Tag: INDIGO

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IOCL Reports a Net Profit of Rs 13,750Cr in Q1- Top Indian Market Updates

A logo of Indian Oil is picture outside a fuel station in New Delhi, India August 29, 2016. REUTERS/Adnan Abidi/Files

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

IOCL Q1 Results: Net profit at ₹13,750 crore

Indian Oil Corp Ltd (IOCL) reported a standalone net profit of ₹13,750 crore for the quarter ended June (Q1 FY24. The company posted a net loss of ₹1,992 crore in the same quarter last year. However, IOCL’s operating revenue fell 12% YoY to ₹2.21 lakh crore in Q1 FY24. EBITDA stood at ₹22,163 crore for the June quarter, up 44.5% sequentially.

Read more here.

Adani Transmission is now Adani Energy Solutions

Adani Group’s power transmission and distribution arm, Adani Transmission Ltd, has undergone a name change. Adani Transmission Ltd will now be known as Adani Energy Solutions Ltd. The name change is with effect from Thursday. The renaming was warranted by the company’s entry into the power distribution space following the acquisition of the power distribution business of Reliance Infrastructure.

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Piramal Enterprises to buy back shares worth Rs 1,750 crore at Rs 1,250 apiece after 12 years

Piramal Enterprises Ltd (PEL) has announced a share buyback scheme worth ₹1,750 crore at ₹1,250 apiece via tender route. The offer represents a premium of 16.5% to the July 28 (Friday) closing price of ₹1,072.80. The company plans to buy back 5.87% of the total shares. The company’s promoter group will not participate in the buyback. The record date for the buyback will be on August 25, 2023.

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Vedanta in talks with ‘world class’ tech partner for semiconductor

Vedanta is in talks with a “world-class” technology partner for its semiconductor business. The firm has signed hundreds of memorandum of understanding (MoUs) across the world to build an ecosystem for semiconductor manufacturing. The development comes weeks after Foxconn announced its decision to withdraw from the $19.5 billion joint venture (JV) with Vedanta for semiconductor production in India.

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Marico Q1 Results: Net profit rises 47% to ₹112 crore

Marico reported a 15% YoY increase in consolidated net profit to ₹427 crores for the June quarter (Q1 FY24). However, its revenue from operations fell 3% YoY to ₹2,477 crore during the same period. Additionally, EBITDA rose 9% YoY to ₹574 crore in the June quarter. Domestic revenues came in at Rs 1,827 crore, down 5% YoY.

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DGCA slaps ₹30 lakh fine on IndiGo

The Directorate General of Civil Aviation (DGCA) imposed a penalty of ₹30 lakh on IndiGo for four tail strike incidents in six months of 2023. Recently, DGCA had asked airlines to strictly follow rules as well as sensitise pilots and cabin crew to prevent incidents of unauthorised entry of people into the cockpit. The regulator had also warned that any non-compliance with the applicable regulation dealing with unauthorised cockpit entry shall be dealt with strictly and may also invite stringent enforcement action.

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SBI Cards Q1 Results: Net profit falls 5% YoY to ₹593 crore

SBI Cards & Payment Services reported a 5% YoY fall in net profit to ₹593 crore for the June quarter (Q1 FY24). Its total income stood at ₹4,046 crore during the same period, up 24% YoY. Total income stood at ₹3,263 crore in Q1 FY23.  Its Gross Non-Performing Assets (GNPA) rose to 2.41% of gross advances against 2.24% last year. Net Non-Performing Assets (NNPA) increased to 0.89% from 0.78% in Q1 FY23. 

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Rail Vikas Nigam bags Rs 1,088 crore Haryana Orbital Rail project

Rail Vikas Nigam Ltd (RVNL) has secured a four-year contract from Haryana Rail Infrastructure Development Corporation Ltd. (HRIDC). The new order is in connection with the development of the New Broad-Gauge Railway Line. The contract value of the project is ₹1,088 crore with an estimated time of completion being four years. The project pertains to RVNL carrying out multiple works for the double gauge Haryana Orbital Rail Corporation (HORC) project that will connect Palwal to Sonipat via Sohna, Manesar, and Kharkhouda.

