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Capsule sized Insights on Indian Share market & Business

BHEL wins maiden order for Battery Energy Storage Systems

Amidst stiff competitive bidding, Bharat Heavy Electricals Limited (BHEL) has won its first commerci

Amidst stiff competitive bidding, Bharat Heavy Electricals Limited (BHEL) has won its first commercial order for state-of-the-art Battery Energy Storage Systems from The Energy and Resource Institute (TERI).

The company has signed a contract agreement with TERI for setting up of a cumulative 410 kWh Battery Energy Storage Systems (BESS) in the National Capital Territory (NCT) of Delhi.

The tender was issued by TERI on turnkey basis under UI-ASSIST (US-India Collaborative for Smart Distribution System with Storage) initiative with BSES Rajdhani Power Limited (BRPL).

BHEL’s scope of work in the contract includes design, supply, testing, installation & commissioning alongwith a comprehensive five-year AMC of the systems at three different locations. The project will be executed by BHEL’s Electronics Division, Bengaluru.

Yes Bank to exit Mutual Fund business, signs Definitive Agreement with subsidiary of White Oak Investment Management

Yes Bank has executed a definitive agreement today for the sale of 100% of the equity sharehold

Yes Bank has executed a definitive agreement today for the sale of 100% of the equity shareholding of YES Asset Management (India) Limited (YESAMC) and YES Trustee Limited (YTL), both wholly owned subsidiaries of YES Bank to GPL Finance and Investments Limited (Purchaser).

White Oak Investment Management Private Limited owns 99% of the Purchaser. The ultimate beneficial holder of the Purchaser is Mr. Prashant Khemka who owns 99.99% of White Oak Investment Management Private Limited.

The transaction is subject to requisite regulatory approvals from the Regulatory Authorities.

YESAMC is the asset management company of YES Mutual Fund and YTL is the trustee of YES Mutual Fund.

Upon completion of the transaction, YESAMC and YTL will cease to be subsidiaries of the Bank and the Bank will exit its mutual fund business.

Kolte-Patil Developers - Q1 FY21 Results update

Kolte-Patil Developers - Q1 (Cons) update

Kolte-Patil Developers - Q1 (Cons) update

Q1 FY21 Operational Highlights

Full read: Kolte-Patil Developers Q1FY21.pdf (702.03 kb)

Strides receives USFDA approval for Ursodiol Tablets

Strides Pharma Science Limited (Strides) today announced that its step-down wholly owned subsidiary,

Strides Pharma Science Limited (Strides) today announced that its step-down wholly owned subsidiary, Strides Pharma Global Pte. Limited, Singapore, has received approval for Ursodiol Tablets USP, 250 mg and 500 mg from the United States Food & Drug Administration (USFDA). The product is a generic version of Urso 250® Tablets, 250 mg and Urso Forte Tablets®, 500 mg, of Allergan Sales, LLC.

According to IQVIA MAT June 2020 data, the US market for Ursodiol Tablets USP, 250 mg and 500 mg is approximately US$ 35 million. The product will be manufactured at the company’s flagship facility at Bengaluru and will be marketed by Strides Pharma Inc. in the US market.

The company has 126 cumulative ANDA filings with USFDA of which 88 ANDAs have been approved and 38 are pending approval.

Indian Bank - CRISIL revises & downgrades Tier 2 & 1 Bonds

CRISIL has reviewed and revised the Rating of Bank's outstanding AT 1 and Tier 2 Bonds. Instrument:

CRISIL has reviewed and revised the Rating of Bank's outstanding AT 1 and Tier 2 Bonds.

Instrument: Tier 2 Bonds (under Basel III)
Issue size: INR 1,245 Cr
Existing ratings: AAA/ Rating watch with Developing Implications
Revised ratings: AAA/ Negative
Action: Outlook revised to Negative

Instrument: Tier 1 Bonds (under Basel III)
Issue size: INR 1,245 Cr
Existing ratings: AA+/ Rating watch with Developing Implications
Revised ratings: AA/ Negative
Action: Rating Downgraded & Outlook revised to Negative

Full read: Indian Bank CRISIL ratings.pdf (94.43 kb)

Hindalco to supply 1.2 mn MT of red mud to UltraTech

Two flagship Aditya Birla Group companies join hands to promote a circular economy' Hindalco becomes

Two flagship Aditya Birla Group companies join hands to promote a circular economy'

Hindalco becomes the world’s 1st company to achieve 100% red mud utilisation A major step in reducing cement industry’s dependence on mined material; replaces 3% of the clinker raw mix

Hindalco Industries Ltd. has entered into a Memorandum of Understanding (MoU) with UltraTech Cement to deliver 1.2 million metric tonnes of red mud (also known as bauxite residue) annually to UltraTech’s 14 plants located across 7 states.

