resolution with certainty on at least the principal amount, it said. However, $18 billion of the overall lending, the study found, is under severe stress, implying that there has been high leveraging by concerned developers who have either limited or extremely poor visibility of debt servicing due to multiple factors. MORE FROM THIS SECTIONSee All Premium Premium 33,764 km natural gas pipeline network authorised by pe .... Premium Premium SBI announces reshuffle at HR and tech departments Premium Premium Banks NPAs decline to ₹8.34 lakh cr at March-end 2021: .... Premium Premium Broadcasters bet on big-ticket reality shows to bolster .... “Covid-19 has had a cascading impact across sectors, and severely stressed loans levels in Indian real estate were expected to go up substantially. However, real estate – particularly the residential segment -- has fared better than anticipated," said Shobhit Agarwal, managing director and chief executive of Anarock Capital. Towards the end of 2019, of the total real estate loan of $93 billion, at least 16% was severely stressed. Despite the devastation of the pandemic over the last one year, only 18% of the total $100 billion loan value falls under this category and this is definitely far better than other major sectors such as telecom and steel, said Agarwal. “Moreover, the entire severely stressed loan value in real estate is spread across more than 50 developers. In telecom and steel, default by a single company equals a sizeable portion of the overall stress in the real estate sector. Also, every real estate loan is backed by hard security, which is anywhere between 1.5 to 2 times," he added. According to Anarock, the overall contribution of non-banking financial companies (NBFCs) and housing finance companies (HFCs), including trusteeships, towards the total lending to Indian real estate is at 63%. Individually, banks accounted for the largest share of total realty loans with 37%, followed by HFCs with approximately 34%, and NBFCs have 16%, with 13% loans given under trusteeships. MINT PREMIUM See All Premium Why India is warming up to a trade deal with the UK Premium Sensex, Nifty open flat; Axis Bank and SBI Top Losers Premium Before you invest in NPS, understand its risks, liquidity and cost Premium What to watch this week: US Fed meet, L&T, Axis Bank earnings Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Indian Railways develop new fire-retardant coaches. See photos and features

26 Jul, 2021, 10:22AM | Livemint

Indian Railways in an attempt to reduce the number of incidents of fire breaking out in railway coaches has developed new fire-retardant coach which will help in reducing such incidents. Indian Railways' coach manufacturing unit, Tthe Rail Coach Factory (RCF) Kapurthala has developed five coaches using fire-retardant materials and roof-mounted air conditioning package units with reverse cycle feature for heating arrangements besides automatic smoke detection. MORE FROM THIS SECTIONSee All Premium Premium India reports 39,361 new Covid-19 cases, 416 deaths in .... Premium Premium Medium intensity earthquakes hit Delhi, Hyderabad today .... Premium Premium Himachal Pradesh landslide: Minutes before her death, d .... Premium Premium Delhi unlocking: From Metro to cinema halls, here are n .... With the new modifications made in the coachs it will ensure that passengers stay safe from any kind of fire accidents on trains. RCF General Manager Ravinder Gupta said on Sunday that after monitoring of performance, further proliferation would be carried out in other coaches. Also Read: How Railways is giving Rajdhani Express a makeover with modern Tejas coaches An automatic smoke detection system The automatic smoke detection system, improved materials for electrical fittings and fixtures such as MCB (Miniature Circuit Breaker), light fittings, terminal boards, connectors, etc., are now being used progressively. Fire retardant material is used in coach furnishing while fire extinguishers are now installed in rail coaches for passengers safety. View Full ImageImproved materials have been used for electrical fittings and fixtures such as MCB (Miniature Circuit Breaker), light fittings, terminal boards, connectors Share Via Roof Mounted AC Package units TRENDING STORIESSee All Premium Tatva Chintan IPO: Share allotment today. How to check .... Premium Day trading guide for Monday: 5 stocks to buy or sell t .... Premium Bitcoin inches towards $40,000, ether, dogecoin also su .... Premium Gold price discounts in India jump to nearly highest in .... For improving fire safety in LHB Air Conditioned coaches, RCF has now started providing Roof Mounted AC Package units (RMPUs) with reverse cycle feature for heating arrangement. Presently, these RMPU’s are provided with resistance-based heating coil for heating purpose which is prone to fire safety hazard in coaches. With Reverse cycle feature, no such heating element is required and the same refrigerant circuit can be used for heating inside the coach during winter season in reverse mode. This feature will not only improve efficiency but will enhance passenger safety as well. It needs mention that RCF was the first unit over Indian Railways to manufacture first AC coach with roof mounted AC unit on 31 October 1992. Roof Mounted Package Unit maintains temperature and humility to the comfort level inside the air conditioned coaches. This unit has many advantages over other air conditioners. These are maintenance and installation friendly to save time. Structure of this air conditioner is made of stainless steel grade 304 which protects it against odd weather. The package unit is of 7 ton capacity with heating capacity of 6kW. Currently 5 coaches are being provided with this feature & after monitoring of performance, further proliferation will be carried out . Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

