The Nifty futures contract traded on the Singapore Exchange indicates a negative start to domestic equities. The contract was trading at 17,496.50, down 46 points or 0.26% from the previous close.
SpiceJet: The airline operator registered a nearly five-fold surge in the October-December quarter (Q3FY23) to Rs 107 crore from Rs 23.28 crore, in the year-ago period. The management said that the profit was driven by strong performance in cargo and passenger segments. Despite that, high fuel prices and falling continue to act as headwinds to overall performance.
IOC: The company will set up green hydrogen plants across all its refineries as it pivots Rs 2 trillion green transition plan to achieve net-zero emissions from its operations by 2046. The management aims to expand refining capacity to 106.7 million tonnes per annum from 81.2 million tonnes.
Interglobe Aviation: Over 50 planes of IndiGo and Go First are on the ground due to Pratt & Whitney engine woes, amid persisting supply chain headwinds. Airline operator IndiGo is looking at various options, including slowing down redeliveries through lease extensions, re-induction of aircraft into the fleet, among others.
Mahindra Lifespace: The realty firm expects industrial leasing business to reach an annual revenue of Rs 500 crore by 2025, up from Rs 298 crore during the last financial year. In the residential segment, meanwhile, the company expects to touch Rs 2,500 crore by 2025, from Rs 1,000 last financial year.
Granules India: The pharma major receives USFDA’s approval for abbreviated new drug application (ANDA) of Losartan Potassium Tablets – 25 mg, 50 mg, and 100 mg. The tablets are used to treat hypertension in adults and pediatric patients.
Paytm: Indian telecommunications tycoon Sunil Mittal is seeking a stake in Paytm by merging his financial services unit into the fintech giant’s payments bank, Bloomberg reported. In other news, Ant Group is considering selling some of its shares in Paytm to keep its holding within a required threshold.
Vodafone Idea: Vodafone Idea shareholders on Saturday approved a Rs 1,600-crore preferential issue of optionally convertible debentures (OCDs) to American Tower Corp (ATC), a move that will allow the cash-strapped telco to pay off most of the US tower company’s dues
Indiabulls Housing: Indiabulls Housing approved the public issue of secured redeemable non-convertible debentures for an amount up to Rs 100 crore with an option to retain oversubscription up to Rs 800 crore, aggregating up to Rs 900 crore.
Adani Ports and SEZ: The management announced that the company’s cargo volumes crossed 330 million metric tonne (mmt) in 329 days, beating its own milestone from last year of 354 days.
ABB India: The company will invest Rs 1,000 crore in Indian business over the next five years for capacity expansion. The new facility in Nashik will help double the Gas Insulated Switchgear (GIS) production capacity and serve power distribution, smart cities, and other infrastructure developments.
Edelweiss Financial Services: The company received shareholders’ nod to demerge its wealth management business, paving way to list Nuvama Wealth Management. The management said that the demerger is aimed at providing shareholders to directly participate with Nuvama’s growth journey.
The Phoenix Mills: The company’s wholly-owned subsidiary, Palladium Construction acquired prime land parcel in Alipore, Kolkata at Rs 414.31 crore, to develop premium and luxury residences. The management expects project completion by 2028-29.
Tega Industries: The company is set to acquire McNally Sayaji Engineering, in order to expand its business portfolio to service global and Indian businesses. The acquisition is expected to be complete over the next two months, and an optimal mix of internal resources and debt would finance the acquisition.
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