Read more here.

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HPCL Bags Long-Term Contract From OPaL – Top Indian Market Updates

HPCL

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

HPCL secures long-term contract from OPaL to supply 13.53 trillion Btu of Natural Gas

Hindustan Petroleum Corporation Ltd (HPCL) has secured a significant long-term contract from ONGC Petro Additions Ltd (OPaL) for the supply of Natural Gas. HPCL will supply 13.53 trillion Btu of natural gas to OPaL’s Mega Petrochemical Complex at Dahej from October 23 to May 26. OPaL, a joint venture of ONGC, GAIL, and GSPC, requires natural gas for its Captive Power Plant (CPP) to meet its power and steam requirements.

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Ipca labs under pressure after USFDA closes inspection at Madhya Pradesh unit with 11 observations

Ipca Labs’ API manufacturing facility in Ratlam received 11 observations from the US Food & Drug Administration (USFDA) during an inspection from June 5 to June 13. The facility has been under a USFDA import alert since 2015, which means its products do not meet US standards and are prohibited from being sold in the US. Additionally, two other plants in SEZ Indore and Silvassa, manufacturing formulations, have also been under import alert since 2015.

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Laurus Labs to launch novel gene therapy assets in India and other markets

Laurus Labs Ltd has entered into a Memorandum of Association (MoA) with the Indian Institute of Technology (IIT), Kanpur, to introduce innovative gene therapy assets in India and other markets. The company plans to license gene therapy assets and offer research grants for pre-clinical development. It will also provide funding for clinical trials and launch products in India and emerging markets. Additionally, Laurus Labs will establish a plant at IIT Kanpur’s Techno Park facility.

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Grasim to begin construction of 1 lakh MT CPVC resin facility in Gujarat by late-2023

Grasim Industries has announced that the construction of a 1 lakh metric tonne Chlorinated Polyvinyl Chloride (CPVC) resin facility in Vilayat, Gujarat, will begin in late 2023. The company had previously agreed with Lubrizol Manufacturing India Pvt Ltd. to establish the plant, with the first phase scheduled for production in 2022. However, the project was delayed due to the Covid-19 pandemic and subsequent supply chain disruptions.

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Reliance Industries resumes vessel operations at Sikka port

Reliance Industries has resumed vessel operations at the port of Sikka in Jamnagar, Gujarat, following the impact of cyclone Biparjoy. According to industry sources, any vessel can now enter the Gulf of Kutch and call the Sikka Ports & Terminals Ltd (STPL). Last week, the company restricted vessel entry at the port due to a lack of anchorage positions. Ship-tracking data showed that around 13-21 tankers were waiting to discharge crude oil at the port.

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Tata Power lays out a capex of ₹12,000 crore this fiscal

Tata Power has announced plans to invest ₹12,000 crore in capital expenditure for the current financial year (FY23). This investment is double the amount spent in the previous year and will support the company’s growth targets. The funds will be allocated to various projects, including a 4 GW manufacturing plant, renewable energy projects, and transmission & distribution businesses in Odisha, Delhi, and Mumbai. Tata Power intends to finance these initiatives primarily through internal accruals and existing cash reserves.

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Zydus Lifesciences gets USFDA nod for generic acne-treating drug

Zydus Lifesciences has received final approval from the USFDA for its generic antibiotic Minocycline Hydrochloride extended-release tablets. These tablets help treat moderate to severe acne in individuals aged 12 years and above. Zydus Lifesciences will manufacture the product at its formulation manufacturing facility in Moraiya, Ahmedabad. This approval allows the company to bring an affordable generic version of the medication to the market.

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Government to sell 0.15% stake in Coal India to employees via OFS

The Government of India has announced its plan to sell a 0.15% stake (~92.44 lakh shares) in Coal India to eligible employees via Offer For Sale (OFS). The offer will be made at a price of ₹226.10 per share and will be open for subscription from June 21 to June 23, 2023. The government currently holds a 66.13% stake in Coal India, while the remaining shares are held publicly. 

