Ashok Leyland has announced that it has secured an order to supply 1,475 BSVI diesel fuel type passenger bus chassis to the Tamil Nadu State Transport Corporation. This order is valued at approximately ₹ 345.58 Crores. The execution of the contract is scheduled between December 2024 and May 2025.
As per media sources, the Chinese government has pledged for more fiscal stimulus, including rate cuts and lowering reserve requirement for banks.
According to media sources, Sona Comstar, a leading Indian auto component manufacturer and supplier to major companies like Ford and Stellantis, is actively pursuing growth opportunities in East Asian markets, specifically targeting carmakers in China, Japan, and South Korea. This strategic expansion aims to diversify its market presence beyond its primary focus on North America and Europe.
National Highways Logistics Management Limited has declared NESCO as Highest Bidder and has accepted its proposal for Developing, Operating and Maintaining of Wayside Amenities on Hyderabad Visakhapatnam Expressway in Khammam - Devarapalle Section on Lease Basis comprising of 4 sites. The total cost the Company has to incur for development of Wayside Amenities is estimated at ~ ₹ 50 crore for each of the 4 sites totalling to ₹ 200 crore. The project is to be completed within 10 months of appointed date. The annual lease rent is ₹4.29 crore for 4 sites with fixed annual revision basis increase in WPI and CPI.
Larsen and Toubro (L&T) Cloudfiniti has onboarded it's first major client at its data center business. The customer has rented 6 MW of IT load capacity in the data center at Chennai. Chennai has 30 MW capacity, of which 12 MW is Colocation ready and live across two floors. The contract tenure is 10 years.
Ministry of Defence (MoD) has signed a contract with Hindustan Aeronautics (HAL) for procurement of 12 Su-30MKI aircrafts along with associated equipment. Total contract cost stands at ~Rs 13,500 crore. With the indigenisation of many components, the indigenous content of the aircrafts will be enhanced to 62.6%
Cabinet Committee on Security (CCS) has given approval to the Indian Army for procurement of additional K9 Vajra self-propelled artillery guns. The estimated cost of the 100 artillery guns is ~Rs 7000 crore. Indian Army already has 100 K9 Vajra 155-mm, 52-calibre tracked self-propelled howitzer guns, which have been deployed at the Line of Actual Control (LAC) with China and Line of Control (LoC) with Pakistan
As per media sources, Alumina price has declined to $700/ton from all time high of $820/ton. This declined can be largely attributed to Chinese aluminium smelters are shutting down their operations owing to higher alumina prices and tepid demand for aluminium. Moreover, Australian miner South32 has also withdrawn its production guidance for 3.5 lakh tons of aluminium, which leads to lower demand for alumina.
As per RBI data, credit growth in the fortnight ended 29 November 2024, slowed to 10.64% YoY which was almost in tandem with deposit growth at 10.72% YoY. Outstanding deposits stood at ₹2,20,17,795 crore against ₹2,18,55,889 crore in previous fortnight (15th Nov) while advances stood at ₹1,75,09,170 crore against ₹1,73,62,817 in previous fortnight (15th Nov).
According to media sources, Vidyut, a Bengaluru-based electric vehicle (EV) start-up, is poised to expand its financing options by partnering with four OEMs by the financial year 2024-25. In a significant move, Vidyut has recently collaborated with Mahindra Last Mile Mobility (MLMML) to introduce a Battery-as-a-Service (BaaS) financing model aimed at making EV ownership more accessible. This model allows customers to rent batteries for Mahindra’s EVs, including the ZEO and Zor Grand, starting at a minimal fee of ₹ 2.50 per kilo-meter for 4W and ₹ 1.45 per km for 3W. Furthermore, Vidyut will offer MLMML’s vehicle customers the option to either buy out the battery or continue with the battery rental program after the financing term ends.
Tivolt Electric Vehicles Private Limited (Tivolt), an EV venture of Murugappa Group and a subsidiary of TI Clean Mobility has signed a Memorandum of Understanding (MOU) with Tata Power Renewable Energy Limited (TPREL), a leading player in the Indian renewable energy sector and a subsidiary of Tata Power. TPREL is a prominent EV Charging solutions provider, to enhance e-mobility for commercial vehicles across the country. This partnership aims to build a robust EV Charging ecosystem by leveraging Tata Power's expertise in diversified EV Charging solutions with Tivolt’s rapidly growing network of small electric commercial vehicles across the country.
As per media sources, the company is planning to diversify into other metals such as aluminium and copper. It is currently engaged with consultants for financial feasibility of such expansion.
