Author: Cherian Varghese

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HTC’s Metaverse Phone to Include Crypto, NFT Wallet – Top Crypto Updates

HTC’s metaverse phone to include crypto, NFT wallet

Smartphone manufacturer HTC has launched its first “Viverse” phone that is compatible with its metaverse platform. The HTC Desire 22 Pro comes preloaded with apps that allow users to access and manage their metaverse content, including crypto and NFTs. HTC’s Viverse app also lets users buy NFTs in a digital marketplace and create their own virtual space.

Crypto prices today: Bitcoin falls 4.3%, ETH down 7% 

Bitcoin is currently trading at $20,006.77, a decline of 4.3% over the previous day. Ethereum is down 6.95% over the last 24 hours to $1,124.17. Solana fell 9.6% to $34.89, while Cardano is trading lower by 4.8% at $0.465. Avalanche (AVAX) is down 8.45% to $18. The global crypto market cap stands at $895.58 billion, a 4.75% decline over the previous day.

Anchorage Digital announces Ethereum staking for institutions

Crypto storage firm Anchorage Digital announced the launch of an Ethereum staking service for institutions. Users will be able to earn rewards linked to the second-biggest digital asset by market cap. Anchorage Digital will keep funds safe for institutions (banks, venture capital firms, and even governments) by holding their crypto in cold storage.

Axie Infinity’s ETH bridge back online after $622M hack

The bridge that connects the non-fungible token (NFT) game Axie Infinity’s Ronin sidechain to the Ethereum mainnet is back online. It was taken down in late March after $622 million worth of crypto assets were stolen through an exploit. Users can now make deposits and withdrawals from the Ronin network.

1% TDS on transfer of crypto, NFTs to be levied from July 1

A 1% tax deducted at source (TDS) on the transfer of virtual digital assets (crypto, NFTs) worth more than Rs 10,000 will come into force from July 1. In a peer-to-peer (P2P) transaction, the buyer is required to deduct tax under the given section. When a transfer is made through an exchange/broker, TDS may be deducted only by the exchange which is crediting or making payment to the seller.

Read more here.

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Mukesh Ambani Resigns as Director of Reliance Jio – Top Indian Market Updates

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

Mukesh Ambani resigns as director of Reliance Jio

Mukesh Ambani has resigned from the board of his group’s telecom arm, Reliance Jio Infocomm Ltd. He has handed over the reins of the company to his elder son Akash. In a stock exchange filing, Reliance Jio said its board has “approved the appointment of Akash M Ambani, non-executive director, as chairman of the Board of Directors of the company.”

Read more here.

Tata Steel to ramp up Neelachal Ispat Nigam’s operation to 1.1 MTPA within a year

Tata Steel Ltd (TSL) Chairman N Chandrasekaran said the company will boost the operation of Neelachal Ispat Nigam Ltd (NINL) to a rated capacity of 1.1 million tonnes per annum (MTPA) within the next year. In January 2022, Tata Steel Long Products (a subsidiary of TSL) won the bid to acquire a 93.71% stake in NINL at an enterprise value of Rs 12,100 crore. Tata Steel is expected to complete the acquisition by the end of Q1 FY23.

Read more here.

Ruchi Soya Industries changes name to Patanjali Foods Ltd

Edible oil manufacturer Ruchi Soya Industries Ltd (RSIL) announced that the company’s name has been changed to Patanjali Foods Ltd with effect from June 24. In 2019, Baba Ramdev-led Patanjali Ayurved acquired Ruchi Soya for Rs 4,350 crore through an insolvency process. Last month, Patanjali Ayurved sold its food retail business to RSIL for Rs 690 crore. The move was part of its strategy to focus on the non-food, traditional medicine, and wellness business.

Read more here.

Indiabulls Real Estate guilty of profiteering Rs 6.46 crore

The National Anti-profiteering Authority (NAA) has found Indiabulls Real Estate Ltd (IREL) guilty of not passing on over Rs 6.46 crore input tax credit benefits to homebuyers after the introduction of GST. The concerned project, named Sierra-Vizag, is situated in Visakhapatnam. The NAA has directed IREL to pass on the profiteered amount to homebuyers within 3 months, along with interest.

Read more here.

LTTS launches engineering design centre in France

L&T Technology Services Ltd. (LTTS) has launched an engineering design centre in Toulouse, France. The centre will initially focus on developing cutting-edge solutions for the aerospace and defence industries. LTTS also plans to hire over 100 engineers for the centre in the next two years.

Read more here.