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IndiGo places order for 500 Airbus aircraft

IndiGo has received board approval to order 500 Airbus A320 Neo family aircraft. This makes it the single largest purchase agreement in commercial aviation history. With this order, IndiGo now has a total of 1,330 Airbus aircraft on order, solidifying its position as the world’s largest customer for the A320 Family. The deal is estimated to be valued at approximately $50 billion based on the most recent Airbus list prices.

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SEBI bans IIFL Securities from taking new clients for 2 years

The Securities and Exchange Board of India (SEBI) has imposed a two-year ban on IIFL Securities Ltd from taking new clients as a stockbroker. The action was taken after a thematic inspection revealed that IIFL did not comply with the code of conduct for stockbrokers and violated regulations. SEBI found that IIFL failed to separate its funds from clients’ funds, misused credit balances, and wrongly designated client bank accounts.

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NSE plans derivatives based on bond indexes

According to a CNBC-TV18 report, the National Stock Exchange is planning to offer derivatives based on its bond indexes. The NSE has already applied to the Securities Exchange Board of India (SEBI) for approval. It aims to launch the corporate debt product by September. It is also reportedly planning futures for government bond indexes.

Read more here.

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PV Wholesales Rise 13.54% in May – Top Indian Market Updates

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

Passenger vehicle wholesales rise 13.54% in May at 3.3 lakh units

According to the Society of Indian Automobile Manufacturers (SIAM), wholesale domestic passenger vehicle (PV) sales in May increased by 13.54% YoY to 3,34,247 units, compared to 2,94,392 units in May FY22. Domestic two-wheeler sales rose 17.42% YoY to 14,71,550 units in May FY23. Overall, total vehicle dispatches across categories in May were recorded at 18,08,686 units, up from 15,32,861 units in May 2022.

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MRF hits Rs 1 lakh per share

Tyre major MRF Ltd. saw its share price climb above the ₹1 lakh mark in intraday trading on the BSE and NSE today, making it the first Indian stock to trade above the six-figure mark. On the NSE, MRF touched an intraday peak of ₹1,00,439.95. As of Tuesday, the market capitalisation of MRF stood at ₹42,390 crore.

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Adani Group’s wind power project in Sri Lanka to be ready by Dec 2024

Adani Group is set to complete its renewable energy project in Sri Lanka, generating 500 MW in the north and eastern regions by December 2024. Energy Minister Kanchana Wijesekara discussed the project’s progress with Adani Group’s MD & CEO and project management team, focusing on challenges, roadmaps, and timelines. The Adani Group received approval in August last year to commence wind power projects in Pooneryn.

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India set to start mega hydropower project near China border

India is all set to commence the Subansiri Lower hydropower project in July. NHPC Ltd will conduct trial runs, with the first unit expected to be commissioned in December. By the end of 2024, all eight units will be operational. This 2-gigawatt project is crucial for grid stability as solar and wind power generation increases. Despite facing environmental concerns and protests, the project will help India tap into its significant hydropower potential.

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Granules India gets USFDA approval for hypertension drug

Granules India Ltd has received approval from the US Food & Drug Administration (USFDA) for its Metoprolol Succinate Extended-Release Tablets. These tablets are bioequivalent to Toprol-XL Tablets and are used for the treatment of hypertension to reduce blood pressure. According to IQVIA, the present annual market for Metoprolol Succinate ER Tablets in the US is around $321 million.

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L&T secures orders for hydrocarbon business

Larsen & Toubro’s subsidiary L&T Energy Hydrocarbon (LTEH) has secured contracts worth Rs 1,000-2,500 crore. The contracts involve engineering, procurement, construction, and installation of new offshore structures. LTEH focuses on executing offshore projects domestically and internationally with a commitment to strengthening regional presence through investments in local skills, procurement from local vendors, and collaboration with local contractors for sustainable growth.

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Adani Group in talks for major debt refinancing: Report

According to a CNBC-TV18 report, Adani Group is planning to refinance a loan facility of up to $3.8 billion taken for the acquisition of Ambuja Cements Ltd. The group is considering converting the original loan into longer-term debt and has initiated individual discussions with banks. Adani expects to conclude the process within 3-4 months, and most of the existing lenders are expected to participate.

