Author: Cherian Varghese

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Retail Inflation at 7.04% in May – Top Indian Market Updates

inflation - market updates | marketfeed

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

Retail inflation at 7.04% in May

India’s retail inflation fell to 7.04% in May 2022 from an eight-year high of 7.79% in April, aided by a favourable base effect. Sequentially, price increases remained elevated with the Consumer Price Inflation (CPI) index rising 0.94% over the previous month. Inflation in food and beverages stood at 7.97% in May, compared with 8.31% in April. Fuel and light inflation stood at 9.54% in May against 10.8% in April.

Read more here.

Amara Raja secures contract from NTPC to set up green hydrogen fuelling station in Leh

Amara Raja Power Systems (ARPS) has secured a contract from NTPC Ltd to set up India’s first green hydrogen fuelling station in Leh. The pilot project will be established in Leh’s extreme conditions, 3,600 meters above sea level. This project is in line with the government’s vision of achieving net-zero carbon emission by 2070. 

Read more here.

Crompton Greaves Consumer Electricals to raise Rs 925 crore via NCDs

Crompton Greaves Consumer Electricals Ltd plans to raise long-term funds up to Rs 925 crore by issuing non-convertible debentures (NCDs) on a private placement basis. The company’s board has also approved the buyback of rated, listed commercial paper aggregating to up to Rs 600 crore. These are part of a proposal to modify the company’s debt profile.

Read more here.

SpiceJet acquires certifications for cargo delivery to EU and UK

SpiceJet Ltd has secured RA3 (Regulated Agent Third country) and ACC3 (Air Cargo or Mail Carrier operating into the Union from a Third Country Airport) certifications. These certifications will allow SpiceJet to transport mail and cargo of other airlines to or via the European Union and the United Kingdom. The airline has also cleared the cargo security audit and on-site verification to check whether everything matches the standards maintained in the EU and UK. 

Read more here.

NCLAT rejects Amazon’s plea against CCI order

The National Company Law Appellate Tribunal (NCLAT) has rejected Amazon’s plea challenging the decision of the Competition Commission of India (CCI) to suspend the approval for the e-commerce major’s deal with Future Coupons. NCLAT has also imposed a penalty of Rs 202 crore on Amazon for the suppression of information regarding the deal.

Read more here.

CBI conducts raids at GR Infra’s offices: Reports

As per reports, the Central Bureau of Investigation (CBI) conducted searches at several offices of GR Infraprojects Ltd in Shillong, Guwahati, Gurgaon, and Bangalore. The raids were in connection with alleged irregularities in a national road highway project in Assam. The central agency has apprehended a few officials of the National Highways Authority of India (NHAI) and GR Infra Projects.

Read more here.

Lemon Tree Hotels signs new property in Visakhapatnam

Lemon Tree Hotels Ltd has signed a new hotel in Visakhapatnam, Andhra Pradesh, under the brand ‘Keys Lite’. This property will feature 44 rooms, complemented by a multi-cuisine restaurant. It will also have a conference room and a fitness center. The hotel is expected to be operational by March 2023.

Read more here.

Torrent Power acquires 50 MW solar plant for Rs 416 crore in Telangana

Torrent Power Ltd has completed the acquisition of a 50 megawatt (MW) solar power plant in Telangana from SkyPower Group for Rs 416 crore. The plant has a long-term power purchase agreement with Nothern Power Distribution Company of Telangana for 25 years at a fixed tariff rate of Rs 5.35 per unit. With this acquisition, Torrent Power’s total generation capacity will reach 4.7 gigawatts (GW).

Read more here.

Bharti Airtel’s Xstream reaches 20 lakh paid subscriber mark

Bharti Airtel’s video streaming service, Airtel Xstream, has achieved the 20 lakh paid subscriber mark, demonstrating a strong pace of growth as an OTT aggregator platform. Airtel Xstream offers a bouquet of over-the-top (OTT) platforms to consumers across mobile and large screen formats. The service saw significant user interest through repeat recharges and subscriptions from Maharashtra, Karnataka, and Andhra Pradesh.

Read more here.

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Market News Top Crypto News

Celsius Freezes All Withdrawals, Transfers – Top Crypto Updates

Celsius crashes 70% in 1 hour after firm halts withdrawals

Controversial crypto lender Celsius announced it was pausing all customer withdrawals, swaps, and transfers on Sunday night. “We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets,” the company said in a statement.

The company’s CEL token crashed 70% in one hour after the announcement.

