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India Approves Rs 2,980Cr for Exploration of Coal and Lignite Scheme – Top Indian Market Updates

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

India approves Rs 2,980 crore for Exploration of Coal and Lignite scheme

The union government has approved the continuation of the central sector plan ‘Exploration of Coal and Lignite scheme’ with an estimated expenditure of Rs 2,980 crore from FY 2021-22 to FY 2025-26. The scheme includes promotional exploration and detailed drilling in non-CIL (non-Coal India Ltd) areas to estimate coal resources. The geological reports generated through these explorations are utilized for auctioning new coal blocks.

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Cabinet approves Rs 89,000-crore revival plan for BSNL

The Union Cabinet approved an Rs 89,047 crore revival package for state-run telecom company BSNL. Measures include equity infusion for 4G/5G spectrum and increased authorised capital. BSNL aims to become a stable telecom provider, focusing on remote connectivity. BSNL partnered with TCS for nationwide 4G deployment amidst rivals’ 5G rollouts. The company’s struggle with poor infrastructure and tough competition from Jio, Airtel, and Vodafone Idea prompted this move. 

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NHPC signs agreement for developing 7,350 MW pumped storage hydropower projects in Maharashtra

NHPC has partnered with the Maharashtra government to construct pumped storage hydro projects with a total capacity of 7,350 MW and an investment of Rs 44,000 crore. The agreement also includes the development of other renewable energy projects in Maharashtra. The MoU aims to utilise pumped storage projects as energy storage solutions to support the national objective of achieving 500 GW of renewable energy capacity by 2030 and becoming net zero by 2070.

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Torrent Power to build 3 hydro projects for Rs 27,000 crore in Maharashtra

Torrent Power Ltd has signed a Memorandum of Understanding (MoU) with the Maharashtra government. The agreement is for the development of three pumped storage hydro projects in the state. The projects, with a capacity of 5,700 MW and an investment of around Rs 27,000 crore are expected to create employment for approximately 13,500 people during the construction phase. Torrent plans to complete the projects within 5 years.

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KPI Green Energy gets LoI for 40 MW hybrid project in Gujarat

KPI Green Energy has received a letter of intent (LoI) to develop a 40 MW hybrid green energy project in Gujarat. The project will consist of 21.50 MW wind and 18.5 MW solar capacity. Anupam Rasayan India issued the largest single LoI to KPI Green for this venture. The company sees this LoI as a major achievement, demonstrating its robust presence in the renewable energy sector.

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Allcargo arm to sell stake in logistics parks to Blackstone for Rs 400 crore

Allcargo Logistics Ltd’s subsidiary Transindia Real Estate Ltd is selling the Jhajjar logistics park and a 10% stake in other parks to Blackstone. The Jhajjar Park will be sold for approximately Rs 625 crore. Additionally, the company will divest its 10% stake in various logistics and industrial parks for around Rs 60 crore. These divestments will provide Transindia Real Estate with over Rs 400 crore, supporting its growth, financial capabilities, and strategic investments in new opportunities.

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Coal India free float to increase in FTSE on June 7

FTSE has announced an increase in the free float of Coal India Ltd after a successful Offer for Sale (OFS). The rise in free float could result in an inflow of approximately $18.5 million and 6.6 million equity shares. This adjustment will occur on June 7, affecting indices such as FTSE All-World, FTSE MPF All-World, FTSE Global Large Cap, and FTSE Emerging. The updated shareholder information for Coal India prompted the investability weight change in these indices.

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VA Tech Wabag wins Rs 420 crore project in Maharashtra

VA Tech Wabag has been awarded a project worth Rs 420 crore by CIDCO, a Maharashtra government agency. The water treatment and desalination solutions provider will undertake the design, build, and operation (DBO) of a water treatment plant (WTP) in Jite, Raigad district. The proposed capacity of the plant is 270 Mega Litres per Day (MLD) as per the project details.

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HCL Tech launches 5G test lab in Chennai

HCL Technologies has launched a cutting-edge test lab in Chennai, facilitating global telecom infrastructure OEMs to validate 5G solutions. The facility is equipped with advanced scanners for testing large base stations and small antennas used in various devices. With experienced engineers, HCL Tech ensures precise testing and verification of cellular and non-cellular products.

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Tata Elxsi partners with ISRO to develop crew recovery models for Gaganyaan Mission

Tata Elxsi has partnered with the Indian Space Research Organisation (ISRO) for the Gaganyaan Mission, creating crew module recovery models (CMRM) for training. The mission aims to demonstrate human spaceflight capability, with a 400-kilometre orbit and a three-day mission. Safe crew recovery in Indian sea waters is crucial, requiring minimal time delay.

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Govt May Delist MTNL to Merge With BSNL – Top Indian Market Updates

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

Government may delist MTNL to merge with BSNL

The Central government is looking into the process of delisting state-run telecom carrier Mahanagar Telephone Nigam Ltd (MTNL) ahead of the merger with another state telecom firm Bharat Sanchar Nigam Ltd (BSNL). The merger for both ailing telecom units has been delayed for more than a decade now with the department exploring synergies between the two entities.

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Maruti Suzuki partners with SMAS Auto to enhance its vehicles subscription program

Maruti Suzuki India Ltd has partnered with SMAS Auto Leasing India Pvt Ltd to enhance its vehicle subscription program. SMAS is the fifth partner to offer a range of the company’s vehicles on white plate subscription, wherein the vehicle is registered under the user’s name and pledged to the subscription partner. Maruti Suzuki Subscribe with SMAS is now available across Delhi, Gurugram, Noida, Mumbai, Pune, Bengaluru, Hyderabad, and Chennai.