China’s SMEs confidence slipped, recovery showed signs of weakness in July

26 Jul, 2021, 10:08AM | Economic Times

China’s economy continued its stable pace of recovery in July, though there were some signs of weakness as property sales slumped, small business confidence slipped and the stock market fell. That’s the outlook from Bloomberg’s aggregate index of eight early indicators, which remained unchanged in expansionary territory in July for the third consecutive month. Solid Recovery The economy’s V-shaped rebound has steadied recently and showed more balance as consumer spending picked up. Officials expect a stable recovery in the second half of the year, but have also warned of downward pressures on growth, including a likely slowdown in trade. Easing Factory Inflation For now, global demand remains strong. South Korean exports, a barometer of world trade, rose by one-third in the first three weeks of July, a sign that virus variants have yet to be a major drag on demand. There were also positive signs for China’s factory-gate inflation, with Bloomberg’s price tracker easing in July from its highest level on record in June, suggesting government steps to boost supply of some commodities and stabilize their prices began to have an effect. Real estate sales cooled in July after the government embarked on a wave of steps to curb surging prices, while car sales stayed muted. Cautious Small Businesses Confidence among small and medium-sized enterprises slipped in July, according to a survey of more than 500 companies by Standard Chartered Plc ., with both the “current performance” and “expectations” sub-indexes moving lower, suggesting that SMEs ’ underlying momentum turned weaker entering the third quarter. “The slowdown was more pronounced for SMEs in the manufacturing sector,” Standard Chartered economists Hunter Chan and Ding Shuang wrote in the report. “Softer domestic demand weighed on sales and production for domestically focused SMEs.” The services industry continued to recover, with both performance and the profitability outlook improving, they wrote. The official purchasing manager indexes for manufacturing and non-manufacturing industries will be released next week, and are expected to be largely unchanged from June, suggesting a steady expansion in the economy. Early Indicators Bloomberg Economics generates the overall activity reading by aggregating a three-month weighted average of the monthly changes of eight indicators, which are based on business surveys or market prices. Major onshore stocks: CSI 300 index of A-share stocks listed in Shanghai or Shenzhen (through market close on 25th of the month) Total floor area of home sales in China’s four Tier-1 cities (Beijing, Shanghai, Guangzhou and Shenzhen) Inventory of steel rebar, used for reinforcement in construction (in 10,000 metric tons). Falling inventory is a sign of rising demand Copper prices: Spot price for refined copper in Shanghai market (yuan/metric ton) South Korean exports: South Korean exports in the first 20 days of each month (year-on-year change) Factory inflation tracker: Bloomberg Economics created a tracker for Chinese producer prices (year-on-year change) Small and medium-sized business confidence: Survey of companies conducted by Standard Chartered Plc Passenger car sales: Monthly result calculated from weekly average sales data released by the China Passenger Car Association

Stocks to watch: RIL, ITC, Tata Motors, ICICI Bank, JSW Steel, YES Bank

26 Jul, 2021, 08:53AM | Business Standards

Nifty futures on Singapore Exchange traded 106 points lower at 15,748, indicating a gap-down start for the benchmark indices on Monday. Here are the top stocks to track in today's session: Results Today: Axis Bank, DLF, L&T, SBI Life, Tata Motors, and Vedanta are among the 43 companies slated to report their Q1 results today. Due to a disrupted April-June quarter (Q1FY22) amid the second wave of Covid-19, analysts expect L&T’s net profit to decline up to 60 per cent sequentially. Besides, Q1FY22 also saw a further rise in commodity prices, leading to further aggravation of pressure on gross margins. READ HERE Meanwhile, analysts believe Tata Motors could report a net loss of up to Rs 2,010 crore in Q1FY22 due to subdued sales and commodity cost pressures. READ HERE RIL: Mukesh Ambani-led Reliance Industries (RIL) reported a consolidated net profit of Rs 12,273 crore for the three months ended June 30, 2021 (Q1FY22), down 7.2 per cent from Rs 13,233 crore posted in the same period last year (Q1FY21). However, last year's June quarter profit included an exceptional gain of Rs 4,966 crore. This will mean a 48.4 per cent growth in adjusted profit after tax over last year's Rs 8,267 crore. ICICI Bank: The private sector lender reported a 78 per cent YoY rise in standalone net profit at Rs 4,616 crore for June quarter compared with Rs 2,599 crore in the same quarter last year. ITC: The company reported a 28.6 per cent YoY growth in standalone profit at Rs 3,013.5 crore for Q1FY22, partly driven by low base in the year-ago quarter. Ceat: Tyre major Ceat is aiming at increasing production capacity to around 1,400 tonne a day over the next 18 months as it looks to cater to the enhanced demand in both domestic and export markets, a top company official said. JSPL: JSPL on Sunday announced it has received a revised offer of Rs 7,401 crore from Worldone Private Limited for divestment of its subsidiary company Jindal Power Limiter (JPL). Jindal Steel and Power Limited (JSPL) had earlier announced accepting a Rs 3,015-crore offer from Worldone Private Limited to divest 96.42 per cent stake it holds in the subsidiary company JPL. MCX: Leading commodity bourse MCX has posted a 29.47 per cent YoY drop in its consolidated net profit at Rs 39.80 crore in the first quarter of the current fiscal. The company had clocked a net profit of Rs 56.43 crore in the same quarter previous fiscal. Cipla: Drug major Cipla is recalling 7,228 bottles of Solifenacin Succinate tablets, a medicine used to treat overactive bladder, in the US market due to manufacturing issues. IndusInd Bank: It is planning to raise up to Rs 30,000 crore through a mix of equity and debt to fund its business growth. Shakti Pumps: Shakti Pumps (India) on Saturday reported a 120 per cent YoY growth in consolidated profit after tax (PAT) during the April-June quarter to Rs 7.29 crore compared to Rs 3.31 crore in the same period of 2020-21. Raymond: Fabric and apparel manufacturer Raymond on Saturday said it has appointed S L Pokharna, President, Group Commercial and Supply Chain, on its board as a non-executive director. Ambuja Cement: The company reported nearly two-fold jump in consolidated net profit to Rs 1,161.16 crore in the quarter ended on June 30 backed by strong growth in volumes and efficiency gains. Yes Bank: The private sector lender reported a sharp increase in its June quarter net profit at Rs 203.76 crore on a consolidated basis, as against Rs 34.05 crore in the year-ago period, as the private sector lender's asset quality issues subsided. Jubilant Pharmova: Its consolidated net profit stood at Rs 160.49 crore for the quarter ended June 30, 2021. The company had posted a net profit of Rs 35.39 crore for the year-ago period. Revenue from continuing operations stood at Rs 1,634.65 crore in the quarter under review. It was Rs 1,156.07 crore in the same period a year ago. United Spirits: Diageo-controlled liquor maker United Spirits reported a consolidated net profit of Rs 50.3 crore for the quarter ended June 2021, helped by double-digit growth in sales. The company had posted a net loss of Rs 246.6 crore in the April-June period a year ago. SBI Card: SBI Cards and Payment Services Ltd (SBI Card) reported a 22 per cent YoY decline in net profit to Rs 305 crore in the first quarter ended June 30 due to higher delinquencies. Total income of SBI Card during the quarter rose to Rs 2,451 crore as against Rs 2,196 crore a year ago. Indian Bank: State-owned Indian Bank on Friday declared Lanco Infratech and Basundhara Green Power as fraud accounts with a total outstanding balance of over Rs 589 crore. JSW Steel: The company posted a consolidated net profit of Rs 5,900 crore for June quarter 2021-22, mainly on account of higher income. In the year-ago period, the company reported a consolidated net loss of Rs 582 crore, JSW Steel said in a BSE filing. Further, the company will make strategic investment of Rs 750 crore in JSW Paints in 3-4 tranches between FY22-FY25. Tata Steel BSL: The company appointed Pratik Chatterjee as the Chief Financial Officer effective July 23. NTPC: The company commissioned 800-MW Unit-2 of Darlipali Thermal power project.

