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SBI to Raise Rs 50,000Cr Via Debt – Top Indian Market Updates

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

SBI to raise Rs 50,000 crore via debt instruments in FY24

State Bank of India’s (SBI) board said it plans to raise up to Rs 50,000 crore this financial year (FY24) by issuing debt instruments. The instruments could be long-term bonds, Basel-III compliant additional tier-1 bonds, or Basel-III compliant tier-2 bonds. The move is part of the bank’s plans to meet the overall demand for credit. 

Demand for bank loans has consistently stayed in double digits despite a 250-basis points increase in interest rates since May 2022.

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Tata Motors partners with HSBC India for EV financing solutions

Tata Motors has partnered with HSBC India to provide loans to corporate sector employees for buying electric vehicles (EVs). The deal offers customers with a salaried account with HSBC India a bespoke loan solution to buy from Tata’s EV portfolio. People who avail this loan will get a special accessory kit for the EV they purchase and other advantages like low processing fees, zero depositions, no hypothecation, and no documentation fees.

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Allcargo Logistics closes 30% stake purchase from KWE in Gati subsidiary

Allcargo Logistics has successfully acquired a 30% stake (~1.50 lakh shares) in Gati-Kintetsu Express (GKEPL) for Rs 406.71 crore. The company’s subsidiary (Gati) already held a 70% stake in GKEPL. With this acquisition, Allcargo and Gati now own 100% of GKEPL and assume complete control. The completion of this transaction aligns with the Share Purchase Agreement (SPA) signed between the parties in March 2023.

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Indoco Remedies gets EU-GMP certification for Himachal plant

Indoco Remedies has received the EU GMP certification for its manufacturing site in Himachal Pradesh. The health authority of Germany inspected the facility for oral dosage forms from May 22-25, 2023. The certification confirms compliance with Good Manufacturing Practice requirements. This EU certification will facilitate the supply of drug products registered in Europe from this manufacturing site, enhancing Indoco Remedies’ presence in the European market.

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India’s forex reserves up $5.9 billion to $595.1 billion 

Reserve Bank of India (RBI) announced that India’s foreign exchange reserves rose by $5.9 billion to reach $595.06 billion for the week ending June 2. This marked the largest increase in a month, breaking a two-week declining trend. India’s Special Drawing Rights (SDRs) decreased by $6 million to $18.186 billion, while the reserve position with the IMF grew by $10 million to $5.123 billion.

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Zydus starts trial to generate data on effect of Saroglitazar Mg in NAFLD patients

Zydus Lifesciences has initiated a Phase IV real-world data registry trial to evaluate the advantages of Saroglitazar Magnesium in patients with non-alcoholic fatty liver disease (NAFLD) and comorbidities. The trial aims to enroll approx 1,500 male and female NAFLD patients with comorbidities such as obesity, type 2 diabetes mellitus, dyslipidemia, or metabolic syndrome. The study will span approximately 56 weeks.

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Greenlam Industries’ subsidiary starts commercial production at Tamil Nadu plant

Greenlam Industries’ subsidiary HG Industries Ltd has begun commercial production at its new plant in Tindivanam, Tamil Nadu. With an investment of Rs 125 crore, the facility is equipped to manufacture plywood and related products with an annual capacity of 18.9 million square meters. This greenfield project reinforced Greenlam’s commitment to meeting the growing demand for quality wood-based materials.

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Aether Industries signs agreement with Saudi Aramco Tech for new technology 

Aether Industries Ltd has signed a license agreement with Saudi Aramco Tech for the convergence polyols technology. The company has commenced the manufacturing and commercialization of the Converge polyols technology and product series. This partnership enables Aether to leverage the expertise and technology of Saudi Aramco to produce and market innovative polyols products.

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IndiGo offers connectivity to US via codeshare connections with Turkish Airlines

IndiGo has launched new connections via Istanbul to the United States, offering passengers connectivity to New York, Boston, Chicago and Washington via its codeshare partnership with Turkish Airlines. The expansion will come into effect on June 15, 2023. IndiGo aims to double its capacity by the end of the decade and expand its network, especially in international markets.

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Passenger Vehicle Sales Fall 19% in November – Top Indian Market News

Passenger vehicle sales fall 19% in November: SIAM

Passenger vehicle wholesales in India fell 19% in November as the semiconductor shortage continued to impact vehicle production. Total passenger vehicle (PV) dispatches last month stood at 2,15,626 units, a decline of 19% from 2,64,898 units in November 2020. Two-wheeler sales fell sharply by 34% YoY to 10,50,616 units. Three-wheeler dispatches stood at 22,471 units, down 7% YoY. The data was released by the Society of Indian Automobile Manufacturers.