Crypto prices today: Bitcoin falls 7.7%, ETH down 8.5%

Bitcoin is currently trading at $25,324.91, a decline of 7.72% over the previous day. Ethereum fell 8.57% over the last 24 hours to $1,330.21. Solana crashed 11.78% to $28.3, while Cardano is trading lower by 8,73% at $0.464. Avalanche (AVAX) plumetted 12.1% to $16.18. The global crypto market cap stands at $1.02 trillion, a 6.93% decline over the previous day.

Crypto investors have resorted to a massive sell-off amid fears of high inflation.

Helium to launch new tokens to scale 5G in multi-network expansion

The Helium Network has announced a model expansion to address the demand for unlimited wireless protocols. It will launch new MOBILE and IOT tokens as it expands its crypto-powered wireless network. The token-incentivized network may also expand to include additional decentralized protocols.

Helium rewards crypto to users for deploying hotspots and providing network coverage. It has launched over 848,000 hotspots in 176 countries. 

Accepting crypto payments a priority for majority of US retailers: Deloitte

A survey by Deloitte found over 85% of U.S. merchants prioritize enabling crypto payments, while ~83% do the same for stablecoins. Around 87% of merchants believe accepting crypto payments can provide a competitive edge in the market. Most retailers expect a significant increase in interest in using digital currencies for payments. Nearly 75% of them aim to enable crypto and stablecoin payments over the next two years.

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Market News Top 10 News

India’s Industrial Output Grows 7.1% in April – Top Indian Market Updates

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

India’s industrial output grows 7.1% in April

India’s index of industrial production (IIP) grew 7.1% YoY to 135.1 in April 2022, compared to a growth of 1.9% in March. The mining sector rose by 7.8% year-on-year (YoY) to 116.0 in April, the manufacturing sector witnessed a growth of 6.3% to 132.5, and the electricity sector climbed 11.8% to 194.5. 

Read more here.

Actis acquires road assets of Welspun Enterprises for Rs 6,000 crore

UK-based global investor Actis has acquired a portfolio of six operating highway toll road projects from Welspun Enterprises Ltd for an enterprise value of $775 million (~Rs 6,000 crore). The projects are located strategically across India, including in the most prominent North-South highway corridor. The portfolio benefits from a stable mix of annuity and toll cash flows.

Read more here.

Alembic Pharma gets USFDA approval for cancer treatment drug

Alembic Pharmaceuticals Ltd has received approval from the US Food & Drug Administration (USFDA) to market Dasatinib tablets. The drug is used to treat certain types of leukemia (cancer of the blood cells). As per IQVIA data, Dasatinib tablets had an estimated market size of $1,465 million for the twelve months ended December 2021.

Read more here.

Coal India to import 6 MT more coal to meet power demand

Coal India Ltd has issued two tenders to import 6 million tonnes (MT) of coal in the next 12 months to meet surging power demand in India. This follows another tender issued on Thursday to import 2.42 MT of the dry fuel for delivery in July-September. These two medium-term import tenders of 3 MT each of coal have the option of increasing the bid quantity by 100% to 12 MT.

Read more here.

Strides Pharma gets USFDA nod for Ibuprofen suspension

Strides Pharma Science Ltd has received approval from the USFDA to market Ibuprofen OTC Oral Suspension in the US markets. Ibuprofen is a nonsteroidal anti-inflammatory drug used as a painkiller in conditions like headache, dental pain, menstrual cramps, muscle aches, or arthritis. The product will be manufactured at the pharma company’s facility in Bengaluru.

Read more here.

Bajaj Auto’s arm inaugurates new EV manufacturing plant in Pune

Bajaj Auto’s wholly-owned subsidiary, Chetak Technology Ltd. (CTL), inaugurated its new EV manufacturing plant at Akurdi, Pune. CTL and its vendor partners will invest ~Rs 750 crores in this new facility. Its production capacity will be swiftly increased to manufacture 5 lakh electric two-wheelers per year.

Read more here.

India’s peak power demand all-time high of 210,793 MW

India’s electricity demand touched a record high of 210,793 megawatts (MW) on Thursday as several regions in the north faced severe heatwave conditions. The highest demand until last year was 200,570MW, recorded on July 7, 2021. This year, the government is projecting peak electricity demand to go up to 215,000 MW once monsoon sets in large parts.

Read more here.