Tata Motors to increase prices of commercial vehicles from July 1

Tata Motors Ltd. has announced a price hike of 1.5-2.5% for its range of commercial vehicles (CVs), effective from July 1. The percentage of hike will depend on the individual model and variant. “The steep rise in overall input costs makes it imperative to pass on a residual proportion via a minimised price hike,” the automaker said in a statement.

Read more here.

India Cements acquires 100% stakes in Springway Mining

India Cements Ltd has acquired the entire paid-up equity and preference share capital of Springway Mining Private Ltd for Rs 182.89 crore. Springway Mining was in the process of setting up a cement plant in Madhya Pradesh. 

Read more here.

Glenmark Pharma acquires OTC drugs from Wockhardt

Glenmark Pharma’s US subsidiary has acquired a portfolio of approved over-the-counter (OTC) abbreviated new drug applications (ANDAs) from Wockhardt. The move is part of the pharma company’s strategy to expand its US OTC portfolio. Glenmark Pharma’s current portfolio consists of 175 products authorized for distribution in the US and 48 ANDAs pending approval with the US Food & Drug Administration (USFDA).

Read more here.

Infosys secures order from Global Express

Australia-based Global Express has selected Infosys Ltd to separate the technology landscape after its divestment from Toll Holdings. The IT major will leverage the blueprints and tools from Infosys Cobalt, a set of services, solutions, and platforms for enterprises to accelerate their cloud journey. Infosys will also migrate Global Express’ applications and services to a sustainable and energy-efficient data centre and public cloud on AWS.

Read more here.

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Market News Top Crypto News

CoinFlex to Issue Tokens After Withdrawal Freeze – Top Crypto Updates

CoinFlex to issue tokens after withdrawal freeze

Crypto exchange CoinFlex plans to raise funds by issuing a new token that will offer a 20% annual return. The company aims to resume withdrawals after a client failed to repay a $47 million debt. The platform will start to issue $47 million of “Recovery Value USD” tokens on Tuesday. The resumption of withdrawals (targeted for June 30) will depend on the level of demand for the new tokens.

Crypto prices today: Bitcoin falls 2%, ETH down 1.3% 

Bitcoin is currently trading at $20,905.4, a decline of 1.9% over the previous day. Ethereum is down 1.3% over the last 24 hours to $1,208.2. Solana fell 4.2% to $38.61, while Cardano is trading lower by 2.49% at $0.489. Avalanche (AVAX) is down 4.38% to $19.62. The global crypto market cap stands at $938.08 billion, a 1.93% decline over the previous day.

Crypto.com removes Dogecoin, Shiba Inu from Earn program

Crypto.com announced it is removing 15 cryptocurrencies from its Crypto Earn rewards program. Dogecoin (DOGE), Shiba Inu (SHIB), Tezos (XTZ), and FLOW are among those being removed from the list. However, Crypto.com will add Zilliqa (ZIL), Fantom (FTM), and NEAR to the program. The Crypto Earn program enables users to obtain interest on their crypto holdings.

400+ crypto ads found violating ASCI guidelines

The Advertising Standard Council Of India (ASCI) has found more than 400 crypto ads to be potentially violating advertising and promotion guidelines of virtual digital assets (VDAs) and guidelines for influencer advertising. In the first five months of 2022, ASCI took up 453 complaints where 419 crypto ads required modifications.

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Bajaj Auto Announces Rs 2,500 crore Share Buyback Plan – Top Indian Market Updates

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

Bajaj Auto announces Rs 2,500 crore share buyback plan

Bajaj Auto Ltd’s board has approved the buyback of shares worth up to Rs 2,500 crore. The two-wheeler manufacturer intends to buy back 54.35 lakh shares (aggregating up to 1.88% of the total paid-up share capital) via the open market at Rs 4,600 per share. The buyback price is a 20.64% premium to Friday’s closing price of Rs 3,812.80.

Read more here.

India’s petroleum products’ export falls 1% in May: Oil Ministry data

India’s total export of petroleum products fell 1% year-on-year (YoY) to 5.7 million metric tonnes (MMT) in May 2022. Exports had risen 22% YoY in April as demand soared in the domestic market. Imports increased 14% YoY to 3.2 MMT in May, compared to 3.8 MMT in April. Diesel and petrol make up three-fourths of India’s petroleum products exports in terms of volume, while LPG comprises 40% of imported fuels.

Read more here.

