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WHAT HAPPENED LAST WEEK Sectors at a Glance WHAT HAPPENED LAST WEEK Sectors at a glance 16th December – 22nd December 2018 What is inside this week’s newsletter? Auto & Aviation - Chirag Goyal Mahindra announced to launch XUV300 in compact SUV segment Real Estate, Infrastructure & Cement -Arpit Daga & Akshit Batra No relief on cement under GST Council tax rate cuts Pharmaceuticals -Dixit Sambyal Aurobindo gets approval for Potassium Chloride pills in US IT & Telecom - Gaurav Patole Wipro acquired Australian based firm, Syfte Metals & Mining - Siddharth Toshniwal Sarda Energy may bid with SSG for 2 units of Uttam Galva Steels Banking - Sarthak Krishna Increase of 25% in corporate loan book of Kotak Mahindra Bank Chemical And Paints - Payal Jhawar and Sukriti Hatgaonkar The ONGC Board has approved a buyback of worth ?4022 crore What is inside this week’s newsletter? FMCG - Shruti Kajaria ITC Pilots the Rice market with ‘Sona Masoori’ Textiles & Retail - Anoop Krishnan K Union Minister for Textiles, said that the ministry has been striving hard for providing a conducive policy environment, to facilitate setting up of newer units through newer initiatives and schemes Consumer Durables - Prateek Singhal GST Council cuts rates on TVs, movie tickets; cement, ACs left untouched NBFC - Aashpreet Giddey BSE received Sebi's permission to increase trading hours by an hour in the commodity derivatives segment w.e.f December 31, 2018 Auto Ancillary - Suraj M GST Council likely to slash tax rates on automobile tyres to 18% Ports And Logistics - Snigdha Baidya Top level organisational changes at Delhivery AUTO & AVIATION Tata Motors to deploy 500 EVs in partnership with Zoomcar By Chirag Goyal Tata Motors, in partnership with Zoomcar, announced the launch of the first batch of Tigor EV. As part of this partnership, the two companies plan to deploy 500 electric vehicles in 20 Indian cities next year. Tata Tigor EV is now available on the self-drive rental platform offered by Zoomcar. Last year, Zoomcar also deployed Mahindra's e2O plus in Mysore, Hyderabad and Bangalore. Tata and Mahindra are currently the only companies producing electric cars in India. The two companies won part of the 10,000-unit tender for electric vehicles launched by EESL in 2017. Tata Motors to deploy 500 EVs in partnership with Zoomcar Powertrain (drivetrain): The combination of the engine, transmission, driveshaft, Mahindra announced to launch XUV300 in compact SUV segment differential and axles that deliver power to the wheels. Mahindra and Mahindra, the country's third-largest automaker, have announced their next product, the XUV 300, which will be included in the fast-growing and highly competitive compact SUV segment. This product has been developed from the beginning taking into account the characteristics of the XUV 500. The XUV 300 will be manufactured at the company’s Nashik Plant. At its launch, Mahindra plans to sell at least 5,000 units of the car every month. This will be the third new product Mahindra brings to the market during this fiscal. Mahindra announced to launch XUV300 in compact SUV segment AUTO & AVIATION Ashok Leyland to offer mobility solutions to global OEMs By Chirag Goyal Ashok Leyland, the flagship of Hinduja, is in advanced talks with a select few defence players (OEMs) in the United States and Europe to offer a wide range of cost-effective mobility solutions. The company, which has been the largest provider of mobility / logistics solutions to the Indian military for more than three decades, sees tremendous opportunities, not only in India but overseas as well, given the wide offerings as well cost advantage it holds among peers. Ashok Leyland is the only player in India with experience in the design, development and manufacture of logistics vehicles, combat support HMVs, the 350 HP Neptune Engine, and armoured vehicles for defence forces. Ashok Leyland to offer mobility solutions to global OEMs Brake Caliper: The hydraulic assembly that contains the brake pads and applies them against the brake rotor to slow or stop the car. REAL ESTATE, INFRASTRUCTURE & CEMENT No relief on cement under GST Council tax rate cuts By Arpit Daga & Akshit Batra The GST council on Saturday cut tax rates on 17 goods and 6 services. The rate cuts will hit the exchequer by Rs. 5500 crore on annual basis and Rs. 1375 crore in the remaining three months of the current FY. However, the council did not slash tax on cement which was anticipated to be reduced from the current tax rate of 28%. The council stated that the tax cut on cement will hit the exchequer by approximately Rs. 130 billion. Lowering the tax rate for cement is the target and rate rationalization is an ongoing process. The tax rate slash on cement will be done when affordability improves. MNRE – Ministry