Market Ahead Podcast, July 26: Top factors that could guide markets today

26 Jul, 2021, 08:15AM | Business Standards

Ongoing earnings season, global trends and US Fed policy meeting will guide the markets this week, believe analysts. Besides, volatility could remain high in the market due to the scheduled derivatives expiry of July month contracts, they said. The domestic markets had ended the holiday-shortened last week 0.4 per cent lower, bogged down by the concerns over economic recovery and delta variant of Covid. Although strong Q1 earnings helped cap losses. This week too, the earnings season will be in full swing with nearly 400 companies slated to post their quarterly performance, including some of the prominent names like Axis Bank, Kotak Bank, L&T, Tata Motors, Maruti, Colgate, Tech Mahindra, BHEL, IOC, Sun Pharma and Indigo. Furthermore, investors will keep a close watch on the US Federal Reserve's monetary policy meeting scheduled for July 27-28. While there is no change in policy expected, more discussion and clarity on tapering is likely. That said, there will be no dearth of action in the primary market with two initial public offers lined up this week. The IPO by Glenmark Lifesciences will open between July 27-29. The issue priced at Rs 695-720 per share looks to raise Rs 1500 crore. Another IPO, this one by Rolex Rings will run between July 28-30 and comprises fresh issue of Rs 56 crore and an offer for sale of up to 75 lakh shares. Meanwhile, the country's Covid caseload is receding but the fears of a third wave and the spread of Delta and Delta plus variant loom. Investors will continue to keep a close track of Covid-19 trends. Lastly, FII flows, oil price movement and the rupee's trajectory versus the US dollar can also sway market mood. And now, let's take a look at the trade setup for today. Asian shares struggled to rally in early trade as super-strong US earnings sucked funds out of emerging markets and into Wall Street. Nasdaq futures were up 0.1 per cent in early trade while S&P500 futures were steady. Japan's Nikkei bounced 1.6 per cent in early trade but was off a seven-month low. Hong Kong dropped about 2 per cent, South Korea's Kospi was down 0.3 per cent and Australia’s S&P/ASX 200 index increased 0.2 per cent. Apart from global cues, the Street would also react to the Q1 earnings by RIL, ITC and ICICI Bank among others in early trade today. Around 7.50 am, SGX Nifty was down 85 points at 15,770, indicating a weak start for benchmark indices. In stock-specifc action, Axis Bank, DLF, L&T, SBI Life, Tata Motors, and Vedanta are among the 43 companies slated to report their Q1 results today. Due to a disrupted April-June quarter (Q1FY22) amid the second wave of Covid-19, analysts expect L&T’s net profit to decline up to 60 per cent sequentially. Besides, Q1FY22 also saw a further rise in commodity prices, leading to further aggravation of pressure on gross margins. Meanwhile, analysts believe Tata Motors could report a net loss of up to Rs 2,010 crore in Q1FY22 due to subdued sales and commodity cost pressures. Further, Mukesh Ambani-led Reliance Industries reported a consolidated net profit of Rs 12,273 crore for the three months ended June 30, 2021 (Q1FY22), down 7.2 per cent from Rs 13,233 crore posted in the same period last year (Q1FY21). However, last year's June quarter profit included an exceptional gain of Rs 4,966 crore. This will mean a 48.4 per cent growth in adjusted profit after tax over last year's Rs 8,267 crore. ICICI Bank reported a 78 per cent YoY rise in standalone net profit at Rs 4,616 crore for June quarter compared with Rs 2,599 crore in the same quarter last year. ITC reported a 28.6 per cent YoY growth in standalone profit at Rs 3,013.5 crore for Q1FY22, partly driven by low base in the year-ago quarter.