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Factory output grows 3.2% in October

India’s factory output, as measured by the Index of Industrial Production (IIP), grew 3.2% in October 2021, led by growth in primary goods. The growth comes on the back of a 4.5% rise witnessed in the same period last year as the economy was recovering from the first round of lockdown-induced contraction. The manufacturing sector’s output grew 2% in October, while mining output surged by 11.4%. Power generation went up by 3.1%.

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LIC gets RBI approval to increase stake in IndusInd Bank to 9.99%

The Reserve Bank of India (RBI) has allowed Life Insurance Corporation of India (LIC) to raise its stake in IndusInd Bank to 9.99%. LIC currently holds 4.95% of the total issued and paid-up capital of the private sector lender. The approval is valid up to December 8, 2022. The RBI norms mandate that an entity that intends to acquire more than a 5% stake in a private bank has to take prior approval from the central bank.

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RIL raises stake in HFCL to 5% via QIP

Reliance Industries Ltd (RIL) has increased its stake in HFCL to 5% by investing in its qualified institutional placement (QIP). HFCL is India’s largest integrated telecom network provider. In an exchange filing, HFCL said its board had approved the allotment of 8.73 crore equity shares at Rs 68.75 per share to qualified institutional buyers (QIBs). The company has raised Rs 600 crore through the QIP issue.

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Cadila gets USFDA approval to start clinical trials in patients with PBC

Cadila Healthcare Ltd has received approval from the US Food & Drug Administration (USFDA) to initiate the Phase 2(b)/3 clinical trials to evaluate the efficacy and safety of Saroglitazar Magnesium in patients with Primary Biliary Cholangitis (PBC). PBC is a severe liver disease that leads to cirrhosis of the liver, liver failure, and possibly death. Nearly 50% of PBC patients are unable to benefit from the existing therapy due to lack of response or intolerable side effects.  

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Sterlite Tech unveils 5G-from-India offering at IMC 2021

Digital networks integrator Sterlite Technologies Ltd (STL) has unveiled its 5G-from-India offering at the India Mobile Congress (IMC) event. The company’s 5G portfolio includes optical, radio, and deployment solutions. STL expects that the end-to-end nature of solutions will fundamentally alter the game for super-fast and high-quality 5G deployments.

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Apollo TeleHealth secures ISO certification from BSI

Apollo TeleHealth (ATH) has become the first-ever organisation in the world to attain the ISO 13131:2021 certification presented by the British Standards Institution (BSI). ISO 13131:2021 belongs to a class of standards that provides flexible, general guidelines that support innovation in healthcare. ATH is a multi-specialty telemedicine network and part of the Apollo Hospitals Group.

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Greenlam Industries temporarily shuts plant in Rajasthan

Greenlam Industries Ltd (GIL) has temporarily closed down manufacturing activities at its plant in Behror, Rajasthan, as per the directions from Commission for Air Quality Management in National Capital Region and Adjoining Areas on December 9, 2021. The company stated that the facts and reports issued by the commission seem improper. GIL has already presented its case before the competent authority in this regard. It is taking the necessary steps to resolve the matter at the earliest.

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Lupin launches diagnostic business; to open 100 labs in India

Lupin Ltd has announced the launch of its diagnostics arm as part of its strategy to provide integrated healthcare services in India. The company commenced operations with 11 labs, including a 45,000 sq. ft. national reference lab in Navi Mumbai and 200 collection centres in West and East India.  The pharma company plans to open over 100 labs across and 1000 collection centres across India in the next three years.

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Alembic Pharma acquires stake in US biotech RIGImmune

Alembic Pharmaceuticals Ltd has made a strategic investment in RIGImmune, a US-based biopharmaceutical research company. The pharma company has acquired shares in RIGImmune that amount to a 19.97% post-money stake in the first closing of the series seed round. RIGImmune focuses on the development of novel treatments for RNA (ribonucleic acid) viruses.

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TVS Motor strengthens product portfolio in Philippines market

TVS Motor Company announced the launch of its premium Apache RR310 and 125cc scooter TVS NTORQ in the Philippines market. The company has launched TVS Apache RR310 with Race Tuned Fuel Injection and feature-rich connected scooter TVS NTORQ 125 for aspirational young customers in the Philippines.

