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The shares of <keyword id="28423" type="General" weightage="100" keywordseo="vedanta" source="Orion">Vedanta</keyword> on Friday rose 6.5 per cent to Rs 321 a piece on the <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>. In a span of five days, the mining company had rallied nearly 14 per cent on the back of the company's earnings announcement and heavy volumes. The company last week had announced an expansion of rolled-product capacity at Balco from the existing 50 KTPA to 180 KTPA at a revised cost of Rs 595 crore. With the completion of this project, Balco will be placed in the high-premium product segment. It also said the expansion of Balco smelter capacity from an existing capacity of 580 KTPA to 994 KTPA by way of an expansion project of 414 <keyword id="15432757" type="General" weightage="50" keywordseo="ktpa-smelter" source="Orion">KTPA smelter</keyword>, at a revised cost of Rs 8,094 crore, subject to requisite government approvals. The Mumbai-headquartered had announced revenue during the second quarter with a 20.6 per cent growth to Rs 36,237 crore from Rs 30,048 crore reported a year ago. Earnings before interest, taxes, depreciation, and amortisation (Ebitda) decreased by 24 per cent to Rs 8,038 crore on account of input commodity inflation and lower output commodity prices; partially offset by improved operational performance, hedging gains and foreign exchange gains. During the earnings announcement, <keyword id="150453" type="General" weightage="50" keywordseo="sunil-duggal" source="Orion">Sunil Duggal</keyword>, Chief Executive Officer, Vedanta, had said "I am pleased to share that we have generated strong free cash flow (pre-capex) of Rs 8,369 crore underpinned by robust operational and financial performance. I am also happy to inform you that Vedanta has entered into the club of top 10 Dow Jones Sustainability Indices (DJSI) ranked global metals and mining companies; ranking sixth globally." The holding company of India's Vedanta -- Vedanta Resources -- had terminated Moody's rating services. Moody's on October 31 had downgraded the corporate family rating of Vedanta Resources to B3 from B2 and senior unsecured bonds rating to Caa1 from B3. While downgrading, Moody's highlighted that Vedanta was yet to find a source of funding for its $900-million bond maturities due in April and May 2023. On Wednesday, the global diversified natural resources company secured a coveted spot among the top 10 global metal and mining companies by ranking sixteenth out of 216 companies globally (98th percentile) and second in Asia Pacific by S&amp;P Global Corporate Sustainability Assessment 2022, formerly known as Dow Jones Sustainability Index - DJSI. The shares of the company on Friday closed 6.5 per cent up at 322.60 apiece on the BSE. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/ratan-tata-backed-electra-ev-raises-25-million-from-gef-capital-partners/articleshow/95291703.cms">Ratan Tata-backed Electra EV raises $25 million from GEF Capital Partners</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-gains-25-paise-to-82-63-against-us-dollar-in-early-trade/articleshow/95292019.cms">Rupee gains 25 paise to 82.63 against US dollar in early trade</a>