Stocks to Watch: Adani Transmission, ITC, ICICI Bank, RIL, JSPL, SBI Card

26 Jul, 2021, 08:02AM | Livemint

MUMBAI: Axis Bank, Vedanta, Tata Motors, Sun Pharma, SBI Life Insurance, Kotak Mahindra Bank, Alembic Pharma, and DLF, among other companies will be reporting their Q1 result today. Adani Transmission: The company’s distribution arm, Adani Electricity Mumbai Ltd, has raised $300 million in sustainability-linked bonds (SLBs) as part of its $2 billion Global Medium-Term Notes programme (GMTN), the firm said on Friday. MORE FROM THIS SECTIONSee All Premium Premium Two IPOs open this week. Latest GMP, dates, issue price .... Premium Premium ESAF SFB refiles DRHP to raise Rs998 crore via IPO Premium Premium Rolex Rings IPO: GMP, price band, date, other details here Premium Premium Markets likely to be volatile; Vodafone, Axis Bank, Tat .... Federal Bank: The lender reported a standalone net profit of ₹367.3 crore, down 8.3% from ₹400.7 crore in the corresponding quarter of the previous fiscal. The bank's net interest income (NII) rose 9.4% to ₹1,418 crore as against ₹1,296 crore year-on-year (YoY). Indian Oil: The state-owned oil marketing company plans to build the country’s first green hydrogen plant at its Mathura refinery. This push for the new age emission free fuel comes at a time when India, the world’s third-largest oil importer, is recalibrating its energy sourcing playbook keeping its strategic and economic interests in mind. IndusInd Bank: The lender plans to raise up to ₹30,000 crore through a mix of equity and debt to fund its business growth. The bank's board approved a proposal for raising funds through debt securities or equity instruments or convertible debt securities in any permitted mode such as Qualified Institutional Placement or American Depository Receipts or Global Depository Receipts, it said in a BSE filing. ICICI Bank: The lender reported a 78% increase year-on-year in standalone net profit to ₹4,616 crore for the quarter ended June 30, 2021 owing to higher net interest come and lower provisions. The net profit stood at ₹2,599 crore in the corresponding quarter last fiscal. According to Bloomberg analysts, net profit was estimated at ₹4,362 crore in the Apr-Jun quarter. ITC: The cigarette-to-hotel conglomerate posted a 28.6% year-on-year (y-o-y) jump in standalone profit for the three months ended 30 June—coming below street expectations. A Bloomberg poll of 12 analysts had forecast a net profit of ₹3,253.9 crore, while 11 analysts estimated ITC to report standalone revenue of ₹11,572 crore. Jindal Steel and Power: The domestic metals and mining company has revised the divestment plan of its subsidiary Jindal Power Ltd (JPL) and has offered a revision from Worldone, a promoter entity, after its initial offer in May drew flak from a section of investors who cited low valuation of the deal and related party nature of the transaction as contentious issues, the company said on Sunday. MINT PREMIUM See All Premium Before you invest in NPS, understand its risks, liquidity and cost Premium What to watch this week: US Fed meet, L&T, Axis Bank earnings Premium In a final bid for funds, Vi promoters might dilute holdings Premium The troubles of Bharat Biotech’s US partner is bad news for India’s pharma industry JSW Steel: India’s most valuable steelmaker, reported a record profit of ₹5,900 crore for the fiscal first quarter amid a surge in the prices of the alloy. The company had reported a loss of ₹582 crore in the corresponding quarter of the previous year. The company’s board has approved a strategic investment of approximately ₹750 crore in JSW Paints Pvt. Ltd in 3-4 tranches between FY 2021-22 to FY 2024-25. RIL: The company on Friday said its fiscal first-quarter profit fell 7.25% as the second wave of covid-19 impacted businesses. Profit fell to ₹12,273 crore for the quarter to June from ₹13,233 crore a year ago. Revenue from operations rose 58% to ₹1.44 trillion from ₹91,238 crore a year ago. A Bloomberg survey of analysts estimated a consolidated net profit of ₹13,022.90 crore on net sales of ₹1.47 trillion. SBI Cards and Payment Services: The company has restructured credit card dues of ₹258 crore in the June quarter under the second leg of Reserve Bank of India’s (RBI's) debt recast scheme and has since seen a reduced inflow of requests, chief executive officer (CEO) Rama Mohan Rao Amara told analysts. Telecom stocks: Pronouncing its judgment on Bharti Airtel and Vodafone Idea's pleas seeking direction for correction of errors in adjusted gross revenue (AGR) calculation on Friday, the Supreme Court (SC) dismissed the applications of the two telecom companies for the recomputation of AGR dues demanded by the Department of Telecommunication (DoT). Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Markets LIVE Updates: Sensex above 53K mark, Nifty above 15,850; pharma gains