As per the exchange filings, Shriram Finance Ltd has successfully sold its entire 84.44% stake in Shriram Housing Finance Limited (SHFL) to Mango Crest Investment Ltd., an affiliate of Warburg Pincus, for ₹3,929 crores. This transaction, which received all necessary regulatory and stakeholder approvals, marks a significant shift for Shriram Finance, as the affordable housing segment contributed ~10% to its loan book. SHFL, a key player in affordable housing finance, will now operate under Warburg Pincus’ ownership.
Cipla has received the approval from the CDSCO to distribute and market Afrezza, an inhalable insulin, in India. Afrezza, developed by Mannkind, a company from the US, will serve as a non-injectable alternative for adults with type 1 and type 2 diabetes.
US inflation edged up in November but remain in line with market expectations at 2.7% in November after advancing 2.6% in October 2024. Core-CPI which excludes energy and food rose 3.3% in November remained unchanged compared to previous month. CPI on MoM basis increased by 0.3% last month after rising 0.2% in each of the previous 4 months. Indexes that increased in November include shelter, used cars and trucks, household furnishings and operations, medical care, new vehicles, and recreation. Despite persistently high inflation, encouraging news was that rents, one of the stickier components of inflation, showed the smallest 12-month increase since February 2022. Shelter prices rose 4.7% from year earlier. Services less energy services index eased to 4.6% in November from 5.5% same month year ago. The energy index declined by 3.2% for the 12 months ending November, and the food index increased 2.4% over the last year. Dollar and US treasury yields rallied yesterday and while Dollar rose to 106.62, 10-year treasury note edged higher to 4.273% and 2-year treasury yield, which typically moves in step with interest rate expectations rose to 4.155%.
HG Infra has received LOA from MoRTH for the project of improvement and upgradation in two lane with paved shoulders configuration of newly declared NH-227B in the state of Uttar Pradesh on HAM package VI. The bid cost of the project is ₹763.11 crore with a construction period of 2 years.
Bajaj Finance has unveiled business strategy and plans for FY24-29 wherein the lender aims to grow its bottom-line at 25% CAGR in FY24-29. Focus on customer acquisition (13-14 crore by FY28 from current 9.2 crore), increasing cross-sell to customers (9 crore customers by FY28 vs current 5.77 crore) and sustained improvement in efficiency is expected to enable to touch RoE at ~20%.
NTPC renewable energy, subsidiary of NTPC Green has bagged 500 MW solar power project order from SECI. This is obtained at a tariff of ₹3.52 per KWh. The company is also required to set up 250 MW/1000 MWh energy storage system.
In a press release, On December 10, 2024, Shriram Pistons & Rings Limited (SPRL) announced acquisition of 100% shareholding in TGPEL Precision Engineering Limited through its subsidiary, SPR Engenious Limited, marking a strategic move to enhance SPRL's capabilities in high precision injection moulded components. The target is being acquired at an Enterprise Value of ₹220 crore. TGPEL, established in 2008 and formerly known as Timex Group Precision Engineering Limited, operates two advanced manufacturing facilities in Noida. The transaction is expected to close by the end of December 2024.
As per media reports, cement dealers have increased prices on demand recovery in the real estate (a major consumer of cement demand) & infrastructure sector. As per dealer, cement companies have announced price hikes of Rs 5-10/ bag in west, followed by Rs 20/bag in north & Rs 30-40/ bag in east & west region.
The company has decided to postpone the earlier proposed Preferential Issue of Equity Shares and Convertible Share Warrants. The decision is stated as they are not in need of such Working Capital due to postponement of certain upcoming projects.
In a press release, Samvardhana Motherson International Limited (SAMIL) has announced acquisition of 95% stake in Japanese auto components manufacturer i.e. Atsumitec Co. at an Equity Valuation of US$ 57 million, structured as a multi-step process involving a special purpose company (SPC) that will initially acquire shares from existing shareholders before SAMIL completes the purchase. Atsumitec, which specializes in high-precision machined components (gear shifters, chassis and transmission parts) for four-wheelers and two-wheelers and operates nine plants globally, currently has Honda Motor holding a 48.01% stake. This acquisition is aimed at enhancing SAMIL's business with Japanese OEMs, expand into new product lines, and improve access to global machining capabilities, with the deal expected to close by Q1FY26 pending regulatory approvals.
In a press release, CEAT, a leading Indian tyre manufacturer, has entered into a definitive agreement to acquire the Camso brand's Off-Highway construction equipment bias tyre and tracks business from Michelin for US$225 million (~₹ 1,900 crore). This all-cash transaction includes two manufacturing facilities located in Sri Lanka and grants CEAT global ownership of the Camso brand after an initial three-year licensing period. This acquisition will also provide access to over 40 international original equipment manufacturers (OEMs) and premium distributors, further solidifying CEAT's position in the global OHT market, particularly in Europe and North America. The deal is expected to be completed within 6-9 months, pending regulatory approvals.