TTK Prestige acquires 40% stake in Ultrafresh Modular Solutions

TTK Prestige Ltd will acquire a 51% majority stake in Ultrafresh Modular Solutions (UMS). This move mark’s the company foray into the fast-growing modular kitchen solutions segment. TTK Prestige has invested nearly Rs 20 crore to acquire a 40% stake in UMS. It will invest another Rs 10 crore to acquire a further 11% stake. The acquisition is in line with TTK Prestige’s overall goal of becoming a total kitchen solutions brand.

Read more here.

Aurobindo Pharma receives SEBI’s warning letter over ongoing USFDA audit

Aurobindo Pharma Ltd has received a warning letter from the Securities & Exchange Board of India (SEBI) for non-disclosure of details related to an ongoing audit of one of its manufacturing units in Hyderabad and observations made by the US Food and Drug Administration (USFDA). The warning letter observes that the company had “disclosed very limited and restricted information”. It also did not disclose detailed reasons for the audit and did not consider the observations of USFDA as serious.

Read more here.

ISRO’s optical imaging system technology transferred to Paras Defence & Space

New Space India Ltd (NSIL) has signed a letter of intent (LoI) with Paras Defence and Space Technologies Ltd for transferring the ‘Optical Imaging System’ technology developed by the Indian Space Research Organisation (ISRO). The tech will be handed over through a Technology Transfer Agreement for the development, manufacturing, and sale of Optical Imaging Systems in India and abroad.

Maruti Suzuki bets big on hybrids over EVs

Maruti Suzuki India Ltd (MSIL) stated that electric vehicles (EVs) are not the solution for decreasing carbon emissions, at least not immediately. The automaker believes that vehicles powered by hybrid technology, natural gas, and biofuels will be much better options than EVs as India generates ~75% of its electricity from coal. MSIL is planning to launch its first hybrid car under a partnership between Suzuki Motor Corp and Toyota within 12 months.

Read more here.

Adani Enterprise’s arm raises Rs 6,000 crore loan to set up greenfield copper plant

Kutch Copper Ltd (KCL), a subsidiary of Adani Enterprises Ltd, has secured a debt of Rs 6,071 crore. The funds will be utilized towards setting up a copper refining capacity of 0.5 million tonnes per annum (MTPA) as part of Phase-1 of the greenfield plant. The total planned capacity is 1 MTPA in two phases. KCL aims to boost the production of refined copper, which plays a vital role in strengthening India’s shift towards renewables and EVs.

Read more here.

M&M launches all-new Scorpio-N; price starts at Rs 11.99 lakh

Mahindra & Mahindra (M&M) Ltd has launched the all-new seven-seat Scorpio-N SUV in the Indian market. The prices of the manual variants of the SUV start at Rs 11.99 lakh and go up to Rs 19.49 lakh (ex-showroom). Bookings will start on July 30, 2022, at dealerships and M&M’s online website. Deliveries are set to commence during the festive season.

Read more here.

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Market News Top Crypto News

CoinDCX Extends Withdrawal Restrictions – Top Crypto Updates

CoinDCX extends withdrawal restrictions

Crypto exchange CoinDCX has extended the withdrawal restrictions that have been in place since May 13 until further notice. The company said these extreme steps are necessary to implement enhanced compliance and risk frameworks. The recent liquidity crises at several institutions (including Celsius Network), which paused crypto withdrawals and transfers, have stirred fear among Indian investors.

Crypto prices today: Bitcoin falls 1%, ETH down 2.1% 

Bitcoin is currently trading at $21,258.98, a decline of 1.02% over the previous day. Ethereum is down 2.1% over the last 24 hours to $1,220.1. Solana fell 3.9% to $40.05, while Cardano is trading lower by 4.5% at $0.499. Avalanche (AVAX) is down 4.83% to $20.42. The global crypto market cap stands at $952.19 billion, a 1.41% decline over the previous day.

Harmony offers $1M reward after discovering $100M altcoin hack

The team behind Harmony Protocol is offering a $1 million reward for information leading to the return of $100 million in altcoins stolen from its Horizon bridge. Last week, hackers stole $100 million in Wrapped Ethereum (WETH), AAVE, SUSHI, DAI, Tether (USDT), and USD Coin (USDC) and swapped them for Ethereum. Harmony also halted all Horizon bridge activity following the hack.

Klaytn partners with OpenSea for NFT expansion in Asia

Singapore-based public blockchain platform Klaytn has partnered with non-fungible token (NFT) marketplace OpenSea to boost the Asian NFT ecosystem. The partnership includes conference collaborations and ecosystem grants to promote Asian NFT projects to the global audience.