26 Jul, 2021, 07:36AM | Livemint

Benchmark Indian equity indices gained 0.15% after opening flat on Monday. ICICI Bank witnessed profit taking, opening in red after a strong Q1. Meanwhile, broader Asian markets opened on a positive note amid China's continuing crackdown on its tech giants and ahead of a key Fed meeting this week. Axis Bank, Tata Motors, Sun Pharma, SBI Life Insurance, Kotak Mahindra Bank, among other companies will be reporting their Q1 result today. 26 Jul 2021, 11:58:33 AM IST Centre eyes zero-rated GST compensation: report *Centre may introduce for zero rated GST compensation for states*Not in favour of GST compensation period beyond five years-CNBCTV18 Share Via 26 Jul 2021, 11:48:04 AM IST Max Bupa Health Insurance rebranded as Niva Bupa Max Bupa Health Insurance will be rebranded as Niva Bupa Health Insurance owing to a change in shareholding pattern. With the exit of Max India and the entry of private equity firm True North, Max Bupa needed to create a new brand identity. All changes around the brand transition will likely reflect by year-end. (Read here) Share Via 26 Jul 2021, 11:30:51 AM IST Govt not keen on incentives for Tesla: report The government is not in favour of doling out incentives to fully built-up imported cars, Moneycontrol.com reported officials familiar with the matter. This comes a day after Tesla founder Elon Musk in a tweet highlighted India's steep duties on import of his company's cars. Share Via 26 Jul 2021, 11:30:51 AM IST Zomato shares continue to extend gains a day after stellar debut Zomato share price continued to extend gains on the second day on Monday after India's first unicorn to go public made a strong debut on the stock exchanges on Friday. Shares of Zomato were trading over 2.5% higher on the BSE at ₹129 per share in early deals. Its market capitalization remained above the ₹1 lakh crore mark which it had crossed soon after listing, making it one of the top 50 most valuable publicly traded firms in India. (Read here) Share Via 26 Jul 2021, 11:20:52 AM IST SBI Card gains SBI Cards and Payment Services' stock was trading at ₹1,006.60 each, up 5.18% at 11:20 am. The company has restructured credit card dues of ₹258 crore in the June quarter under the second leg of Reserve Bank of India’s (RBI's) debt recast scheme and has since seen a reduced inflow of requests, chief executive officer (CEO) Rama Mohan Rao Amara told analysts. (Read here) NSE BSE listElement-graph-11627278647484-225051 listElement-graph-11627278647484-225051 Share Via 26 Jul 2021, 10:59:27 AM IST United Spirits back in black in Q1, posts net profit at ₹69.1 cr Diageo-controlled liquor maker United Spirits Ltd on Friday swung back in profit as the firm posted a standalone net profit of ₹69.1 crore year-on-year (YoY) in the quarter ended 30 June, 2021. It has posted a net loss of ₹251 crore in the year-ago period. The total income of the company for the June quarter was also up almost 59% to ₹6,073 crore as against ₹3,829 crore in the year-ago period. NSE BSE listElement-graph-11627277322739-132432 listElement-graph-11627277322739-132432 Share Via 26 Jul 2021, 10:50:46 AM IST Arvind Fashions gains The company's stock was trading at ₹219.90, up 11.57% at 10:48 am. The company's unit, apparel retailer Arvind Lifestyle Brands Limited (ALBL), on Thursday announced that it has signed a definitive agreement to sell its value-fashion retail chain Unlimited to retailer V-Mart Retail Ltd., for an estimated Rs150 crore in an all-cash transaction. (Read here) NSE BSE listElement-graph-11627276845862-293665 listElement-graph-11627276845862-293665 Share Via 26 Jul 2021, 10:43:37 AM IST Ambuja's Q2 earnings were good, but not enough to allay growth concerns Ambuja Cement Ltd reported robust operating performance in the June quarter. Akin to peers ACC Ltd and Ultratech Cement Ltd, its Ebitda at ₹960 crore, up 61% year-on-year, beat analysts' expectations, driven by better-than-anticipated realisations and lower costs. Ebitda is short for earnings before interest, tax, depreciation and amortization. (Read here) NSE BSE listElement-graph-11627276417013-132174 listElement-graph-11627276417013-132174 Share Via 26 Jul 2021, 10:39:24 AM IST Nifty commentary: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments "The markets seem to be very lethargic! We have been trading in this range since a very long time. 15,400-15,900 continues to remain the lack luster zone for the Nifty and until we do not get past either ends, we will not see a meaningful move. The technical charts still suggest a positive bias and hence dips or corrections which take the markets closer to the lower end of the range can be utilized to accumulate long positions for higher targets." Share Via 26 Jul 2021, 10:38:05 AM IST Auto, banks, financials drag View Full ImageNifty sectoral indices Share Via 26 Jul 2021, 10:19:11 AM IST Rupee slips 4 paise to 74.44 against US dollar in early trade Share Via 26 Jul 2021, 10:09:15 AM IST Sun Pharma gains Sun Pharma's stock was trading at ₹699.40 each, up 0.78% at 10:07 am. Sun Pharma, Cassiopea SpA have signed a licence and supply agreements for Winlevi in US and Canada. The US FDA approved Winlevi as a novel drug for the topical treatment of acne in patients 12 years and older. NSE BSE listElement-graph-11627274270808-124715 listElement-graph-11627274270808-124715 Share Via 26 Jul 2021, 10:05:13 AM IST Vodafone Idea gains Vodafone Idea's stock was trading at ₹8.39 each, up 0.36% at 10:03 am. Vodafone Group Plc and Aditya Birla Group may cede control of Vodafone Idea Ltd (VIL) if a strategic investor wants to take control of the telco, according to a Mint report. (Read here) NSE BSE listElement-graph-11627274112428-132822 listElement-graph-11627274112428-132822 Share Via 26 Jul 2021, 10:02:33 AM IST Active covid-19 cases in country increase to 4,11,189: govt Share Via 26 Jul 2021, 09:39:09 AM IST JSPL gains JSPL' s stock was trading at ₹413.35 apiece, up 3.92% at 9:37 am. The domestic metals and mining company has revised the divestment plan of its subsidiary Jindal Power Ltd (JPL) and has offered a revision from Worldone, a promoter entity, after its initial offer in May drew flak from a section of investors who cited low valuation of the deal and related party nature of the transaction as contentious issues, the company said on Sunday. (Read here) NSE BSE listElement-graph-11627272520124-132286 listElement-graph-11627272520124-132286 Share Via 26 Jul 2021, 09:39:10 AM IST JSW Steel trades lower The company's stock was at ₹712.25 apiece, down 0.72% at 9:35 am. The company reported a record profit of ₹5,900 crore for the fiscal first quarter amid a surge in the prices of the alloy. The company had reported a loss of ₹582 crore in the corresponding quarter of the previous year. (Read here) NSE BSE listElement-graph-11627272383672-100228 listElement-graph-11627272383672-100228 Share Via 26 Jul 2021, 09:29:55 AM IST Delhi Unlock effect: PVR gains The multiplex operator's stock was trading at ₹1,396.80, up 5.95% at 9:28 am. The Delhi government has allowed cinema halls, theatres and multiplexes to open with 50% seating capacity. (Read here) NSE BSE listElement-graph-11627271994460-132689 listElement-graph-11627271994460-132689 Share Via 26 Jul 2021, 09:26:57 AM IST Market opening The Sensex opened at 52,985.26, up 9.46 points or 0.02%, while the Nifty was at 15,849.30, down 6.75 points or 0.04%. Metals were in green at market opening. ITC, Sun Pharma, ICICI Bank, and 15 other stocks opened in green, while Nestlé India, Kotak Mahindra Bank, HDFC Bank, and nine other stocks opened in red. View Full ImageSensex at open Share Via 26 Jul 2021, 09:08:53 AM IST Market pre-opening At pre-open, the Sensex was at 53,047.91, up 72.11 points, or 0.14%, while Nifty was at 15,856.05, up 32.00 points, or 0.20%. View Full ImageSensex pre-open Share Via 26 Jul 2021, 09:06:17 AM IST Domino's partners Revolt Motors for transition to e-bikes Rattan India Enterprises-backed electric motorcycle manufacturer Revolt Motors is collaborating with Pizza restaurant chain Domino's to replace the latter’s current fleet of petrol bikes into electric ones. Share Via 26 Jul 2021, 08:49:43 AM IST In a final bid for funds, Vi promoters might dilute holdings Vodafone Group Plc and Aditya Birla Group may cede control of Vodafone Idea Ltd (VIL) if a strategic investor wants to take control of the telco, according to a Mint report. (Read here) Share Via 26 Jul 2021, 08:37:25 AM IST Market outlook Markets are likely to be volatile on Monday while trends in SGX Nifty suggest a weak opening. On Friday, the BSE Sensex ended at 52,975.80, up 138.59 points or 0.26%. The Nifty closed at 15,856.05, up 32 points or 0.20%. (Read here) Share Via 26 Jul 2021, 08:17:24 AM IST Petrol, diesel prices today remain unchanged. Latest rates in Delhi, Mumbai, other cities Petrol and diesel prices were kept unchanged for the ninth consecutive day on Monday, however, remained at the record high levels. Petrol is retailing at ₹101.84 in Delhi, whereas diesel at ₹89.87. In India's financial capital Mumbai, petrol is being sold at ₹107.83 per litre, whereas diesel has reached ₹97.45 per litre. In Kolkata, petrol prices stand at ₹102.08 per litre and diesel prices at ₹93.02 per litre. In Chennai, petrol prices at ₹102.49 per litre; diesel prices – ₹94.39 per litre. (Read here) Share Via 26 Jul 2021, 08:03:24 AM IST Stocks to Watch Adani Transmission, ITC, ICICI Bank, RIL, JSPL, SBI Card, among other stocks may remain in focus today. (Read here) Share Via 26 Jul 2021, 07:49:01 AM IST Bitcoin inches towards $40,000, ether, dogecoin also surge. Cryptocurrencies continued to gain with the world's largest crypto inching towards the $40,000 level after comments from Ark Investment Management LLC’s Cathie Wood and Tesla Chief Executive Officer (CEO) Elon Musk helped boost its momentum. Bitcoin prices rose as much as 15% to $$39,544 over the last 24 hours, as per CoinDesk. The token climbed above its 50-day moving average over the weekend. (Read here) Share Via 26 Jul 2021, 07:36:23 AM IST Asian stocks open higher Most Asian stocks rose early Monday after US shares rallied to an all-time high on corporate earnings, though traders are also mulling China’s technology-sector crackdown and an upcoming Federal Reserve meeting. Japan jumped after reopening from a two-day holiday, Australia edged up and South Korea fluctuated. Futures slid in Hong Kong, where an index offering exposure to China’s internet giants is the world’s worst-performing major tech gauge. Beijing’s latest tightening is a reform of its $100 billion education tech sector, undermining one of China’s hottest investment plays in recent years.S&P 500 futures slipped 0.2% as of 9:25 a.m. in Tokyo. The S&P 500 rose 1%Nasdaq 100 futures rose 0.1%. The Nasdaq 100 climbed 1.2%Japan’s Topix index added 1.7%%Australia’s S&P/ASX 200 increased 0.2%South Korea’s Kospi index fell 0.2%Hang Seng Index futures fell 0.8% earlierSGX Nifty was down 0.51% Share Via Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Here come the miners, with record profits & blockbuster dividends