Vedanta shares rally 14% in five days on the back of earnings, heavy volumes

The government on Friday slapped an export tax on petrol, diesel and jet fuel (ATF) shipped overseas by firms like <keyword id="6487" type="General" weightage="50" keywordseo="reliance-industries-ltd" source="Orion">Reliance Industries Ltd</keyword>, and imposed a windfall tax on crude oil produced locally by companies such as <keyword id="6354737" type="General" weightage="80" keywordseo="ongc" source="Orion">ONGC</keyword> and Vedanta Ltd. The government imposed a Rs 6 per litre tax on export of petrol and ATF and Rs 13 per litre tax on export of diesel, finance ministry notifications showed. Additionally, it levied a Rs 23,250 per tonne additional tax on crude oil produced domestically. The levy on crude, which follows record earnings by state-owned <keyword id="64243" type="General" weightage="50" keywordseo="oil-and-natural-gas-corporation" source="Orion">Oil and Natural Gas Corporation</keyword> (ONGC) and <keyword id="111992" type="General" weightage="50" keywordseo="oil-india-ltd" source="Orion">Oil India Ltd</keyword> (OIL) and private sector Cairn Oil &amp; Gas of Vedanta Ltd, alone will fetch the government Rs 67,425 crore annually on 29 million tonnes of crude oil produced domestically. The export tax follows oil refiners particularly <keyword id="6355199" type="General" weightage="100" keywordseo="reliance-industries" source="Orion">Reliance Industries</keyword> and Rosneft-backed Nayara Energy making a killing in exporting fuel to deficit regions such as Europe and the US in the aftermath of Russia's invasion of Ukraine. The refiners are said to have processed Russian crude oil available at discount after it was shunned by the west, and exported fuel produced from it to Europe and the US. The restriction on export is also aimed at shoring up domestic supplies at petrol pumps, some of which had dried up in states like Madhya Pradesh, Rajasthan and Gujarat as private refiners preferred exporting fuel than selling locally. Exports were preferred as retail petrol and diesel prices by dominant PSU retailers have been capped at rates way lower than cost. This meant that private retailers, who control less than 10 per cent of the market share, either sell fuel at loss or lose market share if they were to sell at higher cost. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-sinks-by-400-points-in-early-trade-on-weak-global-cues/articleshow/92588527.cms">Sensex sinks by 400 points in early trade on weak global cues</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/youtube-rolls-out-new-tools-to-combat-spam-and-account-hijacking/articleshow/92588430.cms">YouTube rolls out new tools to combat spam and account hijacking</a>

Reliance Industries, ONGC, Vedanta and others slapped with windfall, export tax on petroleum

<keyword id="44612" type="General" weightage="20" keywordseo="Pfizer" source="Orion">Pfizer</keyword> estimates that it will rake in record-breaking earnings of more than $100 billion this year due to sales of its Covid-19 vaccine and antiviral pill to treat the virus, Daily Mail reported. The rollout of the vaccine has already led to a substantial financial windfall for the New York City-based company, and the prospect on enhanced distribution of Paxlovid, the potential rollout of Omicron-tailored vaccines and more booster shots in the future will lead to an influx of even more cash. On Tuesday, the company revealed its fourth quarter earnings and revenue projections for 2022 where it said it estimates it will earn up to $102 billion in sales next year, which would be a new record. More than half of those earnings will be off of its two Covid products, with the vaccine expected to bring in $32 billion in sales, and Paxlovid expected to earn $22 billion. But despite the record earnings estimates, the drugmaker posted mixed fourth-quarter results when it comes to actual revenue, with shares down 5.4 per cent in early morning trading. Shares were down 2.84 per cent by closing, the report said. The Pfizer Covid-19 vaccine is the most commonly used jab in the US and many other countries around the world. According to official data from the the US Centers for Disease Control and Prevention (CDC), the jab has been used 319 million times - more than half of the 540 million vaccines administered in the nation overall. This includes the nearly 50 million Pfizer booster shots that have been administered to Americans. The company doubled its Q4 sales this year when compared to last, to $23.84 billion over the last three months of last year, the report said. More than half of that revenue, $12.5 billion, came from the Covid vaccines alone. This revenue stream will remain intact for years to come, potentially even the next decade, if Pfizer has its way. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/bharti-airtel-vedanta-irctc-among-top-stocks-to-watch-out-on-february-9/slidelist/89444055.cms">Bharti Airtel, Vedanta, IRCTC among top stocks to watch out on February 9</a> <a href="https://www.businessinsider.in/cryptocurrency/news/avalanche-price-rises-as-bitcoin-ethereum-and-other-cryptocurrencies-fall/slidelist/89443437.cms" data-type="tilCustomLink">Crypto relief rally ends but Avalanche is still keeping its head above water</a> <a href="https://www.businessinsider.in/stock-market/news/inox-green-energy-will-be-using-7-out-of-10-from-the-ipo-to-repay-its-debts/articleshow/89439043.cms" data-type="tilCustomLink">Inox Green Energy will be using ₹7 out of ₹10 from the IPO to repay its debts</a>

Pfizer says that it may earn over $100 billion just by selling COVID-19 vaccine and antiviral pill