Hindalco is the world’s first company to achieve 100% red mud utilisation across three of its refineries.

Red mud generated in the alumina manufacturing process is rich in iron oxides, along with alumina, silica and alkali. The cement industry has developed the capability to process red mud as a replacement for mined minerals such as laterite and lithomarge in its process.

Hindalco is supplying red mud to UltraTech Cement plants where it has been proved to be an effective substitute for mined materials, successfully replacing up to 3% of clinker raw mix volume. Use of red mud reduces the cement industry’s dependence on natural resources and promotes a circular economy.

Hindalco’s alumina refineries are currently supplying 250,000 metric tonnes of bauxite residue to cement companies every month, making Hindalco the world’s first company to have enabled such large scale commercial application of bauxite residue.

In the current year, Hindalco aims to achieve 2.5 million metric tonnes of bauxite residue utilisation, which will be another global milestone.

J. Kumar Infrastructures - Q1 FY21 Results update

J. Kumar Infrastructures - Q1 update Work commenced at more than 90% of the Order book Current Labo

J. Kumar Infrastructures - Q1 update

  • Work commenced at more than 90% of the Order book
  • Current Labour availability more than 60% of Pre-Covid level
  • Healthy Orderbook of ₹109,742 mn & sufficient liquidity to ramp up execution in coming quarters
  • Revenue from Operations for Q1 FY21 at ₹ 2,853 mn,
  • EBIDTA ₹ 283 mn; Cash PAT at ₹ 142 mn

Total Order book as on June 30, 2020 stood at ₹ 1,09,742 mn. The order book inter alia includes Metro projects (elevated and underground) contributing ~ 57%, while Flyover, Bridges & Roads projects contributes ~41%

GMM Pfaudler to acquire majority stake in the global business of Pfaudler Group

Transformational acquisition will make GMM Pfaudler the market leader in corrosion-resistance techno
  • Transformational acquisition will make GMM Pfaudler the market leader in corrosion-resistance technologies, systems and services
  • Revenue of the combined entity estimated to be around Rs. 20 billion (USD 266 mn)
  • Patel family (promoters of GMM Pfaudler) to invest alongside GMM Pfaudler
  • This acquisition is expected to be earnings accretive immediately to the shareholders of GMM Pfaudler

GMM Pfaudler Limited  today announced the signing of definitive agreements to acquire a majority stake in the global business of its parent, the Pfaudler Group (Pfaudler) from the private equity firm Deutsche Beteiligungs AG Fund VI (‘DBAG’). As per the agreements, GMM (directly and through its subsidiary Mavag AG) and the Patel family will acquire, a 54% and 26% equity stake respectively in the Pfaudler Group. DBAG will continue to retain the balance 20% stake. The consideration for the 54% stake acquired by GMM, which is expected to be around USD 27.4 million, will be funded by the Company through a mix of internal accruals and debt

Pursuant to the acquisition, GMM shall become the ultimate holding company with the entire business of Pfaudler being consolidated into the Company. The Company will have a consolidated revenue of Rs. 20 billion and EBITDA of approximately Rs. 2.5 billion. 

Full read: GMM Pfaudler acquisition.pdf (6.07 mb)

Investor Turnover update for 20th August 2020

Indian Overseas Bank - Q1 FY21 Results update

Indian Overseas Bank - Q1 FY21 Results update

Indian Overseas Bank - Q1 update

  • Total deposits increased to Rs.2,25,546 crore as on 30th June 2020 as against Rs.2,21 ,171 crore as on 30th June 2020
  • Provision Coverage Ratio is improved to 87.97% as on 30th June 2020 as against 72.24% as on 30th June 2019.

Wipro and Uniper collaborate to implement a blockchain-based small-scale liquefied natural gas (ssLNG) trading/fulfilment platform

Platform to simplify the commodity supply chain and enable growth of the logistics-heavy decentraliz

Platform to simplify the commodity supply chain and enable growth of the logistics-heavy decentralized LNG-for-trucks business

today announced the successful implementation of a blockchain-based small-scale liquefied natural gas (ssLNG) trading/ fulfillment platform for Uniper Global Commodities SE and its 100% LNG-for-trucks subsidiary Liqvis GmbH. Uniper SE is a leading international energy company headquartered in Germany.

The platform built in collaboration with Uniper utilizes a consortium model for all ssLNG market participants to help transform the trading market space resulting in market efficiencies and significant cost savings for traders.