Indian investors lose Rs 1,000 Crore to fake crypto apps, website scam

As per a report by cyber security research company CloudSEK, Indian crypto investors have lost about Rs 1,000 crore to several ongoing fake crypto exchanges scam. Attackers replicated an exact copy of original crypto websites and made it difficult for people to differentiate between the original and duplicate. A host of phishing domains and Android applications with the keyword ‘CoinEgg’ were used to dupe victims.

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Zomato to Acquire Blinkit for Rs 4,447 crore – Top Indian Market Updates

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

Zomato to acquire Blinkit for Rs 4,447 crore

Zomato Ltd’s board has approved the acquisition of quick commerce company Blinkit for Rs 4,447 crore in an all-stock deal. The food delivery firm already holds a more than 9% stake in Blinkit. This acquisition will help Zomato broaden its offerings and fuel its instant grocery delivery play. In March, Zomato had extended a lifeline to cash-strapped Blinkit through a loan of $150 million to its parent company Grofers India Pvt Ltd (GIPL).

Read more here.

Canara Bank to raise up to Rs 9,000 crore via bonds

Canara Bank’s board has approved a proposal to raise up to Rs 9,000 crore via debt instruments. The lender will raise up to Rs 5,500 crore through Basel-III compliant additional tier I bonds and Rs 3,500 crore via Basel-III compliant additional tier-II bonds during FY 2022-23. The proposal is subject to market conditions and necessary approvals.

Read more here.

Raymond aims to be net debt-free company in next 3 years

Raymond Ltd aims to be a net debt-free company in the next three years. According to its latest annual report, the company is focused on liquidity management through cost reduction initiatives and working capital optimisation. For the financial year ended March 31, 2022 (FY22), Raymond’s net debt has been reduced to Rs 1,088 crore. Net debt stood at Rs 1,416 crore in FY21 and Rs 1,859 crore in FY20.

Read more here.

Tata Chemicals Europe opens UK’s largest carbon capture plant

Tata Chemicals Europe (TCE) has officially opened the UK’s first industrial-scale carbon capture and usage plant. The move signals a key milestone in the race to meet UK’s net-zero targets. TCE completed the £20 million investment for the plant in northwest England. The company claims it can now manufacture one of the world’s lowest carbon footprint sodium bicarbonate and sodium carbonate products. These chemicals are used to make a wide array of everyday items seen in many households.

Read more here.

NTPC declares commercial operation of 92 MW floating solar capacity in Kerala

NTPC Ltd has started commercial operations of the last part capacity of 35 megawatts (MW) out of 92 MW Kayamkulam Floating Solar PV Project at Kayamkulam, Kerala. Spread over a 480-acre reservoir, this floating solar project will generate electricity from more than 3 lakh solar PV modules. NTPC’s total installed renewable energy capacity has now crossed the 2 gigawatts (GW) mark.

Read more here.

Tata Steel Mining completes 100% acquisition of Rohit Ferro-Tech

Tata Steel Mining Ltd (TSML) has completed the acquisition of the remaining 10% stake in Rohit Ferro-Tech (RFT) for Rs 20 crore. On April 12, Tata Steel’s subsidiary (TSML) completed the acquisition of a 90% stake in RFT as per the approved resolution plan under the Insolvency and Bankruptcy Code 2016. TSML’s investment in RFT was made through a combination of equity of Rs 10 crore and an inter-corporate loan of Rs 607.12 crore.

Read more here.

Suven Life Sciences to raise up to Rs 400 crore via rights issue

Suven Life Sciences Ltd’s board has approved a proposal to raise up to Rs 400 crore via a rights issue. The company’s board has also approved an increase in the authorised share capital from Rs 20 crore divided into 20 crore equity shares of Re 1 each into Rs 30 crore divided into 30 crore equity shares of Re 1 each and consequential alteration in its Memorandum of Association.

Read more here.

Vodafone Idea opts to pay Rs 8,837 crore dues in six annual installments

Vodafone Idea Ltd (VIL) has opted to pay adjusted gross revenue (AGR) related dues amounting to Rs 8,837 crore for FY18 and FY19 in six equal annual installments starting March 31, 2026. The Department of Telecommunications (DoT) recently offered the option in addition to its support package for the telecom industry announced in 2021.

Read more here.

Dr. Reddy’s Labs acquires branded, generic injectables from Eton Pharma

Dr. Reddy’s Laboratories has acquired a portfolio of branded and generic injectable products from US-based Eton Pharmaceuticals Inc. Under the terms of the agreement, Dr Reddy’s acquired the portfolio for an upfront payment of ~$5 million in cash, plus contingent payments of up to $45 million. These products had a total addressable market value of $174 million as of April 2022 in the US.

