Marico Eyes ₹850-1,000 crore Food Business by FY24 - Top Indian Market Updates

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

Marico eyes ₹850-1,000 crore food business by FY24 with Saffola brand

Marico Ltd will continue to expand its healthcare brand Saffola as it aspires to build an ₹850-1,000 crore business from its food portfolio by FY24, said MD & CEO Saugata Gupta. In the last two years, the FMCG firm has extended the brand to immunity foods and recently launched mayonnaise and peanut butter. Marico sells noodles, oats, honey, immunity booster Chyawanprash, and edible oil under the Saffola brand.

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PNB to sell NPA account Apollo Distilleries & Breweries

Punjab National Bank (PNB) has put up for sale its non-performing asset (NPA) account Apollo Distilleries & Breweries (ADB) with loan outstanding of ~₹44 crore due against the company. The bank has invited asset reconstruction companies (ARCs) to put their bids for transferring the loan account of ADB. It is a subsidiary of Chennai-based Empee Distilleries Ltd (EDL), which is in a resolution process under the Insolvency & Bankruptcy Code (IBC).

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Lupin’s subsidiary gets UK regulator’s approval for COPD drug

Lupin’s UK subsidiary, Lupin Healthcare (UK) Ltd, has received approval from the Medicines & Healthcare products Regulatory Agency (MHRA) to market a generic version of Spiriva. The drug will help in treating chronic obstructive pulmonary disease (COPD). It is the second inhalation product by Lupin Healthcare for the UK market after Luforbec pressurised metered dose inhaler (pMDI).

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Tata Steel gets land allotment letter to set up ₹2,600 crore plant in Ludhiana

Punjab Chief Minister Bhagwant Mann handed over the land allotment letter to the Tata Group for setting up its first scrap-based steel plant in Ludhiana at an investment of ₹2,600 crore. This is the first investment by the Tata Group in Punjab and will prove to be a milestone in propelling industrial growth in the state. The electric arc furnace-based plant will produce 0.75 million tonnes per annum (MTPA) of finished steel. 

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GAIL sets 2040 goal for net zero carbon emissions

GAIL (India) Ltd is targeting net-zero carbon emissions from its operations by 2040. The company said it is committed to reduce its carbon footprint by diversifying into the renewable energy sector. GAIL has started mixing hydrogen with natural gas as a step toward introducing a carbon-free energy source into the system.

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Delhivery to create 75,000 seasonal jobs in next six weeks

Logistic services firm Delhivery plans to create over 75,000 seasonal jobs across India over the next six weeks. Of these, the company will hire over 10,000 off-roll employees across its gateways, warehouses, and last-mile delivery centres. It will also hire 50,000 last-mile agents through its Last-Mile Agent (LMA) program. Delhivery also plans to strengthen its Drop at Store program to extend its capacity by adding 15,000-plus last-mile riders.

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NTPC’s board approves ₹11,843 crore investment for Talcher power project Stage-III

NTPC Ltd’s board has approved an investment of ₹11,843.75 crore for the 1,320 megawatts (MW) Talcher Thermal Power Project, Stage-III. In other news, a venture between NTPC and  Nuclear Power Corporation of India Ltd (NPCIL) is reportedly in advanced talks with the government to develop two 700 MW reactors in Madhya Pradesh. New Delhi-based NTPC is an Indian public sector undertaking engaged in the generation of electricity and allied activities. 

JSW Energy emerges lowest bidder for pilot battery storage mega tender

JSW Energy Ltd has emerged as the lowest bidder in the pilot large-scale battery storage auction with a winning bid of ₹10.84 lakh per megawatt (MW). The battery storage auction was conducted by the Solar Energy Corporation of India (SECI). The tender is for two battery storage projects at a single site at Fatehgarh-III substations in Rajasthan. The land will be provided on a lease by SECI in agreement with the Transmission Licensee.

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IDBI Bank can recover $2.4 billion in bad loans: CEO

IDBI Bank’s CEO Rakesh Sharma said the lender is likely to recoup $2.4 billion (~₹19,195 crore) of bad debt in his pitch to potential buyers amid India’s planned auction of the firm. “We are sitting on about 780 billion rupees of fully provided for bad loans, including written-off loans, and around 25% is likely to be recovered,” he said. As per reports, the Indian govt. is considering selling at least 51% of the $5 billion bank.

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