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Zydus Lifesciences gets USFDA approval to manufacture generic version of Varenicline

Zydus Lifesciences has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market the generic version of Varenicline tablets, used to treat smoking addiction. The company plans to manufacture the product at its formulation manufacturing facility in Ahmedabad SEZ, India. According to IQVIA MAT data 2023, Varenicline tablets had annual sales of $501 million in the US.

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HFCL receives Rs 80 crore order from DMRC for three priority corridors

HFCL Ltd has secured a new order worth Rs 80.92 crore from Delhi Metro Rail Corporation (DMRC). The order is for the implementation of a fibre optics transmission system in three priority corridors of Phase IV of the Delhi metro rail project. The contract includes the design, manufacturing, supply, installation, testing, and commissioning of the system. The project timeline is 156 weeks from the date of notice to proceed (NTP).

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Aircastle files fresh plea against SpiceJet

Aircraft lessor Aircastle has escalated its legal battle against SpiceJet by filing a new plea on June 13. The plea accuses SpiceJet of unpaid dues and seeks insolvency proceedings. This comes after Aircastle’s earlier attempt to initiate insolvency proceedings against SpiceJet. The NCLT has scheduled a hearing on July 17 to assess the validity of the new plea. Aircastle persists in its efforts to recover the unpaid dues from the struggling airline.

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IndiGo gets DGCA nod to operate flight services to Nairobi

IndiGo has received permission from the Directorate General of Civil Aviation (DGCA) to operate flights to Nairobi in Kenya. This marks IndiGo’s entry into the African region. The airline had previously announced its plans to expand internationally, including destinations like Nairobi and Jakarta. According to a DGCA official, the approval for IndiGo’s operations in Nairobi will be effective from July 24.

Read more here.

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India’s Retail Inflation Eases to 4.25% in May – Top Indian Market Updates

Consumer Price Index

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

India’s retail inflation eases to a 2-year low of 4.25% in May

According to the Ministry of Statistics, India’s retail inflation has eased to a two-year low of 4.25% in May 2023, compared to 4.7% in April. Retail inflation is measured by Consumer Price Index (CPI). The Consumer Food Price Index (CFPI) also eased to 2.91% in May from 3.84 % in April. Rural inflation stood at 4.17%, while urban inflation stood at 4.27 %.

Read more here.

India’s industrial production up 4.2% in April

India’s Index of Industrial Production (IIP) increased by 4.2% in April, up from 1.1% in March 2023 and down from 6.7% in April 2022. The manufacturing sector’s output grew by 4.9% in April 2023 compared to 5.6% a year ago. Power generation declined by 1.1% and mining output rose by 5.1% during the same period.

Read more here.

Maharashtra Seamless prepays loans worth Rs 234 crore from internal accruals to become debt free

Maharashtra Seamless Ltd used internal accruals to make a voluntary prepayment of Rs 234 crore loan. The repayment aims to make the company debt-free. This is the second time the company has made such a prepayment in the past eight months. As of May 21, 2023, the company’s order book stands at Rs 2,063 crore.

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L&T Finance Holdings plans to expand rural business by offering personal loans

L&T Finance Holdings aims to boost its retail portfolio by offering personal loans and loans against property in rural areas. It is also reducing its wholesale lending book. The lender aims to increase the share of its retail portfolio (which has already reached 75%) to over 80% by 2026. It plans to introduce rural Loan Against Property (LAP) loans and personal loans for the spouses of women microfinance borrowers to strengthen its presence among bottom-of-the-pyramid customers.

Read more here.

PTC Industries to spend ₹300 crore on capacity expansion

PTC Industries Ltd intends to allocate ₹300 crore for capacity expansion in the next few years. Its goal is to generate up to two-thirds of its revenue from the domestic defence aerospace sector in the medium term. The company specializes in engineering components for critical applications. Over the past few years, the company invested around ₹300-₹350 crore in developing technology and capabilities.

Read more here.