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Coinbase to Launch ‘Nano’ Bitcoin Futures – Top Crypto Updates

Coinbase to launch ‘Nano’ Bitcoin Futures via derivatives exchange

Coinbase Derivatives Exchange (formerly known as FairX) is launching its first crypto derivatives product this month. The CFTC-regulated futures exchange will launch its Nano Bitcoin Futures (BIT) on June 27. Coinbase is also awaiting regulatory approval on its own futures commission merchant (FCM) license to offer margined futures contracts for its clients.

Crypto prices today: Bitcoin rises 1.2%, ETH up 3.2% 

Bitcoin is currently trading at $20,815.18, an increase of 1.27% over the previous day. Ethereum is up 3.2% over the last 24 hours to $1,135.97. Solana rose 4.3% to $37.96, while Cardano is trading higher by 2.47% at $0.486. Avalanche (AVAX) surged 10.56% to $19.20. The global crypto market cap stands at $926.59 billion, a 1.18% increase over the previous day.

Binance teams up with Cristiano Ronaldo for NFT push

Binance announced a multi-year non-fungible token (NFT) partnership with football legend Cristiano Ronaldo. With this partnership, the firm plans to launch a global marketing campaign to promote Web3 and provide football fans with a compelling entry point into the NFT market.

Solana Labs launches mobile platform; reveals smartphone

Solana Labs has announced an Android-based software kit for developing mobile Web3 apps. “Solana Mobile Stack” (SMS) is an open-source software kit designed to enable the development of native Android apps built around the Solana blockchain. The firm will also release its own android smartphone called Saga, which will be released in 2023.

Indian govt gives clarity on taxation of digital token transactions

The Indian government has brought in some much-needed clarity in the matter of taxing digital token transactions. The Union Budget 2022-23 had declared a 30% tax on income from crypto from the new financial year and a 1% TDS on all crypto transactions starting July 1. Now, the Central Board of Direct Taxes has clarified how firms could comply with the revised tax.

According to the new rules, exchanges will have to deduct tax from the crypto buyer’s side in a transaction. This tax must be paid to the Centre within 30 days of the end of the month during which the deduction was made.

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Vi Defers Rs 8,837 crore AGR Dues Payment – Top Indian Market Updates

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

Vodafone Idea defers Rs 8,837 crore AGR dues payment

Vodafone Idea Ltd’s (VIL) board has decided to defer payment of additional adjusted gross revenues (AGR) of Rs 8,837 crore dues by four years. On June 15, the Department of Telecommunications (DoT) had raised AGR demand for additional two financial years beyond 2016-17, which were not covered under the Supreme Court order on the statutory dues. The DoT letter also offers VIL an option for equity conversion of interest dues upfront for these AGR-related dues.

Read more here.

Tata Steel plans low CO2 steel-making technologies in UK, Netherlands

Tata Steel Ltd is working on a plan for transition to low carbon technologies for making steel in the UK and the Netherlands. Both Tata Steel UK and Tata Steel Netherlands have been developing detailed plans for transition to low CO2 technologies. It is in line with the parent company’s goal to produce CO2-neutral steel by 2050 in Europe. 

Read more here.

L&T’s hydrocarbon business secures large contracts

L&T Energy Hydrocarbon (LTEH) has secured three offshore packages (in the range of Rs 2,500-5,00) crore) from an overseas client. The orders consist of the engineering, construction, and installation of various new offshore jacket structures. LTEH offers integrated design-to-build solutions across the hydrocarbon sector to domestic and international customers.

Read more here.

Macrotech Developers enters Bengaluru; eyes Rs 1,200 crore sales from first housing project

Macrotech Developers Ltd announced its entry into the Bengaluru market. It has formed a joint venture to develop its first housing project with an estimated sales booking value of Rs 1,200 crore. The realty firm will acquire 100% equity of G Corp Homes to make its foray into the Bengaluru market. Macrotech Developers markets its properties under the Lodha brand.

Read more here.

Indian media, entertainment industry likely to touch Rs 4.30 lakh cr by 2026: PwC report

As per a report by global consultancy firm PwC, the Indian media and entertainment industry is expected to grow at a CAGR of 8.8% and reach Rs 4.30 lakh crore by 2026. The growth would be paced by digital media and advertising through deeper penetration of the internet and mobile devices in the domestic market. TV advertising is expected to reach over Rs 43,000 crore by 2026.

Read more here.