26 Jul, 2021, 02:00AM | Business Standards

The world’s biggest mining companies are about to start revealing how much cash they’re churning out from this year’s commodity boom. Look out for record profits followed by eye-watering dividend payouts. The top-five western diversified miners may have earned a combined $85 billion for the first half of the year, according to analyst estimates, more than double the level from a year ago. Rio Tinto Group, the first to report on Wednesday, is expected to announce $22 billion of profit for the six months, on a par with its total for all of 2020. The mining sector has been one of the biggest beneficiaries from the world’s efforts to emerge from the pandemic. The trillions of dollars poured into recovery packages have ignited demand for commodities like steel, iron ore and aluminum, driving prices sharply higher and sending inflation pressures rippling through the global economy. And while previous rallies lured the industry into ambitious investment plans to build and expand mines, many producers this time appear content to return their profit windfalls to investors. The two biggest — Rio and larger rival BHP Group — have already been funneling record returns to shareholders. Each of the group of five majors — which also includes Glencore Plc, Anglo American Plc and Vale SA -- are expected to report their biggest-ever earnings for the six months through June, according to average analyst estimates compiled by Bloomberg. Rio could pay out 60 per cent of its underlying earnings, according to some analysts. “This should be a pretty much stellar set of results all round,” said Ben Davis, an analyst at Liberum Capital. “We’re expecting record dividends from BHP and Rio, while Anglo and Glencore also have the potential to surprise.” Iron ore has been a big driver of profit for the largest producers. The world’s biggest commodity after oil hit a record in the first-half, and has spent the last three months hovering around $200 a ton, a level not seen in a decade. Steel and copper prices both set fresh records this year, thermal coal has also soared, and even diamonds have had a resurgence. Some prices have retreated recently amid concerns about rising Covid-19 cases and as China moves to curb rising costs. Yet commodity prices across the board remain historically high for now. US copper miner Freeport-McMoRan Inc. gave a hint of what to expect when it reported last week. The company has wiped out $5 billion of debt in the last 12 months, hitting its target months ahead of schedule, and setting the stage for an increase in shareholder returns. For the iron ore miners such as Vale, BHP and Rio, it promises to be even better. Demand for the steelmaking ingredient, especially from China, is rampant and supply is constrained. China, which accounts for about half of global steel production, is making a record amount of the metal, while iron ore supply has never recovered from two dam disasters in Brazil. Of course, the mining companies are not immune to inflation themselves —iron ore operations in Australia are grappling with a sharp rise in labour costs due to worker shortages. And governments in resource-rich countries, especially in Latin America, are also looking at the industry as a source of extra revenue after the commodities rally. For now though, the miners are cashing in.