India’s jet-set: Here’s how billionaires earned, lost and donated in 2022

British oil firm <keyword id="262456" type="COMPANY" weightage="20" keywordseo="Cairn-Energy-Plc">Cairn Energy Plc</keyword> on Tuesday said it has identified Indian sovereign assets overseas, which it can seize in the event of New Delhi failing to return over USD 1.7 billion that an international arbitration tribunal has ordered after rescinding a <keyword id="10021078" type="UNKNOWN" weightage="20" keywordseo="retrospective-tax-demand">retrospective tax demand</keyword>. "<keyword id="64469" type="COMPANY" weightage="20" keywordseo="Cairn">Cairn</keyword> is extremely confident that satisfaction of the award will be achieved either by negotiated settlement or by enforcement against Indian assets," the firm said in its 2020 annual earnings statement. The firm has moved courts in nine countries to get the arbitral award registered and recognised. "The tribunal ruled unanimously that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty and awarded to Cairn damages of USD 1.2 billion-plus interest and costs, which immediately became payable. The total due at the year-end was USD 1.7 billion," it said. The firm said it has engaged directly with the <keyword id="6377129" type="COMPANY" weightage="20" keywordseo="government-of-india">government of India</keyword> regarding satisfaction of the award, which is also enforceable against Indian-owned assets in more than 160 countries that have signed and ratified the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. "Cairn has already taken steps to have the Award recognised in certain major jurisdictions in which Indian sovereign assets have been identified," the statement said. had on March 8 reported that the December 21 award from a three-member tribunal at the <keyword id="1056875" type="COMPANY" weightage="20" keywordseo="Permanent-Court-of-Arbitration">Permanent Court of Arbitration</keyword> in the Netherlands has been recognised and confirmed by courts in the US, the UK, Netherlands, Canada and France. Further, the firm has started the process to register the award in Singapore, Japan, the United Arab Emirates and the Cayman Islands. "Cairn's engagement with the Government of India on its arbitration award will continue in parallel with pursuing options of enforcement and monetisation of the Award in order to safeguard shareholders' rights," the statement noted. The registration of the award is the first step towards its enforcement in the event of the government not paying the firm. Once the court recognises an arbitration award, the company can then petition it for seizing any Indian government assets such as bank accounts, payments to state-owned entities, aeroplanes and ships in those jurisdictions, to recover the monies due to it. So far the government has not directly commented on honouring or challenging the Cairn arbitration award, but Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> had last week indicated going in for an appeal. The tribunal had on December 21 ruled that the government breached an investment treaty with the UK and was therefore liable to return the value of shares it had seized and sold, dividend confiscated and tax refund stopped to adjust a Rs 10,247 crore tax demand. Simon Thomson, Chief Executive, Cairn, said: "We have engaged with the Government of India regarding adherence to the ruling and we are pursuing all avenues to protect our shareholders' rights to the value of the award". Cairn said the tribunal ruled that the dispute was within the scope of the Treaty and other relevant legal parameters. "It further ruled that the application to Cairn of the retrospective tax amendment introduced by the Government of India was "grossly unfair", discriminatory and in breach of the "Fair and Equitable Treatment" standard of the Treaty," the statement said. The tribunal, therefore, ordered the withdrawal of the tax demand in India and awarded to Cairn compensation equal to the value of the shares held in Cairn India Limited (subsequently merged with <keyword id="2819168" type="DOMAIN" weightage="20" keywordseo="Vedanta-Limited">Vedanta Limited</keyword>) seized by India in 2014 and withheld tax refunds due on other matters, totalling USD 1.223 billion-plus interest and costs, which is now payable. "Interest is payable based on USD six-month LIBOR plus a semi-annual margin of 1.375 per cent, accruing from 2014, and the costs awarded totalled USD 22 million. The total amount due to Cairn on December 31, 2020, was USD 1.725 billion," it said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/gold-prices-are-falling-and-the-worlds-biggest-market-for-the-yellow-metal-is-hoping-for-more-shoppers/articleshow/81406658.cms">Gold prices are falling and the world’s biggest market for the yellow metal is hoping for more shoppers</a> <a href="https://www.businessinsider.in/stock-market/news/craftsman-automation-has-fixed-a-price-band-of-14881490-a-share-for-its-150-crore-ipo/articleshow/81408729.cms">Auto components maker Craftsman Automation’s ₹150 crore IPO to hit the capital markets next week — price band fixed at ₹1,488–1,490</a> <a href="https://www.businessinsider.in/india/news/india-is-using-the-quad-alliance-to-get-help-from-the-us-japan-and-australia-to-match-chinas-covid-19-vaccine-push/articleshow/81408044.cms">India is asking the QUAD for money to boost vaccine production and counter China’s moves on the global stag</a>