Glenmark Pharma says USFDA issues Form 483 observations for co’s formulation facility

The US Food & Drug Administration (USFDA) has issued Form 483 with six observations to Glenmark Pharma’s formulation manufacturing facility in Baddi, Himachal Pradesh. The facility caters to the production of oral solids, liquid orals, and external preparations like lotions, creams, and respiratory segment products. The pharma company said it is committed to undertaking all necessary steps to address USFDA’s observations at the earliest. 

Read more here.

RBI taps HDFC, ICICI, SBI for blockchain-based trade financing project

The Reserve Bank of India (RBI) is engaging with HDFC Bank, ICICI Bank, State Bank of India, and dozen other top lenders to run a blockchain-based pilot project centered on trade financing. The project could help prevent loan frauds by fugitive borrowers (like Nirav Modi and Mehul Choksi) that found loopholes in the system to siphon off thousands of crores. Belgium-based SettleMint, US-based Corda Technologies, and IBM would provide technical support for the project.

Read more here.

Aditya Birla Sun Life AMC partners BentallGreenOak

Aditya Birla Sun Life AMC Ltd and BentallGreenOak are planning to raise ~Rs 1,000 crore through their joint platform for structured credit investments in India. The funds will be used to invest in real estate projects in key property markets, including metro cities. BentallGreenOak is a global real estate investment management advisor based in Toronto, Canada.

Read more here.

Tata Nexon EV catches fire in Mumbai; automaker initiates probe

Tata Motors Ltd is investigating the root cause behind a Nexon EV electric car that caught fire in the suburb of Vasai, Mumbai. This was the first instance of an EV made by the automaker going up in flames. Tata Motors has sold more than 30,000 EVs so far, which have cumulatively covered over 100 million kilometres across India over the past four years.

Read more here.

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Shopify Adds NFT-Gated Option for Online Retailers – Top Crypto Updates

Shopify adds NFT-gated option for online retailers

Shopify is launching non-fungible token (NFT)-gated storefronts as a new feature for brands looking to make their stores more exclusive. Token holders can connect a crypto wallet to unlock exclusive shopping experiences, from early access to drops and limited collections to one-of-a-kind experiences. Shopify is a Canadian multinational e-commerce company.

Crypto prices today: Bitcoin rises 2.5%, ETH up 2.3% 

Bitcoin is currently trading at $20,563.91, an increase of 2.58% over the previous day. Ethereum is up 2.32% over the last 24 hours to $1,100.84. Solana rose 6.4% to $36.36, while Cardano is trading higher by 2.72% at $0.474. Avalanche (AVAX) surged 8% to $17.46. The global crypto market cap stands at $908.92 billion, a 2.36% increase over the previous day.

Coinbase to phase out trader-friendly ‘pro’ exchange

Coinbase announced its plans to discontinue its advanced, trader-focused Coinbase Pro service by the end of the year. The service offered lower fees to traders who interacted directly with the Coinbase Exchange order book. It will be replaced by Advanced Trade, a service that offers comparable features but that will live within the main Coinbase app and site.

Tether to launch stablecoin pegged to British Pound Sterling

Tether has announced plans to introduce a token pegged to the British Pound Sterling next month. The stablecoin (GBPT) will be initially supported by the Ethereum blockchain. GBPT is set to become the fifth fiat currency-pegged stablecoin launched by Tether, joining the U.S. dollar-pegged USDT, Euro-pegged EURT, and Chinese Yuan-pegged CHNT.

GST on crypto likely as council may take decision next week: Report

As per a Bloomberg report, the Goods & Services Tax (GST) council will meet next week to discuss a GST on cryptocurrency transactions. Discussions may be held on placing crypto in the highest tax slab of 28%. An additional tax on the industry could be troublesome for crypto exchanges and traders in the country. 

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DHFL Promoters Booked in Rs 34,615 crore Bank Fraud Case – Top Indian Market Updates

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

DHFL promoters booked in Rs 34,615 crore bank fraud case

The Central Bureau of Investigation (CBI) has registered a fresh case against DHFL promoters Kapil and Dheeraj Wadhawan for defrauding a consortium of banks led by Union Bank of India for Rs 34,615 crore. It is the biggest bank fraud case registered by CBI. The agency is carrying out searches at 12 locations in Mumbai at the premises of the accused.

Read more here.

Delhivery to expand infra in Mumbai, Bengaluru

Delhivery Ltd has announced plans to expand its infrastructure in Bhiwandi (Greater Mumbai) and Bengaluru to enhance its processing capacity to cater to demand from the southern and western regions of India. The company will collaborate with Welspun on a 7 lakh sq. ft. mega-gateway facility in Mumbai. It is also partnering with GMR Group for an over 1-million sq. ft. facility in Bengaluru.