J&K leads in power losses in India; Delhi the best performer

26 Jul, 2021, 01:00AM | Livemint

Utilities in the Union territory of Jammu and Kashmir (J&K) reported the highest losses among power distribution entities in India, while some in the east and the northeast also incurred high losses, underscoring the lack of power sector reforms in these markets. However, 15 state power distribution companies (discoms) in Andhra Pradesh, Gujarat, Tamil Nadu, Karnataka, Uttar Pradesh, West Bengal, Manipur and Madhya Pradesh narrowed their losses by more than 10% in 2019-20. Delhi clocked the lowest loss among discoms. MORE FROM THIS SECTIONSee All Premium Premium Uniqlo eyes 15% sales via e-commerce in India Premium Premium Reliance Industries to start gas production from MJ fie .... Premium Premium Telugu film ‘Ishq’ will be released in theatres on 30 July Premium Premium ICICI bank Q1 net profit rises, asset quality worsens However, the narrowing of India’s gap between the cost of electricity bought (average cost of supply, or ACS) and supplied (average realizable revenue, or ARR) to 28 paise per unit in 2019-20 led to a fall in discom losses by more than a third to ₹38,000 crore from ₹61,360 crore in FY19, according to government data. J&K recorded aggregate technical and commercial (AT&C) losses of 60.5% in the year ended March 2020. The high loss figure of J&K was followed by Nagaland (52.9%), Arunachal Pradesh (45.7%), Bihar (40.4%) and Tripura (37.9%). Also, the ACS and ARR gap is the highest in Nagaland ( ₹5.62 per unit), followed by Arunachal Pradesh ( ₹4.92 per unit), J&K ( ₹1.85 per unit), Meghalaya ( ₹1.80 per unit) and Tamil Nadu ( ₹1.27 per unit). While Delhi clocked the lowest discom loss of 10.3%, it was Himachal Pradesh with the least ACS and ARR gap of 0.01 paise per unit. Discoms have traditionally been the weakest link in the electricity value chain, plagued by low collections, rise in power purchase cost, inadequate tariff hikes and subsidy disbursement, and mounting dues from government departments. Experts said states with high discom losses reported limited power sector reforms, leading to this situation. “Utilities in Jammu and Kashmir and the North-East had limited sectoral reforms over the last two decades— around governance, network and technology capital investments, tariff reforms, structured PPP (public-private-partnership) and capacity building. Quality, reliability and customer service is significantly low, which in turn is impacting economic development. Need political will, reforms and investments to bring down financial and commercial losses," said Sambitosh Mohapatra, leader for ESG, energy utilities and resources practice, PwC India. J&K and Ladakh are also part of the Union territory electricity privatization process, with other UTs being Chandigarh, Andaman and Nicobar Islands, Dadar and Nagar Haveli, and Daman and Diu. MINT PREMIUM See All Premium Before you invest in NPS, understand its risks, liquidity and cost Premium What to watch this week: US Fed meet, L&T, Axis Bank earnings Premium In a final bid for funds, Vi promoters might dilute holdings Premium The troubles of Bharat Biotech’s US partner is bad news for India’s pharma industry Meanwhile, the Electricity (Amendment) Bill, 2021, which aims to de-license power supply, allowing multiple distributors in the same area, and giving consumers the option to switch power suppliers, is slated to be introduced in the Lok Sabha during the ongoing monsoon session. As part of the government’s reform push, the cabinet committee on economic affairs (CCEA) last month approved the marquee ₹3.03 trillion power discom reform scheme that has a compulsory smart metering ecosystem component. The reforms-based result-linked power distribution sector scheme to be applicable till 2025-26 aims to reduce India’s AT&C loss to 12-15% from 21.83% in 2019-20, and gradually narrow the deficit between the cost of electricity and the price at which it is supplied to ‘zero’ by 2024-25. “Reduction in the ACS-ARR gap is extremely encouraging, particularly when access in rural areas has improved significantly over the last half a decade. The focus of the central government on smart metering will yield further benefits as the experience has indicated commercial loss reduction in areas where these have been deployed," said Shubhranshu Patnaik, a partner at Deloitte. “The distribution and sub-transmission grid has been in dire need of modernization, and we need a sustained focus on efficiency to create the headroom for capital investments without over-burdening the consumers." Some experts believe the discoms’ financial health weakened last fiscal amid the pandemic with the demand load shifting to homes, resulting in lower realizations. This has since recovered, with India’s peak power demand recording a high of 200-gigawatt (GW). India has an installed power generation capacity of 383.373GW. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! Stay connected and informed with Mint. Download our App Now!!

