MobiKwik files DRHP for Rs 1,900 crore IPO

Digital payments firm MobiKwik has filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI to raise Rs 1,900 crore via an initial public offering (IPO). The IPO consists of a fresh issue of shares worth Rs 1,500 crore and an offer for sale (OFS) of up to Rs 400 crore. The company will use the IPO proceeds for funding organic and inorganic growth initiatives. One MobiKwik Systems Ltd was previously valued at $700 million (~Rs 5,200 crore) when it raised $20 million from Abu Dhabi Investment Authority (ADIA) in June 2021.

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SJVN signs pact with Investment Board of Nepal to develop 679 MW hydroelectric project

SJVN Limited has signed a pact with the Investment Board of Nepal to develop a 679 megawatt (MW) Lower Arun Hydro Electric Project in eastern Nepal. The estimated cost of the project is $1.3 billion (~Rs 9,700 crore). This will be the second-largest foreign investment project to be undertaken by India. SJVN is required to complete a detailed report on the hydroelectric project and submit it for approval at the board within two years. The project will be developed under a build, own, operate, and transfer (BOOT) model.

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Steel Strips Wheels Q1 Results: Net profit at Rs 51.08 crore

Steel Strips Wheels Ltd reported a standalone net profit of Rs 51.08 crore for the quarter ended June (Q1 FY22). It had posted a net loss of Rs 38.09 crore in the corresponding quarter last year (Q1 FY21). The company’s revenue from operations jumped 463.9% YoY to Rs 678.13 crore in Q1 FY22. Steel Strips Wheels is a leading manufacturer of automotive steel and alloy wheels. 

Cyient to support HMLR to centralise, digitise local land charges records

Her Majesty’s Land Registry has selected Cyient Limited to support its Local Land Charges (LLC) Programme. HMLR is a non-ministerial department of the Government of the United Kingdom. It registers the ownership of land and property across England and Wales. The LLC program aims to digitise and migrate millions of separately held local land charge records from local authorities into a centralized digital register. Cyient will own the entire process and provide a central management information platform.

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Ashoka Buildcon secures project worth Rs 726 crore from NHAI

Ashoka Buildcon Ltd has received the Letter of Acceptance (LoA) for an engineering, procurement, and construction (EPC) project from the National Highways Authority of India (NHAI). The order consists of six-laning of the Memmadpur (Ambala)-Banur (IT City Chowk) -Kharar (Chandigarh) corridor in Punjab on EPC mode. The total value of the project is Rs 726 crore.

Ola Electric signs pact with Bank of Baroda to raise $100 million in long-term debt

Ola Electric Pvt Ltd has signed a long-term debt financing agreement with Bank of Baroda to raise $100 million (~Rs 744 crore). The 10-year debt of $100 million will be utilised for the funding and financial closure of Phase-1 of its electric two-wheeler factory in Hosur, Tamil Nadu. The company is setting up Ola Futurefactory, a global manufacturing hub for its electric two-wheelers. In December 2020, Ola said it would invest Rs 2,400 crore for Phase-1 of the factory.

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TCS partners with Converge to enhance customer experience

Tata Consultancy Services (TCS) has partnered with Converge ICT Solutions Inc. to help them enhance customer experience for their fast-growing subscriber base. TCS’ digital services platform will help the Philippines-based broadband provider speed up product innovation and personalise customer engagement. The IT company will help Converge reduce complexity in operations and enable faster service delivery.

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ABB commissions modernisation project for BGPPL

ABB India Limited has completed the commissioning of the Induction xP Plus Profiler system on PM3 at Bilt Graphic Paper Products Ltd (BGPPL), Ballarpur (Maharashtra). The world-class domain expertise of ABB’s team helped them seamlessly deliver the modernisation project. The new Induction xP Plus is the best-in-class cross direction (CD) caliper profile control that achieves maximum induction heating in the shortest time possible. It offers reduced product variability and rapid corrections to sheet finishing profiles. 

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HFCL Q1 Results: Net profit jumps 316% YoY to Rs 87 crore

HFCL Limited reported a 316.4% YoY jump in consolidated net profit to Rs 87.82 crore for the quarter ended June (Q1 FY22). Net profit has increased by 3.73% when compared to the previous quarter. Its revenue from operations rose 72.47% YoY to Rs 1,206.87 crore during the same period. HFCL is a leading manufacturer of telecom products in India.

FDC launches Favipiravir oral suspension to treat Covid-19 in India

FDC Limited has announced the launch of an oral suspension of Favipiravir to treat mild to moderate cases of Covid-19 in India. The drug will be available at all retail medical outlets and hospital pharmacies across India. The pharma company said it is offering the best efficacy and convenience to patients. It has focused its efforts on making the process of Covid-19 treatment hassle-free 

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Vodafone Idea loses 18 lakh subscribers in April

After posting two straight months of subscriber growth, Vodafone Idea (Vi) lost 18.1 lakh subscribers in April 2021. Meanwhile, Reliance Jio added 48 lakh subscribers during the same month. Bharti Airtel registered a net addition of 5.17 lakh subscribers. Jio’s market share in the wireless category rose to 36.15% in April. Bharti Airtel and Vi’s market share stood at 29.83% and 23.93%, respectively. The data was released by the Telecom Regulatory Authority of India (TRAI).

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