Total passenger vehicle sales rise 185% YoY in May: SIAM

According to newly released data from the Society of Indian Automobile Manufacturers (SIAM), total passenger vehicle (PVs) sales in May 2022 rose 185% YoY to 2,51,052 units. Three-wheeler sales jumped multifold to 28,542 units in May 2022, compared to 1,262 units in May 2021. Two-wheeler sales rose over 253% YoY to 12,53,187 units.

Read more here.

Indian crude oil basket hits 10-year high

The basket of crude oil that India buys has hit a 10-year high of $121 per barrel, but retail selling prices of petrol and diesel continue to remain unchanged. The Indian basket on June 9 touched $121.28, matching levels seen in February/March 2012. International oil prices held near a 13-week high on Thursday, supported by robust demand from key buyers like the US.

Read more here.

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Market News Top Crypto News

SEC Investigating Terra’s UST Stablecoin Collapse – Top Crypto Updates

SEC investigating Terra’s UST stablecoin collapse: Report

As per a Bloomberg report, the U.S. Securities & Exchange Commission (SEC) has been looking into Terraform Labs and its stablecoin (TerraUSD) to find out if they violated federal investor protection rules. TerraUSD and LUNA functionally lost all their value last month. The SEC was already investigating Terraform founder Do Kwon in connection with his role in building the Mirror Protocol. The protocol allows users to trade tokens representing synthetic stocks.

Crypto prices today: Bitcoin falls 0.85%, ETH down 0.66%

Bitcoin is currently trading at $30,096.31, a decline of 0.85% over the previous day. Ethereum fell 0.66% over the last 24 hours to $1,788.99. Solana rose 3.55% to $40.4, while Cardano is trading lower by 4.14% at $0.623. Avalanche (AVAX) rose 0.23% to $24.43. The global crypto market cap stands at $1.24 trillion, a 0.39% decline over the previous day.

NYC gallery lets NFT owners remotely display their art

Web3 NYC Gallery is a new non-fungible token (NFT) gallery opening in Manhattan on June 15. The gallery’s Genesis NFTs let holders control a display in the space, so they can show and even sell their NFTs remotely. Within the gallery, visitors can scan a QR code on the frame and purchase any NFTs that are listed for sale. 

Edge to launch confidential no-KYC crypto Mastercard

San Diego-based startup Edge has released the first “Confidential” crypto Mastercard. It does not require know-your-customer (KYC) data for collecting information related to the identity of the user. The new card is not limited to Bitcoin. Users can sell Bitcoin Cash, Dogecoin, Litecoin, and Dash to fund their Edge Mastercard, which can then be used at eligible merchants.

Jay-Z, Jack Dorsey launch a Bitcoin academy in New York

Twitter co-founder and Block CEO Jack Dorsey is teaming up with artist Jay-Z to launch the Bitcoin Academy at Marcy Houses, the public housing complex in Brooklyn, New York, where Jay-Z grew up. The initiative aims to provide financial education with an emphasis on Bitcoin as a path to financial freedom.

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Market News Top 10 News

Jio-BP to Set Up EV Charging Infra at Omaxe Properties – Top Indian Market Updates

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

Jio-BP to set up EV charging infra at Omaxe properties

Real estate developer Omaxe Ltd has partnered with Jio-bp to establish a battery charging ecosystem for electrical vehicles. Jio-bp is a fuel and mobility joint venture (JV) between Reliance Industries and UK-based bp. The JV will install 24×7 EV charging and swapping infrastructure for two and four-wheelers at Omaxe properties across India.

Read more here.

Shriram Transport Finance raises $250 million loan from DFC

Shriram Transport Finance Company Ltd (STFCL) has secured long-term funding of $250 million (~Rs 1,944 crore)  from the US International Development Finance Corporation (DFC). The external commercial borrowing is a fixed-rate 10-year loan. The funds raised from DFC will enable STFCL to on-lend for the purchase of new and used vehicles throughout India.

Read more here.

UltraTech Cement partners with Coolbrook to reduce CO2 emissions at plants

UltraTech Cement has signed a Memorandum of Understanding (MoU) with Finland-based Coolbrook to explore the possibility of reducing CO2 emissions from its cement manufacturing operations. The two entities will explore electrification of the cement kiln heating process. They aim to develop optimal electric process heating solutions for the cement manufacturing process replacing fossil fuels.

Read more here.

Welspun Corp, Tata Steel to manufacture pipes for hydrogen transportation

Welspun Corp Ltd (WCL) has partnered with Tata Steel to develop the framework and manufacture pipes for transporting pure hydrogen and natural gas-blended hydrogen. Through this strategic collaboration, WCL aims to assess the suitability of its “green” pipes for the transportation of pure hydrogen.

