Here are some of the major updates that could move the markets tomorrow:
Bharti Airtel plans ₹27,000-28,000 crore capex for telecom network
Bharti Airtel plans to invest ₹27,000-28,000 crore in its telecom network with a focus on 5G rollout. While the company is planning to increase capital expenditure (capex) by 10-15%, it has no plans to charge a premium rate for 5G services as it has not worked in several countries that tried to do so. The capex will be spent on radios (mobile antennas), fibre cables, broadband, enterprise technology data centres, etc.
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Reliance Jio launches 5G services in 11 cities
Reliance Jio announced the launch of 5G services across 11 cities— Lucknow, Trivandrum, Mysuru, Nashik, Aurangabad, Chandigarh, Mohali, Panchkula, Zirakpur, Kharar, and Derabassi. Jio users in these cities will be invited to the Jio Welcome Offer to experience unlimited data at up to 1 Gbps+ speeds at no additional cost. These cities are important tourism destinations and key education hubs of India.
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Coal India to meet 700 MT production target of FY23: Chairman
Coal India Ltd (CIL) Chairman Pramod Agrawal said the company will achieve the production target of 700 million tonnes (MT) for the current financial year (FY23). CIL accounts for over 80% of the domestic coal output. The company registered a growth of 15.9% over the targeted production of coal, which is almost 19 MTs.
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Adani Transmission incorporates subsidiary for smart meter business
Adani Transmission has formed a subsidiary, BEST Smart Metering Ltd (BSML), to undertake the smart meter business. Recently, the Central govt. launched the Revamped Distribution Sector Scheme (RDSS) to help power distribution companies (DISCOMs) improve their operational efficiencies. Under the RDSS, 17.34 crore prepaid smart meters and 49.02 lakh distribution transmission meters have been sanctioned across 23 states with a total sanctioned cost of ₹1.15 lakh crore.
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Tata Power RE to set up 255 MW hybrid project in Karnataka
Tata Power Renewable Energy Ltd (TPREL) has received a Letter of Award (LoA) from Tata Power Delhi Distribution Ltd. (a joint venture of Tata Power and the NCT of Delhi) to set up a 255 megawatts (MW) hybrid power project in Karnataka. The project will be commissioned within 24 months. The power generated from the project will be supplied to Tata Power- DDL, which supplies electricity to over 7 million entities in North Delhi.
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SEBI bans Moneytree Research, its proprietor from securities market for 3 years
The Securities & Exchange Board of India (SEBI) has barred Moneytree Research and its proprietor Narendra Madan Rathod from the securities markets for three years for providing unauthorised investment services. In its order, the market regulator found that Moneytree and Rathod were never registered with SEBI in any capacity as an intermediary. SEBI has directed Moneytree to refund the money received from investors within three months.
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Indian fintech firms face a tough 2023 as investments cool: Report
India’s fintech industry will face hurdles in the form of tougher regulatory scrutiny and tighter liquidity, which will lead to higher costs of capital for some companies next year, said Rakesh Pozhath, partner at consulting firm Bain & Company. “Investors in the country’s fintech space are getting more diligent as global financial conditions tighten. That has intensified the competition for capital,” he added.
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Hariom Pipe shares hit record high after buying assets of R P Metal Sections
Shares of Hariom Pipe Industries Ltd rallied nearly 16% to hit a record high of ₹403 per share after the company acquired operating assets of R P Metal Sections for ₹55 crore. The company is in the process of expanding its product range to add more value-added products. The newly listed stock has given a multibagger return of more than 160% in just eight months.
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