As per media sources, ICAI India (International Copper Association India) expects domestic copper demand to grow by 10% to 13% YoY in H2FY25. Additionally, it anticipates similar growth rate for full year FY25.
RBI has announced 50 bps cut in CRR (Cash Reserve Ratio) from 4.5% to 4% to be undertaken in two equal parts (25 bps each) effective from fortnight ended 14 December 2024 and 28 December 2024.
RBI has announced extending facility of offering pre-sanctioned credit lines through UPI to Small Finance Banks (SFB) which was earlier allowed for Scheduled Commercial Banks.
RBI has relaxed ceiling on interest rates offered on FCNR(B) deposit (Foreign Currency Non-Resident Bank) by banks. According to the statement, RBI has increased ceiling on FCNR(B) deposit by 150 bps across tenure (Overnight Alternative Reference Rate plus spread of 400 bps for deposit of 1-3 years and spread of 500 bps for deposit with tenure of 3-5 years).
Suven Pharmaceuticals has announced the acquisition of a controlling stake in NJ Bio Inc (Princeton, US) with an investment of US$ 64.4 million. NJ Bio is a premier ADC-focused CRDMO offering cutting-edge solutions across the ADC value chain. The company has served 150+ customers, delivered over 500 projects in 5 years. The company is expected to record revenues of ~US$ 32 million in CY24, reflecting a 70%+ CAGR since CY2021. The Company has consistently invested in R&D to develop novel technology platforms related to ADC drug development as well as a more recently set up a cGMP compliant manufacturing facility.
Laurus Labs subsidiary, Laurus Bio, has signed a definitive agreement for an equity investment of ₹ 120 crore from global venture capital firm Eight Roads Ventures and its sister fund F-Prime Capital. Laurus Labs also agreed to co-invest an additional ₹ 40 crore at the same valuation. As per management, this investment will enable the company to further expand and accelerate microbial-fermentation capabilities, including faster development of new products, speed-up internal pipeline and enhancing high quality commercial-scale capacity to partners.
Pushpa 2 has collected ₹ 290 crore in its Hindi version over the first weekend.
Tata Power plans to invest ₹1.25 trillion between FY26 and FY30 to double its operational capacity to 32 GW from 15.6 GW. This is part of a broader ₹1.46 trillion capital expenditure plan for FY25-FY30, with 60% of investment allocated to renewables. The company aims to achieve 70% green energy generation by 2030 and 100% by 2045, targeting renewable capacity of 23 GW by FY30 (up from 6.7 GW in FY24). It expects a 1.6x revenue growth to ₹100,000 crore, 2.4x EBITDA growth to ₹30,000 crore, and 2.5x PAT growth to ₹10,000 crore by FY30. Tata Power is also expanding its transmission lines to 10,500 circuit kilometers and increasing its customer base to 40 million by 2030 from 12.5 million currently. The company recently inaugurated a 4.3 GW solar cell and module facility in Tirunelveli, Tamil Nadu.
Maruti Suzuki and Mahindra & Mahindra have both announced price hikes for their vehicles, effective January 2025, with Maruti planning an increase of up to 4% across its entire model range, including popular models like the Alto K10 and Swift, due to rising input costs and operational expenses. Similarly, Mahindra will raise prices by up to 3% for its SUVs, citing the need to adjust for inflation and increased commodity prices while striving to absorb some costs. These adjustments reflect a broader trend among Indian automakers responding to escalating costs in the industry.
Five biotechnology firms with ties to China received a reprieve on Saturday as negotiators on a major defense bill chose not to include provisions that would ban the companies from securing new federally funded research projects and contracts.
RBI is expected to keep benchmark Repo rate unchanged in its today's MPC meeting. However, CRR cut is expected to ease off liquidity and elevated short term rates. India’s Q2 GDP growth was below estimate and slowdown is broad-base. MPC would have to revise its FY25 growth forecast significantly lower from 7.2% YoY as growth in H1 is only 6% now. Even as higher inflation is a headwind to cut repo rate immediately, it should not impede RBI from giving forward guidance and providing an accommodative liquidity stance.
More land allocated for Electrical Machinery and Equipment Production. The MP state cabinet approved additional 442 acres expansion of the Mohasa-Babai industrial area in Narmadapuram district to boost manufacturing of electrical and renewable energy equipment. With the addition of 442.04 acres to the existing 441.96 acres, the energy equipment production now spans a total of 884 acres. This will increase energy equipment production in the said region.
Eugia Pharma Specialities, a wholly owned subsidiary of Aurobindo Pharma, has received a final approval from the USFDA to manufacture and market Pazopanib Tablets, 200 mg. It is therapeutically equivalent to Votrient Tablets, 200 mg of Novartis Pharmaceuticals. It is indicated for the treatment of Renal Cell Cancer. Pazopanib has an estimated market size of US$ 106 million for the twelve months ending October 2024, according to IQVIA.
