Here are some of the major updates that could move the markets tomorrow:
Manufacturing PMI expands in May despite high inflation rate
India’s manufacturing activity expanded in May and sustained strong growth despite historically high inflation. The IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) stood at 54.6 in May 2022, compared to 54.7 in April. Factory output was boosted by a jump in international orders, which was at the highest level in over 11 years. PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.
Read more here.
Auto sales data for May 2022: Highlights
Maruti Suzuki India posted a 7.14% month-on-month (MoM) increase in total sales to 1,61,413 units in May 2022. Sales of its compact vehicle segment rose 12% MoM to 85,355 units. Exports rose 47% to 27,191 units.
Tata Motors Ltd registered a 3.1% MoM increase in total sales to 74,755 units in May. The automaker’s commercial vehicle sales rose 5.13% MoM to 31,414 units. Overall passenger vehicle wholesales rose 4.2% MoM to 43,341 units.
Mahindra & Mahindra’s auto segment posted total sales of 53,726 units in May, an increase of 15.44% MoM. M&M’s farm equipment segment posted a 12.74% YoY decline in sales to 35,722 units.
Bajaj Auto posted an 11.23% MoM fall in total sales to 2,75,868 units in May.
Read more here.
VA Tech Wabag gets €18 million order from Korea’s DL E&C in Russia
VA Tech Wabag Ltd has secured an order worth €18 million (~Rs 149 crore) from Korea’s DL E&C CO for a water treatment package for a EuroChem methanol production facility in Kingisepp, Russia. This order includes the design & supply, installation, and commissioning of a water treatment plant, scheduled to be completed in 15 months. The project will employ softening, ultrafiltration, and reverse osmosis technologies to treat brine water which will be reused as processed water in the facility.
Read more here.
Natco Pharma launches first generic version of Nexavar tablets in US
Natco Pharma Ltd announced the launch of the first generic version of Nexavar (Sorafenib) tablets in the US market. The product will be launched by Natco Pharma’s Hyderabad-based commercial partner, Viatris. Nexavar registered sales of $69.7 million for the year ending December 2021 as per IQVIA data.
Read more here.
Aditya Birla Group launches digital venture TMRW
Aditya Birla Group has announced the launch of its new direct-to-customer (D2C) entity– TMRW, which will acquire and incubate 30 brands over the next three years. The digital venture will also enable multiple founders to operate within a synergistic platform. TMRW will also tap into the capabilities and networks of the Aditya Birla Group and Aditya Birla Fashion and Lifestyle ecosystems.
Read more here.
Yes Bank shortlists JC Flowers as its ARC partner: Report
As per a CNBC-TV18 report, Yes Bank has shortlisted US-based private equity firm JC Flowers as its joint venture (JV) partner for its proposed asset reconstruction company (ARC). It is the second attempt by the bank to set up its own ARC after the Reserve Bank of India (RBI) turned down its earlier proposal in March 2021. As per the latest proposal, Yes Bank would hold a minority 20% stake in the proposed ARC. The remaining 80% stake would be held by its foreign JV partner.
Read more here.
Vodafone Idea launches AdTech platform Vi Ads
Telecom operator Vodafone Idea announced the launch of its ad-tech platform Vi Ads. The artificial intelligence/machine learning (AI/ML) driven Adtech platform will provide marketers a return on investment (ROI)-focussed programmatic media buying platform. Vi Ads will enable marketers to engage with the operator’s over 243 million subscribers through multiple channels.
IT dept conducts searches in premises linked to Embassy Group
The Income Tax (IT) Department has conducted searches across premises linked to real estate developer Embassy Group in Bangalore, Gurgaon, and Mumbai for alleged tax evasion. The searches have been reportedly conducted across ~50 offices of Embassy Group and its affiliates.
The IT Dept is also searching premises of Indiabulls Real Estate in Mumbai’s Bandra-Kurla Complex (BKC) and Gurgaon area in the backdrop of its upcoming merger with Embassy.