Read more here.

NSDL looking to raise Rs 4,500 crore via IPO

National Securities Depository Ltd (NSDL) is eyeing to raise Rs 4,500 crore through an initial public offering (IPO). It is India’s first and biggest depository services company. As of May 31, 2022, NSDL managed more than 2.76 crore investor accounts with a Demat custody value of Rs 297.55 lakh crore. The company has more than 89% market share in terms of Demat asset value. 

To learn more about depositories, click here.

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Kalpataru Power secures orders worth Rs 2,290 crore

Kalpataru Power Transmission Ltd and its subsidiaries have secured new orders worth Rs 2,290 crore. These include orders from international markets in the power transmission business of Rs 1,416 crore. The company has also won orders for the construction of an elevated viaduct and five elevated stations of the Kanpur Metro Rail Project, civil works for a data centre, and buildings & factories projects across India totaling Rs 874 crore.

Read more here.

GAIL to venture into gas liquefaction retail sales

GAIL (India) Ltd plans to liquefy natural gas for easy transportation and sale in areas that are not connected with pipeline grids. It has placed orders for two small-scale liquefaction skids capable of producing LNG on a pilot basis. These plants will help in the distribution of natural gas through liquefaction in new city gas distribution areas and liquefaction of gas at isolated fields. It will also support the establishment of LNG fueling stations.

Read more here.

Macrotech Developers to provide warehousing space to Skechers near Mumbai

Realty firm Macrotech Developers Ltd will provide 1.1 million square feet of warehousing space to Skechers at Palava near Mumbai. Skechers is a global athletic footwear and apparel brand. The first phase of Skechers’ national distribution centre (NDC) will be delivered in mid-2023. It will be the second-largest NDC for Skechers in Asia and is likely to be one of the tallest warehouse structures in India.

Read more here.

Vodafone Idea to raise Rs 436 crore from Vodafone Group

Vodafone Idea Ltd’s board has approved a proposal to raise Rs 436.21 crore through the preferential issue of equity shares or warrants to its UK-based parent firm, Vodafone Group. In case the funds are raised via allotment of equity shares, the issue price will be Rs 10.20 per share. In the case of warrants, the issue price will be Rs 10.20, and 100% of the issue price will be paid upfront at the time of subscription of warrants.

Read more here.

Jio-bp to power EV charging stations at Nexus malls across 13 cities

Nexus Malls has partnered with Jio-bp for the rollout of EV charging stations and battery swapping stations across 17 malls in 13 cities. Jio-bp is a fuel and mobility joint venture between Reliance Industries Ltd and UK-based bp. As part of this partnership, Jio-bp will install 24×7 charging infrastructure for two and four-wheeler EVs at Nexus malls.

Read more here.

Carlyle acquires 24% stake in Bharti Airtel’s Nxtra for Rs 1,788 crore

CA Cloud Investments, an affiliate of US-based Carlyle Group, has completed the acquisition of a 24.04% stake in Bharti Airtel’s subsidiary Nxtra Data. The Indian teleco will continue to hold the remaining stake in the data centre company. Nxtra Data provides data centre colocation services through its 10 data centres across India.

Read more here.

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Uniswap Labs Acquires NFT Aggregator Genie – Top Crypto Updates

Uniswap Labs acquires NFT aggregator Genie

Uniswap Labs has acquired Genie, a non-fungible token (NFT) marketplace aggregator. This move is part of its mission to unlock universal ownership and exchange on its platform. Uniswap is now integrating NFTs into its product line, beginning with the web app. Later integrations will include developer application programming interfaces (APIs) and widgets. 

Crypto prices today: Bitcoin falls 4.2%, ETH down 6% 

Bitcoin is currently trading at $20,176.16, a decline of 4.2% over the previous day. Ethereum is down 6.11% over the last 24 hours to $1,080.24. Solana fell 7.6% to $34.19, while Cardano is trading lower by 6.5% at $0.465. Avalanche (AVAX) fell 8.3% to $16.13. The global crypto market cap stands at $887.51 billion, a 4.1% decline over the previous day.

Indian investors lose Rs 1,000 crore in fake crypto exchanges: Report

Researchers at CloudSEK (a cyber security firm) have unearthed a new scam called CoinEgg, which defrauded as much as Rs 1,000 crore from Indian investors. The scammers used fake domains and social media accounts to persuade users to invest in fake exchanges. After making victims invest, the attackers approached them as investigative agents who could “help” with the scam.