Read more here.

Fino Payments Bank partners with Go Digit for shop insurance policy

Fino Payments Bank Ltd has exclusively partnered with Go Digit General Insurance Ltd to offer shop insurance policies to small and medium business owners. The tie-up will allow businesses to avail the benefits of Go Digit’s My Business Policy in case of an adverse event. Fino is associated with Go Digit as a corporate agent.

Reliance closes in on Boots acquisition, makes binding offer

The consortium of Reliance Industries Ltd (RIL) and US buyout firm Apollo Global Management Inc. has moved closer to acquiring Walgreens Boots Alliance Inc’s international chemist and drugstore units. The bid for the Boots business is fully backed by committed financing. If completed, the deal will be RIL’s largest cross-border acquisition.

Read more here.

Coal India floats its first tender for coal imports

Coal India Ltd (CIL) has floated an international competitive bidding e-tender, seeking bids for importing 2.416 million tonnes (MTs) of coal. The coal being sourced on behalf of the state generating companies (gencos) and independent power plants (IPPs) is based on the indents (order) received from them for the period of July-September of FY23. 

Read more here.

Iraqi Airways goes live on Ramco Systems’ aviation system

Ramco Systems Ltd has successfully gone live at Iraqi Airways with its Aviation M&E MRO Suite V5.9. It has completely digitalized all core business processes of the airways. Ramco’s next-gen digital platform offers Iraqi Airways real-time data availability, ensuring 100% aircraft airworthiness on the release.

Read more here.

Equity mutual fund inflows rise 16% in May: AMFI

Net investments into equity and equity-linked schemes rose 16% over the previous month to Rs 18,529.4 crore in May. Multi caps witnessed the least investments among all categories, while large caps saw the most. The monthly contribution to systematic investment plans (SIPs) grew by Rs 423.33 crore in May. The data was released by the Association of Mutual Funds in India (AMFI).

Read more here.

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Market News Top Crypto News

Salesforce Launches NFT Platform for Brands – Top Crypto Updates

Salesforce launches NFT platform for brands

Salesforce has launched NFT Cloud, an NFT minting and sales platform for brands and businesses. The platform lets brands tap Salesforce’s cloud-based tools to create and sell NFTs, engage online communities, and pull data from their offerings. Salesforce NFT Cloud is currently a pilot program available to limited customers. It is expected to open to all businesses in October 2022.

Crypto prices today: Bitcoin down 0.17%, ETH up 0.14%

Bitcoin is currently trading at $30,347.92, a decline of 0.17% over the previous day. Ethereum rose 0.14% over the last 24 hours to $1,799.6. Solana rose 0.56% to $39.18, while Cardano is trading higher by 2.7% at $0.650. Avalanche (AVAX) fell 0.03% to $24.32. The global crypto market cap stands at $1.25 trillion, a 0.17% increase over the previous day.

Crypto exchanges delist Litecoin over privacy feature concerns

South Korean crypto exchanges Bithumb and Upbit will delist Litecoin over certain modifications that enable greater privacy while conducting transactions. The two exchanges stated they were shutting down market support for the crypto as its newly activated Mimblewimble Extension Blocks (MWEB) network upgrade conflicts with South Korean anti-money laundering regulation.

NFTICALLY launches world’s first metaverse for e-commerce

NFT marketplace creator NFTICALLY has announced the launch of the world’s first e-commerce metaverse ecosystem – Comearth. It can work without crypto. Businesses and individuals can use this platform to open their stores in the metaverse. Users can open their stores through a do-it-yourself (DIY) interface and sell products or generate leads by providing customers with an immersive 3D experience.

India crypto tax cut to 0.1% was a ‘typo’: IT Dept

A typo error on the Income Tax Department’s website mistakenly altered a 1% tax-deducted-at-source (TDS) figure to 0.1%. The department clarified that the error has been rectified. A 1% TDS on crypto transactions above Rs 10,000 (~$129) is set to be levied from July 1. This is on top of the 30% flat tax on all crypto income, which kicked in on April 1.

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Market News Top 10 News

RBI Raises Repo Rate to 4.9% – Top Indian Market Updates

rbi

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

RBI raises repo rate to 4.9%

The Reserve Bank of India (RBI) has raised its key repo rate by 50 basis points (bps) to 4.90% to curb the rising inflation in our country. It is the second hike by the RBI in two months and is expected to hike borrowing costs for corporates and individuals. The government has entrusted RBI to ensure that retail inflation remains at 4%, with a margin of 2% on either side. 