Cairn says it has identified Indian assets for seizing should it be not paid

<ul><li>The SGX Nifty was trading 0.48% higher at 7:55 am, indicating a higher start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>Amidst positive cues from the Asian markets, the Indian stock market is likely to open in green. The SGX Nifty was trading 0.48% higher at 7:55 am, indicating a positive start for Nifty50. Other Asian markets were also trading in green— Hang Seng Index was up 1.34%, Australian Securities Exchange, ASX 200 was also up 0.17%. These are the stocks to watch out for during the trading session on October 12: Vedanta Vedanta on Sunday informed stock-exchanges that its buyback offer is deemed to have failed as per the terms of the delisting regulations after promoter Vedanta Resources did not receive the required number of shares to delist the firm. The shares of Vedanta closed 2% higher on Friday. Glenmark Pharmaceuticals Glenmark Pharmaceuticals on Friday said that its Umifenovir did not show superior clinical outcomes when added to Favipiravir treatment for moderate coronavirus. The shares of Glenmark Pharmaceuticals closed 2% lower on Friday. Indiabulls Housing Finance The Gurugram-headquartered mortgage lender, Indiabulls Housing Finance has raised about ₹441 crore by further selling a portion of its stake in OakNorth Holding to a US-based Riva Capital Partners V LP. The shares of Indiabulls Housing Finance closed 5% higher on Friday. Dr Lal PathLabs Dr Lal PathLabs clarified that the data breach of its patients occurred after a misconfiguration in one of its minor web applications where temporary records were stored for operational purposes, and took place at a facility managed by a third party. “It involved less than 0.5% of our records and has been successfully resolved since,” the company said. The shares of Dr Lal PathLabs closed 5% lower on Friday. RITES The engineering consultancy company, RITES has secured ₹103 crore order from project management consultancies for the construction of various buildings at IIT Delhi and for study of Multi Modal Integration Planning for Surat Metro, among others. The shares of RITES closed 0.22% higher on Friday. Premier Explosives The explosives manufacturing company, Premier Explosives said it has bagged ₹82.83 crore order from a state-run Singareni Collieries Company in Telangana for the supply of SMS/SME explosives and accessories. The shares of Premier Explosives closed 5% higher on Friday. Karnataka Bank The state-owned Karnataka Bank on Friday declared its exposure of ₹107.99 crore to Sintex Industries (SIL) as fraud. The shares of Karnataka Bank closed 2.4% higher on Friday. Mazagon Dock Shipbuilders and UTI AMC The shares of Mazagon Dock Shipbuilders and UTI AMC will list on the bourses today at 10:00 am. Mazagon Dock Shipbuilders is expected to witness a bumper listing, with grey market premium floating around ₹95-₹100. Meanwhile, UTI AMC may not see much excitement from investors, as per the current grey market premium. UTI AMC is likely to list at a <a href="https://www.ipowatch.in/2019/12/uti-amc-ipo-gmp-grey-market-premium-kostak-rates-subject-to-sauda-today.html">‘discounted’ </a>price. Wipro Watch out for Wipro ahead of its earnings and buyback announcement due tomorrow. Shalby and GNA Axles Shalby and GNA Axles are slated to report their second quarterly earnings today. SEE ALSO: <a href="https://www.businessinsider.in/india/news/gst-council-to-discuss-compensation-issue-for-third-time-in-a-row-on-monday/articleshow/78605574.cms" data-type="tilCustomLink">GST Council meet yet again — to discuss compensation issue for the third time today</a> <a href="https://www.businessinsider.in/business/auto/news/delhi-government-exempts-road-tax-on-battery-operated-vehicles-under-its-ev-policy/articleshow/78605311.cms" data-type="tilCustomLink">Delhi government exempts road tax on battery-operated vehicles under its EV policy</a>

Top stocks to watch — Vedanta, Wipro, RITES, Mazagon Dock, UTI AMC, Glenmark Pharma, and others

