Avenue Supermarts reports 31% YoY rise in revenue in Q1

Avenue Supermarts Ltd reported a 31.27% YoY increase in standalone revenue to Rs 5,031.75 crore for the quarter ended June 2021 (Q1 FY22). It had posted a revenue of Rs 3,833.23 crore in the corresponding quarter last year (Q1 FY21). The total number of stores at the end of June 30, 2021, stood at 238. Avenue Supermarts owns and operates the chain of ‘D-Mart’ supermarkets across India.

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Zomato gets SEBI approval for Rs 8,250 crore IPO

Food delivery platform Zomato has received approval from the Securities and Exchange Board of India (SEBI) to raise funds via an initial public offering (IPO). The IPO will consist of a fresh issue of equity shares worth Rs 7,500 crore and an offer for sale (OFS) by Info Edge India Ltd worth Rs 750 crore. Zomato aims to use Rs 5,625 crore of the net proceeds of the IPO towards funding organic and inorganic growth initiatives. According to reports, the company plans to launch its IPO by mid-July.

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Lumax Auto to set up joint venture with Alpine Co. for electric parts

Lumax Auto Technologies Ltd has signed a joint venture (JV) agreement with Japan-based Alpine Co. Ltd. The parties have agreed to establish a 50:50 joint venture in India to manufacture and sell electronic devices and components, as well as software related to the automotive industry. Lumax Auto Technologies is a leading manufacturer of shifters, telematics, antennas, two-wheeler chassis, seat structures, etc.

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Tata Steel transfers stake in HSMS, TSAML to subsidiary companies

Tata Steel Ltd has announced the transferring of its 26% stake in Himalaya Steel Mill Services Pvt Ltd to Tata Steel Utilities and Infrastructure Services Ltd (TSUISL) for an undisclosed amount. The company has also transferred its 100% stake in Tata Steel & Advanced Materials Ltd (TSAML) to another subsidiary company— Tata Steel Downstream Products Ltd (TSDPL).

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Gujarat Industries restores Unit-2 of Surat plant

Gujarat Industries Power Company Ltd (GIPCL) announced the restoration of Unit-2 (125 megawatts) of its Surat Lignite Power Plant (SLPP) situated at Surat, Gujarat. The company operates a 4×125 MW power plant at SLPP. GIPCL had declared forced shutdown at Unit-2 of SLPP from December 16, 2020, due to a major technical snag in economizer beams. The beams have been replaced, and maintenance works at the plant have been completed.

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CSB Bank’s deposits grow 14%, advances up 24% in Q1

CSB Bank Ltd reported a 14.17% YoY increase in total deposits to Rs 18,652.80 crore for the quarter ended June 2021 (Q1 FY22). The current and savings account (CASA) deposits grew 7.95% YoY to Rs 6,171.71 crore in Q1. Gross advances rose 23.71% YoY to Rs 14,146 crore during the same period. CSB Bank’s advances against gold and gold jewellery rose 46.16% YoY to Rs 5,617.68 crore at the end of the April-June quarter.

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Bharat Dynamics to set up test facility in Vishakhapatnam

Bharat Dynamics Ltd (BDL) will set up a first-of-its-kind environmental test facility (ETF) in Vishakhapatnam. Vice Admiral Biswajit Dasgupta, Chief of Staff, Eastern Naval Command, laid the foundation stone for establishing the ETF at the Vishakhapatnam unit of BDL. The ETF will consist of vibration testing, thermal chamber, and walking chamber for a whole torpedo (underwater missile).

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HCL announces multi-year agreement with Fiskars Group

HCL Technologies has announced a multi-year agreement with Finland-based Fiskars Group. The IT company will accelerate Fiskars Group’s digital journey through applications and infrastructure modernisation. HCL Tech will standardise Fiskars’ IT and business processes, drive operating model transformation, and increase overall digital maturity. Fiskars Oyj Abp manufactures and markets consumer products across Europe, the Americas, and the Asia Pacific.

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Bharat Biotech’s Covaxin 77.8% effective against symptomatic Covid-19

Bharat Biotech said the final efficacy analysis of Covaxin shows that it is 77.8% effective against symptomatic Covid-19. The vaccine offers 65.2% protection against the emerging Delta variant. Covaxin was also found to be 93.4% effective against severe cases of symptomatic Covid-19. The Phase-3 clinical trial was an event-driven analysis of 130 symptomatic Covid-19 cases (reported at least two weeks after the second dose) conducted at 25 sites across India. The data from the trials are yet to be peer-reviewed.

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