Repo rate is the interest rate at which a central bank lends money to all the other banks in the country. A hike in repo rates makes bank loans costlier, leading to lower circulation of money in the economy.

Read more here.

Ramkrishna Forgings secures order worth Rs 115 crore

Ramkrishna Forgings Ltd (RFL) has received an export order worth Rs 115 crore from a European Tier-1 supplier for a new differential housing case business. This order win will provide a boost to RFL’s geographical diversification strategy and strengthen its European order book. RFL supplies rolled, forged, and machined products.

Read more here.

India’s coal production rises 34% YoY to 71.3 MT in May

India registered a 33.8% YoY increase in coal production to 71.30 million tonnes (MT) in May. Out of the top 37 coal-producing mines, 23 produced at more than 100% capacity. The performance of 10 mines stood between 80-100%. Coal-based power generation declined by 3.82% YoY to 98,609 million units (MUs) in May.

Read more here.

Yes Bank to seek another term for CEO, restructure board

Yes Bank will seek shareholder approval for another three-year term for CEO Prashant Kumar and reconstitute the board by adding five new members. Three board members, including chairman and former AIG executive Sunil Mehta, will leave the bank. All three members were appointed by a government notification under a special scheme of restructuring after the bank nearly collapsed due to its failure to raise capital in March 2020.

Read more here.

Wipro, TCS to work at IBM’s Kochi centre to co-create AI-based automation tech

Tata Consultancy Services (TCS) and Wipro will work at IBM’s new automation innovation centre in Kochi to develop artificial intelligence (AI)-based solutions. The new centre will allow IBM and its ecosystem partners to build automation solutions through their lifecycle— product design, engineering, and support. It will help clients in the areas of business automation, Artificial intelligence for IT Operations (AIOps), and integration.

Read more here.

Tata Power Solar commissions 450 MW project in Rajasthan

Tata Power Solar has commissioned a 450 megawatt (MW) capacity solar plant for Brookfield Renewable India in Rajasthan. The project will produce over 800 gigawatt-hour (GWh) of clean energy annually and help reduce up to 600,000 tons of annual CO2 emissions. With the commissioning of this project, the company’s total utility-scale solar project portfolio touches 9.7 gigawatt-peak (GWp).

Read more here.

BLS International’s arm to acquire Zero Mass

BLS E-services Pvt. Ltd (BEPL) will acquire a 100% stake in Zero Mass Pvt. Ltd (ZMPL) for Rs 120 crore. ZMPL undertakes business correspondent services for various banks for last-mile connectivity. BEPL is a wholly-owned subsidiary of BLS International Services, a trusted global tech-enabled services partner for governments and citizens.

Read more here.

Ujjivan SFB’s board to raise Rs 1,500 crore via NCDs

Ujjivan Small Finance Bank Ltd’s board has approved a proposal to raise up to Rs 1,500 crore through the issue of non-convertible debentures (NCDs). The issue will be on a private placement basis in one or more tranches (rounds).

Lupin gets USFDA approval for cystic fibrosis drug

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market Ivacaftor tablets in the U.S. The drug is used to treat cystic fibrosis (a disorder that damages the lungs, digestive tract, and other organs). As per IQVIA March 2022 data, Ivacaftor tablets had estimated annual sales of $109 million in the US.

Read more here.

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Editorial

What Will be the Impact of Export Duty on Steel?

The Indian steel industry received a “major shock” last month! The Central government introduced a 15% export duty on steel intermediaries and products, effective May 22. For the uninitiated, export duty is a tax payable on goods leaving a country. Moreover, the government also slashed import duty on certain raw materials used in the steel-making process.

In this article, we discuss the impact of this move on steel companies and other stakeholders.

Why is the Govt Levying Export Duty?

  • An export duty of 15% (from nil earlier) has been levied on steel products and intermediaries to improve the availability of steel in the domestic market. It will protect domestic manufacturers of steel. The duty has been imposed on flat-rolled products, bars & rods, and various flat-rolled products of stainless steel. 
  • Meanwhile, the government has waived customs duty on the import of some raw materials used by the steel industry, such as coking coal and ferronickel. This move will lower costs for the domestic steel industry and reduce prices, thus helping curb inflation.