<ul><li>The 30-share BSE index was trading over 396 points, and the broader NSE Nifty rose 0.91% at 9:45 am. </li><li>Here’s a list of the top losers and gainers in the Nifty pack. </li><li>These are the top stocks that are buzzing in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Indian stock market indices Sensex rallied nearly 400 points in opening trade on Monday, led by gains in index-heavyweights HDFC, Infosys and Reliance Industries amid largely positive cues from Asian markets. The 30-share BSE index was trading over 396 points, and the broader NSE Nifty rose 0.91% at 9:45 am. Here’s a list of the top losers and gainers in the Nifty pack. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Gainers </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top Nifty Losers </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ITC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Power Grid </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Motors </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Gail </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Bank </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hero MotoCorp </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan </td></tr></tbody></table>*as of October 12, 9:55 am These are the top stocks in news today. Vedanta locked in 10% lower circuit The shares of Vedanta were locked in a 10% lower circuit after its buyback offer is deemed to have failed as per the terms of the delisting regulations. This comes after its promoter Vedanta Resources did not receive the required number of shares to delist the firm. Wipro trades in green The shares of Wipro were trading barely a percent higher ahead of its earnings today and the buyback announcement due tomorrow. Glenmark Pharma cracked 2% The shares of Glenmark Pharma lost 2% after the company said that its Umifenovir did not show superior clinical outcomes when added to Favipiravir treatment for moderate coronavirus. Premier Explosives locked in 5% upper circuit The shares of Premier Explosives were locked in 5% upper circuit for the second time in a row after the company said it had bagged ₹82.83 crore order from a state-run Singareni Collieries Company in Telangana for the supply of SMS/SME explosives and accessories. Shilpa Medicare down 7% The shares of Shilpa Medicare were down 7% after its Telangana-based Jadcherla facility received a warning letter from the US drug regulator on October 9. The company said that it will be engaging with the agency and is fully committed to resolving this issue at the earliest. Future Retail shares lost 7% The shares of Kishore Biyani led Future Retail was down 7% after <a href="https://www.businesstoday.in/current/corporate/future-ril-deal-amazons-arbitration-proceedings-against-future-group-may-start-in-nov/story/418465.html">reports </a>surfaced that arbitration proceedings between e-commerce giant Amazon and Future Group are expected to start in November. The <a href="https://www.bloombergquint.com/law-and-policy/reliance-future-group-deal-whys-amazon-objecting-and-is-it-likely-to-succeed">reports </a>also claimed that Amazon might succeed in the arbitration proceedings against Future Group. ITC shares gain 5% The shares of hospitality and cigarette giant ITC were up 5% after CLSA upgraded ITC rating from outperform to ‘Buy’ with a target price of ₹220 per share. CLSA says FMCG is the new value driver and long-term positives are unfolding as revenue diversifies. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-vedanta-wipro-rites-mazagon-dock-uti-amc-glenmark-pharma-and-others/articleshow/78612041.cms">Top stocks to watch — Vedanta, Wipro, RITES, Mazagon Dock, UTI AMC, Glenmark Pharma, and others</a> <a href="https://www.businessinsider.in/science/space/news/china-launches-earth-observation-satellite-amid-border-tensions-with-india/articleshow/78613147.cms">China launches Earth observation satellite amid border tensions with India</a>

Top stock movers —ITC, Future Retail, Vedanta, Wipro, Premier Explosives, Shilpa Medicare and more