of New and No relief on cement under GST Council tax rate cuts Renewable Energy,. It is headed by R.K Singh , a Minister of State-In Charge GOI sets target for installing 175 GW of renewable energy capacity by 2022 High tariffs and costly infrastructure in 2018 has mulled government to increase the share of green energy in 2019 to combat climate change. According to MNRE, a renewable energy capacity of 73.5 GW had been installed till October 31, 2018. The government has set a target of installing 175 GW of renewable energy capacity by 2022. This will comprise of 60 GW from wind, 100 GW from solar, 10 GW from biomass and 5GW from hydropower. GOI sets target for installing 175 GW of renewable energy capacity by 2022 PHARMACEUTICALS Aurobindo gets approval for Potassium Chloride pills in US Aurobindo Pharma Ltd has got the US Food and Drug Administration approval to manufacture By Dixit Sambyal and market Potassium Chloride tablets in US market. The drug will be available in 600mg and 750 mg dosages. It is used for the treatment of hypokalaemia( a condition in which the potassium level drops in the blood). The drug is the generic version of Klor-Con by Upsher- Smith’s and has an estimated market size of $60 million. Aurobindo gets approval for Potassium Chloride pills in US Form 83: A Form 483, is issued by No USFDA observations for Biocon’s Telangana Plant the USFDA to notify a company's management of any objectionable USFDA, the US health regulator completed the inspection of Biocon’s Telangana manufacturing condition in its manufacturing plant with pointing out an observation and no Form 483* was issued. The inspection was carried facility. The form is issued after out from 12th to 14th December to check the manufacturing practices of the active completing the inspection. pharmaceutical ingredients manufacturing facility. No USFDA observations for Biocon’s Telangana Plant PHARMACEUTICALS Glenmark Pharma gets USFDA approval for ear drops By Dixit Sambyal Glenmark pharma received the final approval from USFDA to market Fluocinolone Acetonide Oil. It is the generic version of DemOtic Oil, 0.01 percent of Hill Dermaceuticals Inc. , used for the treatment of eczema of the ear. The oil has an annual market of $18.1 million. The company currently has a portfolio of 146 products which is approved for distribution in US markets and there are 54 pending abbreviated new drug applications (ANDAs) for approvals. Glenmark Pharma gets USFDA approval for ear drops IT & Telecom By Gaurav Patole TCS appoints two new independent Director on its Board Tata Consultancy Services has added two independent directors to its board, taking the total number of independent directors to six. Hanne Birgitte Breinbjerg Sorensen and Keki M Mistry will join the board on a five-year contract, subject to stakeholders’ approval. Sorseen is Aarhus University graduate in Economics and Management with professional working experience for more than two decades. Keki Mistry has been the Vice Chairman for HDFC since 2007 and has also served Torrent Power *In India, fiscal period starts Board. from 1st April and ends on TCS appoints two new independent Director on its Board 31st March. This period in which the income is earned is known as the Financial Year or Wipro acquired Australian based firm, Syfte Fiscal Year. Wipro has taken the step to increase its presence in the Australian Market. Syfte will be integrated with Wipro’s wing Designit as both of them work on same area. The focus area for both the verticals is human centred products, service and systems. Wipro acquired Australian based firm, Syfte IT & Telecom By Gaurav Patole Infosys appoints Nilanjan Roy as the new CFO Nilanjan Roy has served in the position of CFO for Airtel previously. He served Airtel for 13 years before moving to IT industry. He has been appointed the CFO role replacing Infosys’ interim CFO, Jayesh Sanghrajka, making Roy the first outsider to hold the post of Infosys CFO. The most important point to note from investor point is that he is the 3rd CFO in three years. Infosys appoints Nilanjan Roy as the new CFO METALS & MINING NCLT Delhi approves JSW Steel’s plan for VIL By Siddharth Toshniwal NCLT New Delhi has given its nod to JSW Steel’s plan as approved by the CoC of Vardhaman Industries Ltd. (VIL), which is under Insolvency & Bankruptcy Code,2016. JSW Steel shall infuse Rs.63.5 crores either by equity or debt within 30 days of the NCLT order. Of this 63.5 crores 62.5 crores would go to the financial creditors & the operational creditors would receive the balance Rs.1 crore for settlement of existing debt of VIL. As per the IBC,2016 liquidation value payable to shareholders after paying off of dues is nil, therefore entire share capital of VIL shall be reduced to nil w.e.f from effective date.
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