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Vedanta cuts debt by $2 billion in FY23

Vedanta Ltd has reduced net debt by $2 billion (~₹15,500 crore) in the current financial year as it seeks to soothe investor concern over its liquidity and ability to repay upcoming obligations. Meanwhile, Vedanta Resources Ltd. has achieved half of its three-year planned reduction commitment of $4 billion in the first year. It will continue to deleverage from net debt of $7.7 billion in the next two financial years.

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Aditya Birla Group in talks with global banks for Vi equity infusion: Report

According to an Economic Times report, Aditya Birla Group has initiated an exercise to raise funds at the promoter level for an equity infusion into Vodafone Idea (Vi) Ltd. They are also in discussions with global banks for raising term debt to subscribe to a preferential allotment of shares. These funds will be used to part-finance the planned ₹5,000-crore equity infusion by the promoters into Vi, following the Indian government’s decision to convert dues worth ₹16,133 crore into equity.

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HAL signs pact with RPM for cooperation in helicopter emergency medical services

Hindustan Aeronautics Ltd (HAL) and Response Plus Holding PJSC (RPM) will explore new opportunities for cooperation in the areas of emergency medical services, medical evacuation, helicopter emergency medical services (HEMS), and other mutually-beneficial fields in India, the Gulf, and the MENA (Middle East & North Africa) regions. RPM is a leading healthcare provider of emergency medical services & remote healthcare services.

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CAMSPay receives RBI authorisation to operate as payment aggregator

Computer Age Management Services Ltd’s (CAMS) payment platform, CAMSPay, has received in-principal authorisation from the Reserve Bank of India to operate as a payment aggregator. CAMSPAy has been supporting mutual fund investors, insurance policyholders, and loan borrowers for over a decade in enabling them to move from a paper-based mandate process to offering digital payment solutions.

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Vedanta declared preferred bidder for bauxite block in Odisha

Vedanta Ltd has been declared as preferred bidder for a bauxite block in Odisha. Sijimali bauxite block is located in the Rayagada and Kalahandi districts of Odisha. The mine is a strategic fit for Vedanta, given its size, location, and bauxite quality. The block has an estimated reserves of 311 million tonnes of bauxite.

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Adani Group’s debt servicing ratio at comfortable level

According to a credit note released by Adani Enterprises, the group’s total debt is expected to remain stable at ₹2.3 lakh crore for FY23 compared with that in the 12 months to September 2022. This reflects the reduced focus on debt-funded capital expenditure (capex) amid efforts to improve the group’s debt profile. The group’s debt was ₹1.9 lakh crore in FY22.

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Govt Asks Coal India To Import 12 MT of Coal – Top Indian Market Updates

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

As Shortage Looms, Govt Asks Coal India To Import 12 MT of Coal

According to reports, the government has asked state-owned Coal India Ltd. (CIL) to be prepared to import 12 million tonnes (MT) of coal for power utilities. This comes in a day after a draft cabinet note was issued for listing of 25% shares of CIL’s subsidiary Bharat Coking Coal Ltd. (BCCL).

India is currently facing a shortage of coal and stares at a power shortage. According to an official notification, the government has given an ultimatum till Saturday to state and privately-owned power generation companies to place orders for import of coal, failing which they will be allocated only 70% of their requirement by the government. 

Adani to invest Rs 70,000 crore in Uttar Pradesh

Billionaire Industrialist Gautam Adani said that the Adani Group will invest Rs 70,000 crore in Uttar Pradesh, resulting in the creation of 30,000 jobs in the state. Prime Minister Narendra Modi, who was also present at the Uttar Pradesh Investors Summit 2022, laid the foundation stone for nearly 1,406 projects worth over Rs 80,000 crore.

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Tata Projects to build Noida Intl Airport

Tata Projects has won the engineering, procurement, and construction (EPC) contract to build the Noida International Airport in Uttar Pradesh. Yamuna International Airport Private Limited (YIAPL) has chosen Tata Projects over two other bidders for the same project – L&T and Shapoorji Pallonji. Tata Project plans to complete the project within two years. It will deliver an airport terminal with an annual capacity of 1.2 crore passengers.

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BSNL seeks spectrum worth Rs 61,000 crore for 5G

According to reports, state-run teleco BSNL has asked TRAI for a spectrum worth Rs 61,000 crore in the premium 700 Mhz frequency range and the medium frequency band for 4G and 5G services. The Department of Telecom (DoT) proposed reserving for BSNL 10 Mhz of paired spectrum.

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Aether Industries lists on exchanges at a 20% premium. 

Share prices of Aether Industries, which got listed at a 10% premium from the issue price of Rs 642, further rallied 10% throughout the day. It touched a high of Rs 776.75 per share. NOT TO be confused with the EV-maker Ather, Aether Industries is a Gujarat-based company engaged in producing pharmaceutical, agrochemical, material science, coating, high-performance photography, additive, and oil and gas segments of the chemical industry.

MTAR Tech acquires Gee Pee Aerospace for Rs 9 crore, shares rally 5%

MTAR Technologies Limited has acquired a 100% stake in GEE PEE Aerospace & Defence Ltd for Rs 8.20 crore. The amount is payable in cash after the deduction of borrowings and liabilities. Manufactures high precision components for the defence and aerospace sectors. Gee Pee Aerospace manufactures components for companies such as Hindustan Aeronautics Ltd, Bharat Dynamics Ltd, and Bharat Electronics Ltd.

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Indian exports up by ~15% to $37.3 billion in May; trade deficit widens to $23.33 billion.

According to the commerce ministry, India’s merchandise exports increased by 15.46% to $37.29 billion in May 2022. This is primarily due to a strong performance by sectors such as petroleum products, electronic goods, and chemicals. In the same month, trade deficit widened to $23.33 billion as imports too grew by 56.14% to $60.62 billion.

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