New Delhi, Mar 24 () Moody's Investors Service on Tuesday placed mining firm Vedanta Resources Ltd's rating under review for downgrade, saying the firm remains vulnerable to falling oil and metal prices as well as shrinking demand following the outbreak of coronavirus. In a statement, Moody's said it has changed the ratings outlook for Vedanta to ratings under review from stable. The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. "The combined credit effects of these developments are unprecedented. Exploration and production (E&amp;P) and metals and mining are among the sectors most significantly affected by the shock given their sensitivity to consumer demand and sentiment," it said. "More specifically, the weaknesses in Vedanta's credit profile, including its exposure to various commodities, have left it vulnerable to shifts in market sentiment in these unprecedented operating conditions, and Vedanta remains vulnerable to the outbreak continuing to spread," it added. Moody's said it regards the coronavirus outbreak as a social risk given the substantial implications for public health and safety. Today's action reflects the impact on Vedanta of the breadth and severity of the shock, and the broad deterioration in credit quality it has triggered, it said. "The review for downgrade reflects our expectation that low oil and base metal prices will significantly strain Vedanta's financial metrics, at least through the fiscal year ending March 2021," said Kaustubh Chaubal, Moody's Vice President and Senior Credit Officer. "Moreover, the review highlights the heightened refinancing risk surrounding the holding company's around USD 1.9 billion of debt securities, which will mature through September 2021," he said. Moody's review for downgrade will focus on the outbreak's impact on Vedanta's operations in light of increasing restrictions on people's movement and the potential for a shutdown of operations to ensure employee safety. It will also focus on the impact of the outbreak on oil and base metal prices and Vedanta's asset base, cost structure, likely cash burn rate and liquidity, as well as management's strategy for coping with prolonged, low and volatile commodity prices. It will also look at the impact of potential countermeasures such as capex deferment and reduced dividends; and Vedanta's resilience in various stress testing scenarios, including in particular its ability to refinance its USD 1.9 billion of debt securities via the capital markets and bank debt. "Moody's could downgrade the ratings if Vedanta's earnings and financial metrics are unlikely to recover to levels supportive of its present ratings and pre the current coronavirus outbreak," the statement said. Vedanta's failure to complete the refinancing of its debt maturities at least 12 months ahead of scheduled maturities will also stress its ratings. Vedanta Resources Ltd, headquartered in London, is a diversified resources company with interests mainly in India. Its main operations are held by Vedanta Ltd, a 50.1 per cent owned subsidiary. Through Vedanta Resources' various operating subsidiaries, the group produces oil and gas, zinc, lead, silver, aluminum, iron ore and power. Delisted from the London Stock Exchange in October 2018, Vedanta Resources is now wholly owned by Volcan Investments Ltd. Founder chairman of Vedanta Resources, Anil Agarwal, and his family are the key shareholders of Volcan. For the 12 months to September 30, 2019, Vedanta Resources generated revenues of USD 13.7 billion and adjusted EBITDA of USD 3.3 billion. ANZ RVK

Moody's places Vedanta rating under review for downgrade

New Delhi, March 3 () Moody's Investors Service on Tuesday said it has downgraded Vedanta Resources Limited's (Vedanta) corporate family rating (CFR).The rating was downgraded to B1 from Ba3."Moody's Investors Service has downgraded Vedanta Resources Limited's(Vedanta) CFR to B1 from Ba3," it said in a statement.Moody's Corporate Family Ratings (CFR) are opinions on a corporate family's ability to honour all of its financial obligations.The agency said it has also downgraded the rating on senior unsecured bonds issued by Vedanta and those issued by its wholly owned subsidiary, Vedanta Resources Finance II Plc and guaranteed by Vedanta, to B3 from B2.The outlook on all ratings is stable, the statement said."Today's downgrade of Vedanta's ratings was triggered by a sustained deterioration in the company's credit profile, and our expectation that its credit metrics will remain weak for the previous ratings," said KaustubhChaubal, Moody's Vice President and Senior Credit Officer.The agency said the low and volatile commodity price environment will mean that Vedanta's earnings are unlikely improve significantly.Consequently, the company's financial profile will take longer than anticipated to strengthen, it said."The rating actions also reflect Moody's revised view on the treatment of the loan raised in 2018 by Vedanta's sole shareholder, Volcan Investments, for Vedanta's privatization," the statement said.Its earlier analytical approach to assess Vedanta's credit strength was based on the separation of Vedanta and its operating subsidiaries from its shareholder, and the expectation that Volcan will not require Vedanta to service any of its debt obligations."However, we now expect Vedanta to pay an additional dividend towards meeting Volcan's upcoming debt maturity. While we note that the additional dividend will be adjusted towards reducing dividend payments in the next fiscal year, it blurs the separation between the two companies," Chaubal added.The B1 CFR is supported by Vedanta's large scale and diversified low-cost operations that produce a wide range of commodities such as zinc, oil and gas, aluminum, iron ore and power, it said.In addition, the company's strong position in key markets that enable it to command pricing premium and track record of generating stable margins through commodity cycles support its business profile, and are key credit strengths, the statement said.The company has USD 1.9 billion of debt maturing at the holding company, which comprises the USD 670 million bond due in June 2021 and USD 1.2 billion of bank loans that have a staggered maturity. Vedanta's liquidity is weak at the holding company level and Moody's estimates the holding company held cash of less than USD 50 million as of December 31, 2019.The holding company's cash needs until September 2021 include USD 1.9 billion of debt maturities - - USD 670 million bond due in June 2021; Volcan's entire USD 625 million privatisation debt interest expense of USD 500 million and regular dividend payments.Further, the stable outlook incorporates Moody's expectation that Vedanta will upstream cash dividends from its operating subsidiaries to itself to repay debt and complete refinancing for the balance of the holding company debt in a timely manner.However, a delay in completing refinancing at least 12 months prior to the relevant maturity dates will exert negative pressure on the ratings, Moody's said.For the 12 months to September 30, 2019, Vedanta Resources generated revenues of USD 13.7 billion and adjusted EBITDA of USD 3.3 billion. NAM PSK BAL

