🇮🇳 India Daybook: HFCL & GR Infra Bag Mega BharatNet Pacts, Biocon Gets USFDA Relief — November 9, 2026
📍 ORDER WINS
- HFCL: The company, in consortium with Rail Vikas Nigam Ltd (RVNL) and Aerial Telecom Solutions, emerged as the lowest bidder and secured BharatNet Phase III project orders worth ₹8,169 crore.
- GR Infraprojects: Announced it has been declared the lowest bidder (L1) for BSNL's BharatNet Phase III project involving packages valued at approximately ₹7,868 crore.
- ITI Ltd: Declared the lowest bidder for three BharatNet Phase III packages worth ₹4,559 crore, significantly boosting its order backlog.
- DCX Systems: Secured a major export contract valued at ₹460.3 crore from Lockheed Martin Global Inc. to supply electronic assemblies over the next 12 months.
- Power Mech Projects: Bagged a ₹370.84 crore civil works contract from Adani Power subsidiary Mahan Energen Ltd for its Phase-III project in Madhya Pradesh.
📍 USFDA & REGULATORY APPROVALS
- Biocon: The US Food and Drug Administration (USFDA) classified the company's Biocon Park Biologics facility in Bengaluru as Voluntary Action Indicated (VAI), clearing inspection overhangs for its biologics manufacturing setup.
- Alembic Pharmaceuticals: Received final USFDA approval for its Abbreviated New Drug Application (ANDA) for Diltiazem Hydrochloride extended-release capsules, widening its hypertension portfolio in the United States.
- Dr. Reddy's Laboratories: Granted tentative USFDA approval for injectable Lenacapavir indicated for HIV-1 pre-exposure prophylaxis under the PEPFAR program.
📍 EARNINGS IMPACT
- Tata Motors: Posted an 11.2% year-on-year decline in consolidated net profit to ₹3,343 crore for Q2, pressured by temporary aluminum supply chain bottlenecks at Jaguar Land Rover and soft domestic volumes.
- Asian Paints: Reported a steep 43.7% YoY decline in Q2 consolidated net profit to ₹693.7 crore, hit by muted domestic demand, raw material inflation, and price corrections.
- Divi's Laboratories: Reported a 46.5% YoY jump in second-quarter net profit to ₹510 crore, led by a 22.5% increase in operational revenue and robust traction in custom synthesis.
- State Bank of India (SBI): Delivered a 23% YoY surge in standalone net profit to ₹18,331 crore for the second quarter, aided by healthy credit growth and steady asset quality metrics.
📍 MERGERS, ACQUISITIONS & JOINT VENTURES
- Mahindra Lifespace Developers: Signed an agreement with GKW Ltd for the joint development of a 37-acre land parcel located in Bhandup, Mumbai, to develop mixed-use residential and commercial real estate.
- Cipla: Finalized the acquisition of a 20% strategic equity stake in Bengaluru-based medical tech startup iCaltech Innovations for ₹5 crore to expand its diagnostics footprint.
- Rail Vikas Nigam Ltd (RVNL) & Texmaco Rail: Signed an agreement to form a strategic joint venture focused on rolling stock manufacturing, trainsets, and global railway EPC infrastructure projects.
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