The Impact

After the Central govt issued the notification on May 23, we saw major steel stocks fall heavily! The shares of Tata Steel, Steel Authority of India (SAIL), and JSW Steel hit 52-week lows. The NIFTY Metal Index crashed 16% in May alone, the sharpest decline since March 2020. Steel stocks were already under pressure due to low demand and weak international prices. Moreover, rising inflation, geopolitical tensions (Russia-Ukraine war), and high crude oil prices have impacted the Indian economy.

  • The 15% export duty is likely to reduce margins on steel exports. Foreign clients will turn to manufacturers in their country to maintain costs. 

Export margins were attractive/profitable for Indian steel companies last year due to lower exports from China (due to their de-carbonisation drive) and higher energy prices in Europe. Thus, the recent step to levy export duty on certain steel products will enable sales volumes to shift to domestic markets.

  • The imposition of export duty has accelerated a fall in benchmark steel prices. Higher production/supply volumes and low demand in our country have caused prices to drop. Domestic hot-rolled coil and cold-rolled steel have declined by Rs 5,500 and Rs 6,300 a tonne, respectively, over the past two weeks.

This development comes at a time when the Indian steel industry is approaching a seasonally weak quarter (due to Monsoon). Domestic demand is usually subdued in Q2. Long story short, prominent steel manufacturers will face a tough time handling revenue margins in the coming months. It could also put pressure on the returns from capital expenditure (capex). While most steel stocks are near their 52-week lows, do keep a close eye on them for good investing opportunities!

What are your views on the government’s actions to support the steel/metal industry? Let us know in the comments sections of the marketfeed app.

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Market News Top 10 News

PayPal Lets Users Transfer BTC, ETH to External Wallets – Top Crypto Updates

PayPal allows users transfer BTC, ETH to external wallets

Crypto users can now move funds off PayPal’s platform to external wallets. The ability to conduct external transfers on PayPal’s crypto platform will be available to everyone in the U.S. in the next week or two. PayPal first launched its crypto offering in late 2020. It allows users to buy, sell, and hold four cryptos—Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

Crypto prices today: Bitcoin up 2.8%, ETH rises 2.2%

Bitcoin is currently trading at $30,402.86, an increase of 2.8% over the previous day. Ethereum rose 2.18% over the last 24 hours to $1,796.76. Solana fell 0.75% to $38.93, while Cardano is trading higher by 8.44% at $0.634. Avalanche (AVAX) rose 1.62% to $24.25. The global crypto market cap stands at $1.24 trillion, a 2.16% increase over the previous day.

Binance US launches high-yield crypto staking for Solana, Avalanche

Binance US is now offering cryptocurrency staking services to its clients. Staking services are now available to Binance US customers holding any of seven select proof-of-stake cryptos: Binance Coin, Solana, Avalanche, Cosmos, The Graph, etc.

Proof of stake is a consensus mechanism used by blockchain networks that require users to lock up their coins for permission to validate the next block. When validating, these users typically earn a reward that is tied to the transaction fees collected from that block.

DOJ calls for global cooperation in chasing down crypto criminals

The U.S. federal government’s chief lawyer, Merrick Garland, is asking for more international cooperation to help protect investors, consumers, and businesses that use digital assets. A Department of Justice report has called for sharing more information with foreign law enforcement agencies. Better collaboration will help “avoid duplicative efforts that waste investigative resources.”

Crypto exchanges getting ready to implement 1% TDS 

Crypto exchanges are preparing their systems to levy a 1% tax deducted at source (TDS), which will kick in from next month. Exchanges are awaiting more clarity from the government on the mechanism for collecting the tax and various aspects of the TDS. Investor sentiment is likely to hit further once the tax comes into play on July 1.

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Market News Top 10 News

HDFC Bank Hikes Lending Rates by 35bps – Top Indian Market Updates

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

HDFC Bank hikes lending rates by 0.35%

HDFC Bank has raised its lending rate by 35 basis points (bps) across the board to over 7.5%. This will increase the interest rates on all personal loans by the banks that are dependent on their marginal cost of funds. The move comes ahead of widespread anticipation that the Reserve Bank of India will raise interest rates sharply on June 8.

Read more here.

Axis Bank, Indian Oil launch co-branded RuPay contactless credit card

Axis Bank and Indian Oil Corporation Ltd (IOCL) have launched a co-branded contactless INDIANOIL AXIS BANK RuPay Credit Card in partnership with the National Payments Corporation of India (NPCI). The card offers 100% cashback up to Rs 250 on all fuel spends within the first 30 days of card issuance. It also offers waiver of a 1% fuel surcharge on fuel spends between Rs 200 to Rs 5000.