Moody's downgrades Vedanta Resources' corporate family rating

<ul><li>Digital payments transactions in India are expected to cross the 200 million mark in the next three years.</li><li>The Indian digital payments ecosystem grew at an annual rate of 49% in the past six years to 72 billion in FY2022.</li><li>RBI's Payments Vision 2025 could have a pivotal role to play in the digital payments growth in India.</li></ul>Digital payments transactions in India are expected to cross the 200 million mark in the next three years, Emkay Research’s recent report has revealed. The Reserve Bank of India’s recently released ‘Payments Vision 2025’ is not only going to boost digital payments in India but make them a strong ecosystem too, the report added. The brokerage firm’s research shows that the digital payments transactions in India are expected to grow at a compound annual growth rate (GAGR) of 44% to reach 216 billion by fiscal year 2025. <div type="image" title="Digital payments are on track to cross the 200 billion mark, but fintechs are yet to ‘earn’ from them" msid="92357933" hostid="261" sizebytes="96807"></div> The Indian digital payments ecosystem grew at an annual rate of 49% in the past six years. The online transactions — through <keyword id="6358921" type="General" weightage="20" keywordseo="upi" source="Orion">UPI</keyword>, credit cards, IMPS and other payment mechanisms — grew from 9.7 billion in FY2017 to 72 billion in FY2022. <cmsannotation type="cmsannotation" annotationid="This is where RBI’s payments vision documents comes into play" comment="subhead" text="This is where RBI’s payments vision documents comes into play">This is where RBI’s payments vision documents comes into play</cmsannotation> Emkay Research believes that the Reserve Bank of India’s (RBI) special focus on digital payments and the regulation of fintech companies — under the Payment Vision 2025 — is going to play a big role in the higher adoption of these new-age payments solutions. The core theme of the vision document, released by the central bank of India last weekend, is based on four Es — e-payments for everyone, everywhere and everytime. “To promote innovation, the RBI aims to explore a UPI-like system for cards, enable networks for IOT-based payments and interoperability for contactless transit card payments in the offline mode, and create payment systems for merchants. With the new initiatives, the RBI expects to increase digital payment transactions by 3x,” Emkay noted. RBI’s decision to revisit the merchant discount rate (MDR) as well as the regulation to link credit card and credit components to UPI will have a role to play. “Linking credit cards to UPI is another game changer as would globalization of India's Central Bank Digital Currencies (CBDCs)," Avinash Godkhindi, MD and CEO of global digital bank Zaggle, added. Emkay Research believes that a comprehensive review of MDR — a charge paid by merchants to payments companies to accept online payments — could lead to relatively higher charges on credit card and wallet payments. This could also lead to introduction of MDR on UPI, which is currently prohibited and a long standing demand of players like<a href="https://www.businessinsider.in/finance/news/phonepe-is-citing-data-to-argue-that-merchants-should-pay-for-upi-transactions/articleshow/85863071.cms"> Paytm, PhonePe, Google Pay and others</a>. <cmsannotation type="cmsannotation" annotationid="UPI players too have the most to gain from it" comment="subhead" text="UPI players too have the most to gain from it">UPI players too have the most to gain from it</cmsannotation> <div type="image" title="Digital payments are on track to cross the 200 billion mark, but fintechs are yet to ‘earn’ from them" msid="92358008" hostid="261" sizebytes="103072"></div> “We believe linking credit cards to UPI is positive for spends growth, but without MDR, its acceptance in non-Rupay cards will be limited. Moreover, the reduction in MDR to improve affordability could be negative for card/wallet companies (SBIC, Paytm),” Emkay added. Sameer Nigam, the founder of <a href="https://www.businessinsider.in/finance/news/whatsapp-carried-out-only-17-million-upi-transactions-and-phonepe-was-at-20-billion-in-india-in-2021-22/articleshow/90726109.cms">India’s biggest digital payments company in terms of UPI </a>transactions, in September highlighted that currently<a href="https://www.businessinsider.in/finance/news/phonepe-is-citing-data-to-argue-that-merchants-should-pay-for-upi-transactions/articleshow/85863071.cms"> 85-90% of PhonePe transactions are carried out using UPI </a>that has "zero MDR". For perspective, PhonePe actually processed nearly <a href="https://www.phonepe.com/pulse/explore/transaction/2022/1/">7.6 billion transactions</a> in the January-March quarter of 2022. A 90% rate would mean that PhonePe did not earn any money over 6.8 billion transactions. Suhail Sameer, CEO of merchants payments platform BharatPe, noted that the Payments Vision 2025 shows the regulator’s intent and the roadmap to enhance the outreach of digital payments, instill customer centricity and ensure after and transparency in online payments. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/tech/enterprise/news/indias-tech-talent-pool-is-from-vizag-indore-and-warangal-thats-where-infosys-tcs-and-others-are-heading/articleshow/92351346.cms">India’s tech talent pool is from Vizag, Indore and Warangal — that’s where Infosys, TCS and others are heading</a> <a href="https://www.businessinsider.in/stock-market/news/ril-vedanta-tata-steel-yes-bank-among-stocks-to-watch-out-for-on-june-21/slidelist/92349563.cms" data-type="tilCustomLink">RIL, Vedanta, Tata Steel, Yes Bank among stocks to watch out for on June 21</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-2t-smartphone-india-pricing-and-launch-date-leaked/articleshow/92352401.cms">OnePlus Nord 2T India pricing and launch date leaked – here’s everything you need to know </a>

