Here are some of the major updates that could move the markets tomorrow:
CPI inflation rises to 7% in August
India’s retail inflation, measured by the Consumer Price Index (CPI), jumped to 7% in August 2022, compared to 6.71% in July. Headline inflation remains above the Reserve Bank of India’s upper target for the eighth month. Inflation in food and beverages stood at 7.6% against 6.69% in July. Fuel and light inflation was at 10.8% in August, compared to 11.76% in July.
The Index of Industrial Production (IIP), which measures total factory output, saw a growth of 2.4% YoY to 134.6 in July.
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JSW Steel posts 22% rise in production in August
JSW Steel Ltd reported a 22% YoY increase in crude steel production in August 2022 to 16.76 lakh tonnes. The private steel company had produced 13.77 lakh tonnes in August 2021. Long product volume grew by 25% YoY to 3.75 lakh tonnes. The average capacity utilisation was lower at 87.4% due to a shortage of iron ore in the Karnataka and Odisha regions.
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India plans $2.5 billion aid to oil firms hit by soaring costs: Report
As per a report by Economic Times, the Indian govt. plans to pay nearly $2.5 billion (~₹19,855 crore) to state-run fuel retailers (IOCL, HPCL, BPCL) to partly compensate them for losses and keep a check on cooking gas prices. State oil companies must buy crude at international prices and sell locally in a price-sensitive market. These firms have also been holding down gasoline and diesel pump prices since early April to curb accelerating inflation.
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Bharti Airtel’s arm Nxtra to deploy fuel-cell clean energy tech at data centre
Nxtra Data Ltd, a subsidiary of Bharti Airtel Ltd, has partnered with Bloom Energy to deploy low-environmental impact fuel cell installation at its data centre in Karnataka. It will help reduce carbon emissions through a cleaner, hydrogen-ready fuel supply. Nxtra by Airtel has a network of data centers in India with 12 large and 120 edge data centers across the country. It will invest over ₹5000 crore over the next four years to expand its capacity by 3X to over 400 MW.
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ITC to launch over 20 properties in two years
ITC Ltd is exploring options and discussing alternate structures for the demerger plan of its hotel business, said Anil Chadha, Divisional Chief Executive at ITC Hotels. The company plans to launch more than 20 hotels in the next two years. It is also evaluating its overseas expansion and considering the Middle East market. The group currently has around 115 properties with over 11,000 keys across brands in India.
Happiest Minds Tech announces expansion of Noida campus
Happiest Minds Technologies Ltd announced the expansion of its Noida facility (Smiles 5) to increase its delivery capacity and leverage the area’s diverse high-technology talent pool. With the additional facility, the IT company will have a capacity of 450 in the NCR region. This launch follows the announcement of Happiest Minds’ acquisition of a 1,600-seater property in Bengaluru in July 2022 and expansion in newer locations like Bhubaneswar.
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TCS wins cloud transformation deal from Penumbra
Tata Consultancy Services (TCS) has secured a deal from US-based healthcare company Penumbra to transform its core processes. TCS has completed the first phase of this cloud transformation process across order management, finance and procurement functions. The IT major has integrated internal and external data sources to enable real-time insights for decision-making and self-service.
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Zydus gets final USFDA approval to market Cariprazine Capsules
Zydus Pharmaceuticals (USA) Inc., a subsidiary of Zydus Lifesciences Ltd, has received final approval from the US Food & Drug Administration (USFDA) to market Cariprazine Capsules. The drug is an atypical antipsychotic indicated for the treatment of schizophrenia and acute treatment of manic or mixed episodes related to bipolar disorder. The pharma company will manufacture the product at its facility at the Special Economic Zone (SEZ), Ahmedabad.
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Bajaj Finserv to trade ex-bonus and ex-split on Tuesday
The shares of Bajaj Finserv Ltd will trade ex-bonus and ex-split on Tuesday. The company announced bonus share issuance in the ratio of 1:1. It also declared the sub-division of its shares from the face value of ₹5 to the new face value of ₹1. These announcements helped the stock rally up to 11% in a month and cross the ₹17,000 mark.
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