Read more here.

Aurobindo Pharma unit gets USFDA nod for prostate cancer drug

Eugia Pharma Specialties, a wholly-owned subsidiary of Aurobindo Pharma Ltd, has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Leuprolide Acetate injection. The drug is used to treat the symptoms associated with advanced prostate cancer. As per IQVIA data, the product had an estimated market size of $83 million for the twelve months ended April 2022.

Read more here.

AMD takes 500,000 sqft leased space in Prestige Group’s commercial property in Bengaluru

US-based semiconductor manufacturer Advanced Micro Devices (AMD) has leased ~500,000 sq. ft. office space in Prestige Group’s commercial property in Bengaluru. It is one of the largest office deals in the southern market in 2022. AMD will use the new office space to expand its operations in the city. The office is expected to be operational by the end of 2022.

Read more here.

Neelachal Ispat Nigam acquisition crucial for Tata Steel’s growth trajectory: Official

Tata Steel said winning the bid for acquiring a majority stake in Neelachal Ispat Nigam Ltd (NINL) was “crucial” for its growth trajectory. In January 2022, Tata Steel Long Products Ltd won the bid to acquire a 93.71% stake in NINL at an enterprise value of Rs 12,100 crore. Tata Steel will begin work immediately to build a 4.5 million tonnes per annum (MTPA) state-of-the-art long products complex in the next few years.

Read more here.

Aster DM Healthcare partners with Skye Air Mobility for deliveries via drones

Aster DM Healthcare has commenced drone delivery trials with drone technology-based logistics firm Skye Air Mobility in Kerala. Several drones transported essential medicine and critical lab samples from Aster MIMS Hospital to Aster Mother Hospital Areekode. Aster DM Healthcare will leverage Skye Air’s drone technology for the delivery of diagnostic samples and medicines initially in Calicut and further across Kerala.

Read more here.

Jio launches 4G mobile service near Pangong Lake in Ladakh

Reliance Jio has launched its 4G voice and data services in Spangmik village near Pangong Lake in Ladakh. The lake is one of the most popular tourist locations in Ladakh. This launch is expected to provide a boost for the local economy besides providing seamless connectivity to the tourists and the troops in the area.

Read more here.

IEX achieves 16% growth in electricity volumes in May

Indian Energy Exchange (IEX) achieved 7,596 million units (MU) of electricity volume in May 2022, registering a 16% YoY growth. The Day-Ahead Market volume stood at 3,173 MU in May, a decline of 27% YoY. The Real-Time Market volume at 2,319 MU grew 61% YoY.

Read more here.

SBI Cards to raise Rs 2,500 cr via NCDs

SBI Cards & Payment Services Ltd’s board has approved a proposal to raise Rs 2,500 crore by issuing non-convertible debentures (NCDs) to fund business growth. The fund would be raised in one or more tranches (rounds) on a private placement basis.

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Market News Top Crypto News

EPL Files Crypto, NFT Trademarks – Top Crypto Updates

English Premier League files crypto, NFT trademarks

The English Premier League (EPL) has filed two cryptocurrency and NFT trademarks in the U.S. EPL is the top level of professional English football, comprising 20 teams. The two filings pertain to the U.S. use of trademarks associated with the league, one centered on the league’s name and logo. The trademark filings cover the creation and sale of digital assets, virtual clothing, cryptos, and media files verified by NFTs.

Crypto prices today: Bitcoin down 5.8%, ETH falls 7%

Bitcoin is currently trading at $29,504.87, a decline of 5.8% over the previous day. Ethereum fell 7.14% over the last 24 hours to $1,754.51. Solana fell 6.7% to $38.98, while Cardano is trading lower by 6.31% at $0.584. Avalanche (AVAX) crashed 11.7% to $23.69. The global crypto market cap stands at $1.21 trillion, a 5.12% decline over the previous day.

SEC targets Binance’s BNB ICO for potential violations: Report

As per a Bloomberg report, the Securities and Exchange Commission (SEC) is revisiting the origins of Binance’s Coin (BNB) for potential violations of securities regulations. The probe comes just as Reuters released the results of an unrelated investigation in which it claims that at least $2.35 billion in illicit funds have been laundered through Binance between 2017 and 2021.

