India’s WPI inflation eases to 1.22% in December

Wholesale inflation in India fell to the lowest level in four months, mainly due to a decline in the prices of food articles. Inflation based on the Wholesale Price Index (WPI) fell to 1.22% in December from 1.55% in November. The WPI was at 2.76% in December 2019. The WPI Food Inflation fell from 4.27% in November to 0.92% in December, as vegetables and pulses became cheaper.

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Passenger vehicle sales up 13.59% in December: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), the total sales of domestic passenger cars increased by 13.59% to 2.52 lakh units in December 2020, as compared to 2.22 lakh units in December 2019. Two-wheeler sales rose by 7.42% YoY to 11.27 lakh units in December 2020. However, the latest figures from SIAM show that automobile exports from India declined by 18.87% to 38.65 lakh units in 2020. Overseas shipments of vehicles in the Jan-Dec period in 2019 stood at 47.63 lakh units.

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HFCL Q3 Results: Net Profit rises 86% YoY to Rs 85 crore

HFCL Ltd reported an 86.73% YoY increase in net profit to Rs 85.11 crore for the quarter ended December (Q3). The company had posted a net profit of Rs 45.58 in the corresponding period in FY20. HFCL’s revenue rose by 49.68% YoY to Rs 1,277.48 crore during Q3 FY21. HFCL (or Himachal Futuristic Communications Ltd) is a fiber optic cable manufacturing company.

Adani Enterprises wins Rs 1,838-crore highway project from NHAI in Kerala

Adani Enterprises Ltd (AEL) has won a Rs 1,838-crore highway project from the National Highways Authority of India (NHAI) in Kerala. The project, granted under the Hybrid Annuity Mode (HAM), is part of the Bharatmala Pariyojna of the Central Government. The 40-km road project pertains to six-laning of the Azhiyur-Vengalam section of NH-17 (New NH-66) in Kerala. With this, Adani Group has a total of six NHAI road projects under HAM in Chhattisgarh, Telangana, Andhra Pradesh, Madhya Pradesh, and Kerala.

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Indigo Paints to launch IPO on January 20; price band fixed at Rs 1,488-1490

Indigo Paints will launch its initial public offering (IPO) on January 20. The price band of the IPO has been set at Rs 1,488-1,490 per share. It comprises fresh issuance of equity shares aggregating to Rs 300 crore and an offer for sale (OFS) of up to 58.4 lakh shares by Sequoia Capital India Investments IV,  SCI Investments V, and promoter Hemant Jalan. The three-day IPO will conclude on January 22.

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DEN Networks Q3 Results: Net profit rises 238% YoY to Rs 65 crore

DEN Networks Ltd reported a 238.69% year-on-year (YoY) increase in consolidated net profit to Rs 65.57 crore for the quarter ended December (Q3). It had posted a net profit of Rs 19.36 crore during the corresponding period in FY20. The firm’s revenue increased by 7.58% YoY to Rs 342.18 crore in Q3 FY21. DEN Networks is a cable distribution company in which Reliance Industries (through its subsidiaries) holds a majority shareholding. 

Dixon Technologies’ board to meet on Feb 2 to consider stock split plan

Dixon Technologies Ltd announced that its board will meet on February 2 to consider the sub-division of equity shares of the company. It will also consider and approve financial results for the third quarter ended December 31, 2020. Generally, a company plans to go for a stock split to make the shares more affordable for small retail investors and increase liquidity. 

As per a report from Economic Times, Padget Electronics (a wholly-owned subsidiary of Dixon Technologies) will begin assembling phones for HMD Global at its factory in Noida. HMD Global is the maker of Nokia and Motorola smartphones. The report also states that LED TVs of brands including Nokia, Intex, Lloyd, and Toshiba will be manufactured at Dixon Tech’s Chittor factory.

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Bharat Dynamics and Thales partner to manufacture STARStreak Air Defence System in India

Bharat Dynamics Ltd (BDL) and Thales have signed a Teaming Agreement to work in partnership on the STARStreak Air Defence system, with the support of the Governments of India and the UK. BDL will become a part of the STARStreak global supply chain. This would provide the opportunity for exporting the system to existing and future STARStreak Air Defence customers. The agreement would also allow BDL to offer the STARStreak missile system to the Indian Armed Forces, with a minimum of 60% indigenous content, under the ‘Make in India’ programme.

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L&T receives multiple orders in domestic market

Larsen & Toubro (L&T) announced that its construction arm has received multiple orders across its business segments in the domestic market. The orders fall under the “significant” category, which ranges between Rs 1,000 crore and Rs 2,500 crore. The firm’s buildings and factories business has won an order from a reputed developer to construct an office space in Mumbai. It has also won an order from the Haryana Government to construct a Medical College at Jind.

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Indian Hume Pipe Company receives LoA for water supply project from Govt of Karnataka

Indian Hume Pipe Company Ltd has received a letter of acceptance (LoA) for an order worth Rs 198.80 crore from Minor Irrigation and Ground Water Development Division- Kalaburgi, Karnataka Government. The order consists of filling tanks in Kalaburgi (South) Taluka by lifting Water from Bennethora Reservoir for ground-water development & drinking water purpose on a turnkey basis. The contract also includes operation and maintenance services for 5 years. The project is to be completed within 24 months.

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Garden Reach Shipbuilders signs $12.7 million deal with Government of Guyana

Garden Reach Shipbuilders & Engineers (GRSE) has signed a contract with the Government of Guyana to build a passenger and cargo ship for $12.7 million (~Rs 92.75 crore). GRSE is one of India’s leading shipyards, located in Kolkata. It builds and repairs commercial and naval vessels.

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