L&T Wins Major Contracts For its Hydrocarbon Biz - Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

L&T wins major contracts for its hydrocarbon business

Larsen & Toubro Ltd’s hydrocarbon business (LTEH) has secured multiple offshore orders (in the range of ₹5,000-7,000 crore) from an overseas client. The scope of work comprises engineering, procurement, construction and installation of offshore structures and upgradation of existing facilities. LTEH offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers.

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Tata Motors set to hike prices by up to 5% on commercial vehicles

Tata Motors announced a price increase for commercial vehicles ahead of BS6 phase II emission norms. The prices for commercial vehicles will be hiked by up to 5% starting April 1, 2023. The price increase will be applied across the entire range of commercial vehicles.

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India cuts windfall tax on crude oil production to Rs 3,500 per tonne

The Central government reduced windfall gains on domestic production of crude petroleum from Rs 4,400 per tonne to Rs 3,500 per tonne. It also marginally increased export duty on diesel from Rs 0.50 to Re 1 per litre, while keeping both petrol and Aviation Turbine Fuel (ATF) exempted from the export levy. The new rate will be effective from March 21.

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Tata Group in talks to engage outgoing TCS boss Gopinathan beyond Sept 15: Report

As per reports, N Chandrasekaran, the chairman at Tata Sons, is reportedly discussing ways to engage outgoing Tata Consultancy Services MD & CEO Rajesh Gopinathan with the group beyond September 15 in an advisory role. There have been preliminary discussions between the two as the group needs reliable and experienced hands with its diversification into various technology domains.

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NTPC arm signs pact with Indian Army for setting up green hydrogen plants

NTPC Renewable Energy Ltd (NTPC REL) has signed an agreement with the Indian Army to implement green hydrogen projects in armed forces establishments. Under the Memorandum of Understanding (MoU) with the Army, a joint identification of potential sites would be undertaken for setting up green hydrogen projects for supplying electricity in a phased manner. NTPC REL is a wholly-owned subsidiary of NTPC Ltd.

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Thomas Cook India, SOTC Travel partners with LTIMindtree to launch 'Green Carpet'

Travel services firm Thomas Cook India and its group company SOTC Travel have partnered with LTIMindtree to launch 'Green Carpet'. It’s a global platform that will help companies to monitor and manage their business travel emissions. The platform is designed to address specific concerns faced by organisations, helping them capture, monitor, analyse and reduce their carbon emissions from business travel.

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Lupin receives USFDA's nod for Brexpiprazole tablets

Lupin has received approval from the US Food & Drug Administration (USFDA) for Brexpiprazole tablets. The drug is used to treat certain mental and mood disorders. The tablets are a generic equivalent of Rexulti tablets of Otsuka Pharmaceutical Company Ltd. It had estimated annual sales of $1,575 million in the US for the 12 months ended December 2022.

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IndiaFirst Life Insurance gets SEBI approval to launch IPO

IndiaFirst Life Insurance has received approval from SEBI to float an Initial Public Offering (IPO). The IPO comprises a fresh issue of up to Rs 500 crore along with an offer for sale (OFS) of up to 14.12 crore equity shares by promoters and existing shareholders of the company. The insurance company is owned by two of India’s largest PSU banks— Bank of Baroda and Union Bank of India.

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