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India’s 4th Omicron Case Detected Near Mumbai – Top Indian Market News

India’s fourth Omicron case detected near Mumbai

A 33-year-old man from Maharashtra who travelled to Mumbai from South Africa late last month has tested positive for the Omicron variant of the coronavirus. It is the fourth such case confirmed in India. Cases of the Omicron variant have already been detected in Karnataka and Gujarat. The Omicron strain has been marked as a “variant of concern” by the World Health Organization (WHO).

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Lupin signs distribution agreement for Pegfilgrastim with Brazil-based Biomm 

Lupin Ltd has entered into an exclusive distribution and marketing agreement with Biomm SA in Brazil. Under the terms of the agreement, Biomm will distribute and market biosimilar Pegfilgrastim in Brazil. The drug is indicated to reduce the duration of neutropenia (an abnormally low count of a type of white blood cell) and the incidence of febrile neutropenia in patients receiving chemotherapy.

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Future beyond 2025 belongs to only electric two and three-wheelers: Niti Aayog’s Amitabh Kant

The business model for combustion vehicles will not work beyond 2025 as young people will not buy such vehicles, Niti Aayog CEO Amitabh Kant. At a time when India has set the target to become net-zero by 2070, Kant said that there is no future for companies that do not go green. According to him, the period beyond 2025 belongs to only electric two and three-wheelers. He termed renewables, battery storage, clean mobility, electrolysers, and green hydrogen as sunrise sectors, which will grow at a fast pace.

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Public shareholders of HG Industries decline to tender shares in the open offer by Greenlam Industries

The public shareholders of HG Industries Ltd (HGIL) have declined to tender shares in an open offer by Greenlam Industries Ltd. Greenlam has acquired 34.70 lakh equity shares representing 74.9% of the total paid-up equity share capital of HGIL at Rs 40.10 per equity share. Further, an open offer was made for the acquisition of the entire public shareholding of HGIL up to 11.62 lakh equity shares (representing 25.06% share capital) at Rs 41 per share. However, none of the public shareholders have tendered equity shares in the open offer.

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Eris Lifesciences enters India’s insulin market

Eris Lifesciences Ltd has announced its entry into India’s Rs 35-40 billion insulin and GLP1 agonists market through Eris MJ Biopharm Ltd. The company expects significant growth in these segments, considering that diabetes is a progressive disease and insulin/GLP1 therapy is the proven gold standard in diabetes management in the developed markets. Eris MJ Biopharm is a special purpose joint venture (JV) between Eris and Mumbai-based MJ Biopharm Pvt Ltd.

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Four IPOs to hit the markets next week

RateGain Travel Technologies, Shriram Properties, CE Info Systems (MapmyIndia), and Metro Brands will launch their initial public offerings (IPOs) between December 7th and 10th. RateGain Travel Technologies is the largest Software as a Service (SaaS) company in the hospitality and travel industry in India. It has fixed a price band for its Rs 1,336 crore IPO at Rs 405-425 per share.

South India-based residential real estate development company Shriram Properties is set to launch its Rs 600 crore-IPO on December 8 at a price band of Rs 113-118 per share.

CE Info Systems, popularly known for its brand MapmyIndia, will launch its initial public offer on December 9.

Rakesh Jhunjhunwala-backed Metro Brands will launch its maiden public offer for subscription on December 10. It is one of the largest Indian footwear speciality retailers that operates stores under the Metro, Mochi, Walkway, and Crocs brands.

Viacom18 picks up NBA media rights for three years

The National Basketball Association (NBA) and private broadcasting group Viacom18 have entered into a multi-year partnership to live-broadcast NBA games and programming across television and over-the-top streaming. Under the agreement, Viacom18 will distribute live NBA games in English and Hindi on its channels like Vh1, MTV, Voot, and Jio TV for three years. The deal with Viacom18 will kick-start with the NBA’s 75th Anniversary Season in 2021-22.

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IGL hikes retail CNG prices in Delhi, Haryana, and Rajasthan

Indraprastha Gas Ltd (IGL) has hiked compressed natural gas (CNG) prices in Delhi, Haryana, and Rajasthan, effective 6 AM on December 4. CNG in the National Capital Territory (NCT) of Delhi was hiked to Rs 53.04 per kg, whereas the price in Gurugram stood at Rs 60.40 per kg.

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