India Inc skids on high oil prices as second covid wave ebbs

25 Jul, 2021, 11:50PM | Livemint

India is gradually emerging from the wreckage of the second covid-19 wave, but one metric is still causing discomfort: crude oil. So far in 2021, Brent crude prices have increased as much as 43% to touch $74 a barrel. India imports most of its crude oil requirements, and higher crude prices have a negative influence on the country’s current account deficit (CAD) and inflation. “For every $10 rise in oil prices, the current account deficit widens by roughly 0.4% of India’s gross domestic product (GDP), with the full impact to be partly offset by the slower rebound in consumption this year," said Radhika Rao, a senior economist at DBS Bank. Exports, though, will come to the rescue here. As Rao points out, “Pick-up in imports in FY22 due to better economic activity post the second wave is expected to swing the current account balance back to modest red, even as stronger exports will limit the extent of deterioration." MORE FROM THIS SECTIONSee All Premium Premium SBI Cards experiences pressure on spends, but asset qua .... Premium Premium A space company’s Wall Street launch misfires Premium Premium Public investors bet big on Zomato’s potential, putting .... Premium Premium UK financial watchdog FCA warns consumers over CoinBurp .... “We are forecasting Brent crude to trade within a narrow band between $70-75 per barrel over the next six months as Opec+ keeps a lid on its oil supply," said Darren Aw, Asia economist, Capital Economics. Opec is Organization of the Petroleum Exporting Countries. View Full ImageOil on the boil Share Via Higher crude prices are bad news to most companies that are facing a pause in the recovery momentum that was seen after last year’s lockdown had eased. Here are the implications. Aviation: Aviation turbine fuel forms a huge chunk of the operating costs of airlines and, therefore, stronger crude hurts profitability. In July 2020, Brent crude prices had averaged at $43 per barrel. So far in July this year, prices have averaged at $74 per barrel. However, passenger load factors aren’t enough to compensate for the jump in costs. InterGlobe Aviation Ltd’s investors, though, aren’t perturbed. The stock is 15% above pre-covid highs seen in early 2020 despite InterGlobe’s consolidated net worth decreasing to ₹111 crore at the end of FY21 from ₹5,880 crore a year ago. Investors are cognizant of its strong balance sheet and market leadership. On the other hand, smaller peer SpiceJet Ltd’s stock is 33% below its pre-covid highs. Automobiles: Higher crude prices translate to higher petrol and diesel prices, posing an inflationary risk to consumer demand. As Basudeb Banerjee, an auto analyst at Ambit Capital, said: “Transportation costs increase meaningfully by ~10% considering almost 40-45% of a trucker’s cost is fuel. This means freight rates need to increase as well, which is not easy in the current environment. Against this backdrop, it is quite likely that truckers are incurring losses, and this may not augur well for commercial vehicles’ demand in the near term." “On the other hand, passenger cars’ demand won’t be impacted much owing to higher oil prices as the cost inflation gets subsumed under the need for health safety during the pandemic," Banerjee added. The impact of higher crude prices on two-wheeler demand, though, is small. MINT PREMIUM See All Premium Vodafone faces an existential question after SC ruling Premium Sensex opens marginally lower; L&T and Bajaj Finance top losers Premium Bajaj Auto exports its way out of a slump Premium Carlyle may not play ball in contentious deal for PNB Housing Cement: Higher crude prices have an adverse impact on cement firms as petcoke prices rise. Freight costs, too, typically increase and, in turn, hurt margins. Power and fuel expenses account for 25-30% of the sector’s total operating cost. Paint: Higher crude prices are not desirable for paint companies as a large share of their input costs are crude-linked. Asian Paints Ltd’s June quarter results reflect this. “The margin picture is no longer as rosy," said analysts at JM Financial Institutional Securities Ltd. In a 20 July report, the broker said, “Price hikes have just been around 4% year-to-date FY22 despite gross margin having fallen 480 basis points from exit-FY21 level. We have toned down our margin forecasts by 70-90 basis points, but more cuts could follow if selling prices do not catch up soon enough (or input costs do not come off)." One basis point is 0.01%. On the brighter side, a strong demand outlook has supported Asian Paints’ high valuations as consumers spend more time indoors during the pandemic. Consumer: Fast-moving consumer goods (FMCG) firms are likely to bear the brunt of higher crude prices as raw material, and packaging costs increase. Investors should watch the extent of price hikes companies take to protect margins. “While margin gets hit in the short run, this also tends to tilt the balance in favour of bigger organized firms and stronger brands," said an analyst, requesting anonymity. According to Rao, “Higher fuel outgo does pressure households’ spending math, with an increase in allocations towards essentials and the need to ration other discretionary spends." Simply put, with incomes not rising enough and consumers spending more on fuel, demand for consumer discretionary products can get adversely impacted. Oil companies: Producers such as Oil and Natural Gas Corp. Ltd and Oil India Ltd are some of the biggest beneficiaries of higher crude prices as their price realizations improve. However, an unexciting oil production outlook keeps sentiments muted for stocks of these firms. On the other hand, the marketing margins of oil marketing companies get squeezed if retail pump prices are not increased adequately when crude prices rise. To be sure, experts point out that the scenario is not particularly grim for India’s CAD this time around. “Our oil price forecasts are consistent with the CAD averaging at around 1.5% of GDP in FY22/23, much smaller than in FY12/13 when India was on the brink of a balance of payments crisis," said Aw of Capital Economics. Indeed, valuations of shares of many companies in the sectors mentioned above suggest investors have taken the increase in oil prices in their stride. Hereon, as we emerge from the second wave and the pace of vaccinations picks up, all eyes will be glued to the pace of demand recovery. Subscribe to Mint Newsletters * Enter a valid email * Thank you for subscribing to our newsletter. Never miss a story! 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L&T Q1 Preview: Net profit may slide up to 60% QoQ, say analysts

25 Jul, 2021, 06:33PM | Business Standards

L&T Q1 Preview: Due to a disrupted April-June quarter (Q1FY22) amid the second wave of Covid-19, analysts expect India’s largest engineering and construction major Larsen and Toubro’s (L&T’s) net profit to decline up to 60 per cent sequentially. Besides, a slowdown in construction activity would have hit the company’s project execution capabilities, they believe. “We expect Q1FY22 to be a weak quarter in terms of execution and profitability across the EPC (Engineering procurement and construction) and industrials space, as a sharp spike in Covid-19 cases across India, particularly in April-May, impacted execution levels,” said a report by foreign brokerage Nomura. It added: Q1FY22 also saw a further rise in commodity prices (especially steel), compared with Q4FY21, leading to further aggravation of pressure on gross margins. Thus, we expect execution to weaken for EPC companies like L&T from the March quarter of FY21 (Q4FY21). However, the stock price of L&T has seen a strong rally so far in FY22, reflecting the momentum in the order booking and expectation of pick up in project execution going forward. Between April 1 and July 23, the scrip of L&T zoomed nearly 14 per cent on the BSE as against a 7 per cent rally in the benchmark S&P BSE Sensex, ACE Equity data shows. It also hit a record peak of Rs 1,647 apiece on July 22, 2021. Here’s what leading brokerages expect from Q1 results: Nomura The Japan-based brokerage expects L&T’s Ebitda (earnings before interest, tax, depreciation, and amortization) margin to weaken sequentially due to sharp increases in commodity prices. Besides, as Q4FY21 margins were boosted by claim realizations, which have not been sustainable, the brokerage opines profit margins may be weak. In absolute terms, Nomura pegs Ebitda margin at 10.26 per cent, down from 13.29 per cent seen in Q4FY21. On a yearly basis, however, it would be up from 7.62 per cent reported in the previous year period. Sharekhan Analysts here anticipate that core sales, largely driven Infra segment and services revenue, will result in overall sales growth of over 40 per cent year on year at Rs 30,796 crore. In Q1FY21, total revenue stood at Rs 21,260 crore. On a QoQ basis, this would translate into a mid-teen decline from Rs 48,088 crore. “We build in core Ebitda margin at 7 per cent and non-core margins at 17 per cent, resulting in overall Ebitda expansion of 364 bps YoY to 11 per cent,” they said in an earnings preview report. The management's guidance on order inflows and execution would be key monitorables, they added. HDFC Securities At the bottom line level, the brokerage expects L&T’s net profit to decline 56 per cent QoQ to approximately around Rs 1,490 crore, down from Rs 3,293 crore logged in the last quarter of the previous fiscal. However, this would be a 1,987 per cent YoY jump on low base of Rs 135 crore reported in Q1FY21. Kot