Steel Strips Wheels receives new orders for over 25OOO Wheels order from Europe

Steel Strips Wheels has bagged firm export orders for close to 25,000 wheels for EU caravan Trailer

Steel Strips Wheels has bagged firm export orders for close to 25,000 wheels for EU caravan Trailer to be executed expected in the month Sept from its Chennai plant. The value is about 220K Euros.

This will support further ramping up of production at Chennai Steel Wheels plant.

Gateway Distriparks - Board approves allotment of shares at INR 72 per share

The Board at its meeting held today, i.e., Thursday, August 20, 2020, inter alia, considered and app

The Board at its meeting held today, i.e., Thursday, August 20, 2020, inter alia, considered and approved the allotment of 16107859 Rights Equity Shares at a price of Rs.72 per Rights Equity Share (including a premium of Rs.62 per Rights Equity Share) ("Allotment").

Earlier on July 20th, the Board of Directors had approved the raising of funds by way of an issue of equity shares of the Company to the existing shareholders of the Company on a right basis ("Issue") for an amount aggregating to Rs. 115.97 Crores.

Infosys launches Cobalt – A Set of Services, Solutions, and Platforms for Enterprises to Accelerate their Cloud Journey

Infosys today launched Cobalt - a set of services, solutions, and platforms that acts as a force mul

Infosys today launched Cobalt - a set of services, solutions, and platforms that acts as a force multiplier for cloud-powered enterprise transformation. Infosys Cobalt helps businesses redesign the enterprise, from the core, and also build new cloud-first capabilities to create seamless experiences in public, private and hybrid cloud, across PaaS, SaaS, and IaaS landscapes. With Infosys Cobalt’s community leverage, enterprises can rapidly launch solutions and create business models to meet changing market needs while complying with the most stringent global, regional and industry regulatory and security standards.

Full read: Infosys launches Cobalt.pdf (321.72 kb)

Cipla and Stempeutics collaborate for launch of Stempeucel®, first ‘Made in India’ Cell Therapy to treat Critical Limb Ischemia (CLI)

First approved allogeneic cell therapy product globally for the treatment of CLI Developed by Stempe
  • First approved allogeneic cell therapy product globally for the treatment of CLI
  • Developed by Stempeutics over a period of twelve years, breakthrough treatment designed to address root cause of the disease at an affordable cost
  • Cipla to market and distribute the drug in India to provide patient access

Cipla today announced that its partner Stempeutics Research Pvt. Ltd has received regulatory approval by the Drug Controller General of India (DCGI) for the launch of Stempeucel® in India. The product is indicated for the treatment of CLI due to Buerger’s Disease and Atherosclerotic Peripheral Arterial Disease. It is the first allogeneic cell therapy product to be approved for commercial use in India and the first stem cell product to be approved globally for CLI treatment.

The product has been developed by Stempeutics over a period of twelve years. The company’s proprietary pooling approach provides for an efficient manufacturing process thereby enabling the product to be made accessible to patients at an affordable cost. More than one million doses can be produced from a single set of master cell banks, which is unique in regenerative medicine, thus providing consistent product to patients. The proprietary technology also helps Stempeucel® extend the therapeutic potential of the drug across multiple disease categories. Under the agreement signed between the two companies, Cipla has received exclusive rights to market and distribute the product in India by leveraging its expansive distribution strengths across the country.

Currently, Stempeutics is working on a strategy for other international markets including US, EU and Japan. The global critical limb ischemia treatment market expected to generate USD 5,390 million by 2025, at a CAGR of 8.1% between 2020 and 2025.

Full read: Cipla and Stempeutics collaborate.pdf (366.55 kb)

L&T Hydrocarbon Engineering signs MoU with NTPC for CO2 to Methanol Plants

L&T Hydrocarbon Engineering (LTHE), a wholly-owned subsidiary of Larsen & Toubro (L&T),

L&T Hydrocarbon Engineering (LTHE), a wholly-owned subsidiary of Larsen & Toubro (L&T), has signed a memorandum of understanding with NTPC Ltd., a Maharatna PSU on 19th August 2020, wherein LTHE shall be the Engineering, Procurement and Construction Management partner to build CO2 to Methanol demonstration Plant in NTPC Power Station.

This plant will comprise of three sub-units namely CO2 capture from Flue Gas, H2 production by electrolysis of water and catalytic conversion of CO2 Et H2 to Methanol.

Under this MOU, LTHE and NTPC will further collaborate to accelerate the development and subsequently commercialize CO2 to Methanol plants.

Full read: L&T Hydrocarbons signs MoU.pdf (202.38 kb)

White Organics receives supply order from Mizoram State Health Department, India

The company has announced the receipt of prestigious milestone supply order worth INR 55.7 Cror

The company has announced the receipt of prestigious milestone supply order worth INR 55.7 Crores from Mizoram State Health Department, India.