LIC reported Q3 net profits of Rs.235 crore
The government has filed updated IPO draft papers with SEBI incorporating financials of LIC for Dec-21 quarter also. While SEBI approval for the LIC IPO has already come in, LIC had put off plans due to the war in Ukraine. It had time till 12th May to go ahead with existing data filings but LIC has decided to file with revised Dec-21 financials. This will make the approval valid till Aug-22, giving them enough time for the IPO. LIC reported Q3 net profits of Rs.235 crore. LIC will be the biggest Indian IPO in history at 3.5X Paytm.
Zomato hinted at plans to deliver food to its customers in 10 minutes
Zomato hinted at plans to deliver food to its customers in 10 minutes, on the same lines as some of the quick-commerce (Q-Commerce) models followed by grocery companies. For this, Zomato will leverage its recent purchase of a controlling stake in Blinkit (formerly Grofers). Zomato has been working on the premise that 30-minute delivery could soon become outdated and 10-minute could be the new norm. For that, Zomato will look at dense finishing stations network in close proximity to high-demand customers.
Brent crude rose $2 on Monday as Ukrainian military retaliated against Russian strikes
Brent Crude jumped $2 on Monday after Ukrainian forces dug in against Russian attacks and oil producers struggled to produce allotted quotas. Brent had touched a low of $100/bbl last week, but has bounced to $110/bbl. A similar trend was also seen in WTI crude, which trades about $2 lower than Brent. Oil rallied after Ukraine refused to surrender the besieged port city of Mariupol. For the month of Feb-22, OPEC missed production target by over 1 million bpd. This offsets the Russian crude exiting global oil markets.
Wockhardt and Serum Life Sciences have teamed together to produce 150 million doses of the SII vaccine
Wockhardt and Serum Life Sciences entered into a partnership to make 150 million doses of SII vaccines at Wockhardt UK plant. This would be a profit sharing arrangement between the two pharma players. It would be a fill-and-finish facility for vaccines, although it could take up to 2 years for the facility to be up and running. This will help them build long-term capacity in the UK. For Serum, this also gives them the proximity to the UK and EU markets. This enhances India’s pivotal role in the global pharma supply chain.
Adani Green Energy extended its construction financing framework to $1.64 billion
Adani Green Energy extended its construction financing framework to $1.64 billion. It recently raised $288 million facility for its under-construction renewable asset portfolio through leading international lenders. The facility will initially finance the 450-MW hybrid portfolio of solar and wind renewable projects coming up in Rajasthan. This facility will be funded by a consortium of 7 global banks and it will be a certified green hybrid project loan. Adani Green has a target to achieve 45 GW renewable energy capacity by 2030.