Digital payments are on track to cross the 200 billion mark, but fintechs are yet to ‘earn’ from them

New Delhi, Apr 30 () Vedanta Ltd on Thursday said it has enabled mass production of personal protective equipment (PPEs) in Gurugram and around 15,000 PPE have been manufactured so far to support frontline healthcare workers and doctors in the fight against the COVID-19 pandemic. Recently, the company imported 23 PPE machines in collaboration with the Ministry of Textiles, and has teamed up with authorised apparel manufacturers to produce 5,000 PPE per day. The company has also provided over 3.5 lakh masks through its business units to local communities and has handed over another 2 lakh N95 masks to the Ministry of Health. "India has shown tremendous resilience in fighting the impact of COVID-19. We have earned goodwill from the world for supplying critical medicines to many countries. I am confident that we will rise above this setback. We are working towards creating a New India and will help create a self-reliant economy as the lockdown lifts in a calibrated manner," Vedanta Chairman Anil Agarwal said. As part of strategy to support the local community, Vedanta is now focusing on innovative solutions to support the poor and the marginalised. The company has spent Rs 151 crore on COVID-19 initiatives till now, and has reached out to over 7 lakh community members across 7 states in the past one month. Hindustan Zinc, a Vedanta group company, has started an innovative movement, Grain Bank, wherein Sakhi SHG women collect grains and pulses at the village level so as to reach out to the daily wage earners. More than 8,000 kg of foodgrains have been procured under this plan, which is now being adopted by other Vedanta business units as well. Vedanta Lanjigarh is offering telemedicine facility to the local communities in the region, helping patients connect with doctors for free consultations. A team of specialist doctors, including pediatricians, orthopedicians, general physicians, and Aayush doctors attends to the sick people over phone and WhatsApp every day and medicines can be collected from Vedanta hospital pharmacy free of cost. SID SID HRS

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