IRA Financial Trust sues Gemini over $36M theft of Bitcoin, ETH

IRA Financial Trust has announced a lawsuit against crypto exchange Gemini. The company manages individual retirement accounts in non-traditional assets such as Bitcoin. IRA Financial Trust lost $36 million in a crypto hack in February. It used New York-based Gemini to hold its digital assets. IRA alleges that Gemini “did not have proper safeguards in place to protect customer crypto assets.”

Indonesian exchange Pintu raises $113M to meet country’s crypto boom

Indonesian crypto exchange Pintu has raised $113 million in a Series B funding round with investments from venture capital firms. Pintu plans to use the capital to build out new features, including additional supported tokens and blockchains and products. It plans to continue with its aggressive hiring plans to help address the booming crypto market in Indonesia.

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Tata Motors Secures Biggest Ever EV Fleet Order – Top Indian Market Updates

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

Tata Motors bags biggest ever EV fleet order in India

Tata Motors Ltd has secured an order for the supply of 10,000 XPRES-T EV units from BluSmart Electric Mobility. The deployment of 10,000 units makes this the biggest ever EV fleet order in India. The vehicles will be used across India for commuters, helping minimise the carbon footprint.

In other news, Tata Motors has partnered with Kolte-Patil Developers Ltd to set up EV charging infra across Pune, Mumbai, and Bengaluru.

Read more here.

Adani Enterprises to set up hyper-scale data centre at Bengal Silicon Valley

The West Bengal government has given approval to Adani Enterprises to set up a hyper-scale data centre at Bengal Silicon Valley. The project will come up on 51.75 acres of land. Bengal Silicon Valley is an innovative information technology hub. It is envisioned to attract investment in IT and telecom projects with employment potential.

Read more here.

Zydus Lifesciences gets USFDA approval for Famotidine tablets

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market Famotidine tablets. The drug is a histamine H2 receptor blocker, which works by reducing the amount of acid in the stomach. The pharma company will manufacture the product at its drug formulation facility at SEZ, Ahmedabad.

Read more here.

TVS looks to raise up to Rs 5,000 cr in EV push: Report

TVS Motor Co. Ltd is reportedly in advanced talks to raise Rs 4,000-5,000 crore from private equity firms to fund the expansion plan of the group’s newly formed electric mobility arm. The company aims to consolidate its position as a leader in the EV segment through relevant product offerings and increase its network presence across India.  TVS has achieved a 19% market share in the highspeed electric scooter segment in FY 2021-22.

Read more here.

Cyient to acquire Portugal-based Celfinet for €41 million

Cyient Ltd has signed a definitive agreement to acquire Celfinet, a Portugal-based wireless engineering services firm, for €41 million (~Rs 341 crore). Celfinet offers end-to-end network planning and performance optimization services. This acquisition will help Cyient strengthen its wireless engineering practice to support Communication Service Providers (CSPs) and enterprises to deploy their connectivity networks at scale.

Read more here.

Automobile retail sales remained low in May compared to pre-Covid period: FADA

As per data from the Federation of Automobile Dealers Association (FADA), total retail vehicle sales stood at 16,46,773 in May 2022, compared to 5,36,795 units in the same period last year. Sales were lower by ~10% compared with the pre-covid month of May 2019. FADA said the government’s reduction in fuel prices will tame inflation and boost vehicle sales.

Read more here.

L&T Construction to construct Bandra wastewater treatment facility

The Water & Effluent Treatment business of L&T Construction has secured a large order (in the range of Rs 2,500-5,000 crore) from the Brihanmumbai Municipal Corporation (BMC). The project involves the construction of a state-of-the-art wastewater treatment facility with best-in-class treatment standards.

Read more here.

Power Mech Projects secured orders worth Rs 522 crore

Power Mech Projects Ltd (PMPL) has received a Letter of Award (LoA) for five separate work orders worth Rs 521.95 crore. The company bagged an order worth Rs 119 crore from BHEL for civil structural works for the flue gas desulphurization (FGD) system in the existing 1×800 megawatt (MW) North Chennai Thermal Power Plant. PMPL has secured an order worth Rs 126.91 crore from Thyssenkrupp Industries India for supplying structural steel fabricated items.

Read more here.

IRB Infra Developers offers Vadodara Kim Expressway to IRB InvIT Fund

IRB Infrastructure Developers Ltd has offered Vadodara Kim Expressway to IRB InvIT Fund. The Vadodara Kim stretch, part of the Delhi-Mumbai Expressway (DME), is 23.740 km long and has a project cost outlay of Rs 2,094 crore. IRB InvIT Fund is a publicly offered and listed infrastructure investment trust (InvIT).