According to media sources, Jaguar's UK sales plummeted by 53% in November 2024, totalling only 725 units, as the brand ceased new vehicle sales until 2026 to focus on a rebranding as a luxury electric car manufacturer. In contrast, Land Rover experienced a 3% increase in sales, reaching 4,833 units. Overall JLR reported an 11% year-on-year decline in its UK retail sales for November 2024, with total registrations falling to 5,558 units from 6,251 in the same period a year earlier, according to data from the Society of Motor Manufacturers and Traders (SMMT).
As per Media Sources Andhra Pradesh crime investigation department (CID) has issued a lookout circular (LOC) against few persons, one of them is Aurobindo Pharma non-executive director Penaka Sarathchandra Reddy. The investigation centres on accusations that the parties coerced one Mr K.V. Rao, into transferring the majority shareholding to Aurobindo Pharma.
In a press release, Royal Enfield has officially announced the inauguration of its new Completely Knocked Down (CKD) assembly plant in Thailand, marking a significant expansion of its operations in the Asia-Pacific region. This facility, which spans 57,000 square feet, has an impressive production capacity of over 30,000 units per year and is Royal Enfield's first fully owned assembly plant in Thailand, as well as its sixth CKD plant globally, following similar facilities in Nepal, Bangladesh, Brazil, Colombia, and Argentina.
As per media sources, mutual fund exposure to NBFCs surged by 47% in October 2024, reaching ₹2.33 lakh crore, compared to a modest 6% rise in bank lending to NBFCs at ₹15.37 lakh crore, amid caution on higher risk weight and asset quality. NBFCs are increasingly relying on alternative market-driven sources like commercial papers (CPs) and corporate debt, supported by mutual funds.
UK’s Vodafone Group Plc is selling its remaining 3% stake in Indus Towers in an over $300-million block deal and fully exiting the company. The Indus stake sale proceeds will initially be used to clear the UK carrier’s $101 million outstanding borrowings to existing lenders, secured against Vodafone's Indian assets.
Torrent Pharmaceuticals has entered into an agreement to acquire brands Cospiaq (empagliflozin) Cospiaq Met (empagliflozin + metformin) and Xilingio (empagliflozin + linagliptin) from Boehringer Ingelheim International GmbH (BI). The acquisition is expected to be completed in March 2025 and Torrent has been marketing these brands since 2022 as part of an existing co-marketing agreement with Boehringer Ingelheim India. Empagliflozin is a novel sodium glucose co-transporter-2 (SGLT-2) inhibitor which is indicated for glycemic control in adults with type 2 diabetes mellitus. The market for SGLT-2 inhibitors is valued at ₹3,235 crore.
LTTS informed the stock exchange that it has secured a US$ 50 million (₹423.5 crore) deal from a leading global network solutions firm to provide Product Integration Services in North America.
L&T has informed that it has completed the acquisition of 15% of equity stake in E2E networks. This was completed via a preferential allotment. The rest 6% will be acquired via secondary acquisition from promoters before 30th May 2025.
LTI Mindtree USA a wholly owned subsidiary of the Company is going to partner and invest upto $6 million into convertible instruments to be issued by Voicing.AI an autonomous platform operations solutions Company in USA. The investment will be made within 7 days from the date of signing the definitive agreement in an all cash deal.
The U.S. Department of Commerce announced its Preliminary Determination of Anti-Dumping Duty at 4.6% with effect from the date of publication of determination/decision, on certain high chrome cast iron grinding media imported from India.
Sudarshan Chemicals has launched Sumica Bright Gold 41633 (10-60 microns), it is a natural mica-based effect pigment for coatings, plastics and printing inks. The said product is made available globally to the geographies catered to, by Sudarshan Chemical.
Tata Power Renewable Energy Ltd. (TPREL) a subsidiary of Tata Power, has commissioned 431 MW DC solar project in Neemuch, Madhya Pradesh. The project will provide power to the Western Central Railways and MP Power Management Company. With this, the total operational capacity of TPREL now stands at 5.4 GW, of which solar comprises 4.4 GW and wind energy is 1 GW. Further TPREL has 5.5 GW of projects under various stages of development.
The Defence Acquisition Council accorded Acceptance of Necessity (AON) for five capital acquisition proposals worth over Rs 21,772 crore. This included the procurement of 31 Water Jet Fast Attack Crafts, 120 Fast Interceptor Craft, Electronic Warfare Suite, Next Generation Radar Warning Receiver and 6 Advanced Light Helicopters. It has also accorded approval for the overhaul of T-72 & T-90 tanks, BMP- and engines of Sukhoi fighter aircraft which will enhance the service life of these assets.
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