Black Hills Energy signs first deal under new blockchain tariff

US-based Black Hills Energy has completed its first agreement to provide power to a crypto mining facility under Wyoming’s Blockchain Interruptible Service Tariff. The unidentified facility will be one of the largest bitcoin mining operations in the region. It is expected to be operational and purchasing energy by the end of the year.

Crypto lender BlockFi gets $250 million bailout from FTX

Crypto lender BlockFi has received a $250 million revolving line of credit from crypto exchange FTX to help strengthen its balance sheet. The agreement will give BlockFi access to capital amid the crash in the crypto markets. Last week, the company said it was reducing its headcount by ~20%. BlockFi is also implementing other cost-cutting measures like reducing marketing spending and executive compensation.

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HDFC Bank to Move Payments Out of Core Banking – Top Indian Market Updates

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

HDFC Bank to move payments out of core banking to ensure minimal downtime

HDFC Bank will soon move its payments platform out of its core banking module to enable minimal payments downtime, even if core banking is not available. The private lender is likely to launch additional products and services under Digital 2.0, including a new payments platform for its customers and merchants. The bank has partnered with a new-age startup to co-create new core banking modules.

Read more here.

Atul Auto’s arm partners with Honda, Valeo for electrification of three-wheelers

Atul Greentech (a subsidiary of Atul Auto Ltd), Honda Powerpack Energy, and France-based automotive supplier Valeo have signed a Memorandum of Understanding (MoU) for the electrification of three-wheelers. Valeo will provide electric powertrains and powertrain control units for Atul’s electric three-wheelers to work with Honda’s swappable battery solution. The MoU brings domain expertise together to accelerate three-wheeler electrification in both passenger and cargo segments.

Read more here.

Adani Enterprises, 10 others keen on bidding for coal import tenders: CIL

Adani Enterprises Ltd and ten other companies (including offshore firms) have expressed interest in bidding for coal import tenders floated by Coal India Ltd (CIL). On June 9, CIL said it has floated its maiden tender to import 2.416 million tonnes (MT) of coal to ensure an adequate supply of the fuel to power plants in India. The company floated two more medium-term tenders for sourcing 6 MT of coal from overseas on June 10.

Read more here.

Future Enterprises defaults on Rs 6.07 crore interest payment for NCDs

Future Enterprises Ltd has defaulted on the payment of interest of Rs 6.07 crore for its non-convertible debentures (NCDs). The due date for payment was June 20, 2022. The latest default is on the interest of securities issued for a sum of Rs 120 crore. The debentures are secured and have a coupon rate of 10.15% per annum.

Read more here.

Yes Bank launches floating-rate fixed deposit for domestic customers

Yes Bank has announced the launch of Floating Rate Fixed Deposit, a new product offering for all domestic customers. The rate of interest on this fixed deposit (FD) will be linked to the prevailing repo rate, allowing customers to enjoy dynamic returns on their fixed deposits. The bank has also raised its interest rates on standard FDs up to 6.5% per annum for regular customers and up to 7.25% p.a. for senior citizens.

Read more here.

ONGC seeks minimum $17 price for coal gas from Bokaro

Oil and Natural Gas Corp (ONGC) is planning to auction gas from its coal bed methane (CBM) block in Bokaro, Jharkhand, at a crude-linked reserve price that is more than $17 per million metric British Thermal Units (mmBtu) at current oil rates. The company will conduct an e-auction for the sale of 0.20 million metric standard cubic meters per day (mmscmd) of CBM gas. ONGC and Indian Oil own 80% and 20% participating interest, respectively, in the CBM block.

Read more here.

Hindustan Motors to sell ‘Contessa’ brand to SG Corporate Mobility

Hindustan Motors Ltd has agreed to sell its ‘Contessa’ brand to SG Corporate Mobility Pvt. Ltd (SGCMPL) for an undisclosed sum. The company has executed a brand transfer agreement with SGCMPL on June 16, 2022, for the transfer of the Contessa brand, including the trademarks. Contessa was a premium sedan sold in India by Hindustan Motors from the 1980s to the early 2000s.

Read more here.

​​Oil prices rise $2 on strong demand, tight supply

Oil prices rose almost $2 on Tuesday amidst rising fuel demand while supplies remain tight due to sanctions on Russian oil after its invasion of Ukraine. Brent crude rose $1.80, or 1.6%, to $115.93 a barrel. The U.S. West Texas Intermediate (WTI) crude contract for July rose $2.26, or 2.1%, to $111.82.

Meanwhile, European Union leaders aim to maintain pressure on Russia at their summit this week by committing to further work on sanctions.

Read more here.