NCLT adjourns the Wilmington Trust insolvency plea against SpiceJet

The National Company Law Tribunal (NCLT) adjourned the petition filed by aircraft lessor Wilmington Trust SP Services (Dublin) Ltd for initiating the corporate insolvency resolution process. The matter is expected to be listed on July 16. This is the third case filed by the company against the airline, with two other cases filed by Aircastle (Ireland) Ltd and Willis Lease Finance Corporation. Aircastle’s petition is listed for July 17.

Read more here.

India’s domestic air passenger traffic up by 2.3% in May

According to ICRA, the domestic air passenger traffic was estimated at 131.8 lakh in May, about 2.3% higher than 128.9 lakhs in April 2023. Further, it witnessed a 15% YoY growth of about 15%, compared to May 2022. Domestic passenger traffic in May 2023 was higher by about 8% compared to the pre-Covid levels (that is, May 2019). The airlines’ capacity deployment in May 2023 was higher by 1.4%  than that of May 2022, reaching the pre-Covid levels (May 2019).

Read more here.

Jaguar Land Rover plans annual investment of 3 billion pounds by FY26

Tata Motors-owned Jaguar Land Rover plans an annual investment of 3 billion pounds while targetting revenue of over 30 billion pounds by FY26. The luxury carmaker expects to have revenue of over 28 billion pounds in FY24. Under its ‘Reimagine’ strategy, JLR had aimed to become a more agile business with a simplified manufacturing operation and an ambition to achieve a positive cash net of debt by 2025.

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IndiGo co-founder’s family likely to sell stake worth up to ₹7,500 crore: Report

According to a CNBC-TV18 report, the family of IndiGo’s co-founder Rakesh Gangwal is likely to sell a 5-8% stake in the Indian airline’s parent InterGlobe Aviation Ltd, which is worth up to ₹7,500 crore. Rakesh Gangwal and his wife, Shobha Gangwal, hold 13.23% and 2.99%, respectively, in InterGlobe as of March 31, 2023.  Their Chinkerpoo Family Trust holds a 13.5% stake in the airline.

Read more here.

PB Fintech to wipe out accumulated losses in next four years

PB Fintech, the parent firm of Policybazaar, expects to wipe out accumulated losses in the next four years on the back of revenue growth. The total revenue of the company increased from Rs 1,200 crore in FY22 to Rs 1,710 crore in FY23. A top official said the company would be Rs 400-500 crore cash positive, and there may not be any need for additional capital infusion.

Read more here.

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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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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.

Read more here.

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ABB India to Automate India-Bangladesh Cross-Border Oil Pipeline – Top Indian Market Updates

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

ABB India to automate India-Bangladesh cross-border oil pipeline

ABB India will secure the 130-kilometre Indo-Bangla Friendship Pipeline (IBFPL) through integrated automation and control solutions. The pipeline will carry diesel from India to Bangladesh. With a potential capacity of one million metric tonnes per annum (MMTPA), the pipeline will enable Bangladesh to access large volumes of energy to meet its growing domestic demand.

Read more here.

Jindal Stainless to invest Rs 1,290 crore in nickel pig iron JV in Indonesia

Jindal Stainless signed a joint venture agreement with an Eternal Tsingshan unit to develop a greenfield 200,000 metric tonne nickel pig iron plant in Indonesia. The company will invest $157 million (~Rs 1,290 crore) in the project over the next two years for a 49% equity stake. New Yaking Pte, a unit of Eternal Tsingshan, will hold the remaining stake.

Read more here.

IndiGo partners with VisitBritain to promote travel between India and UK

IndiGo has partnered with VisitBritain to promote travel to the United Kingdom through its codeshare partnership with Turkish Airlines. The airline will offer connectivity to London, Manchester, and Birmingham via Istanbul. IndiGo’s collaboration with VisitBritain is expected to boost travel and tourism between India and UK and promote mutual economic growth and development.

Read more here.

Gogoro, Zomato, Kotak Mahindra Prime partners to accelerate adoption of EVs

Taiwan-based battery swapping firm Gogoro Inc has partnered with Zomato and Kotak Mahindra Prime to promote fast adoption of electric mobility in the last-mile transportation segment. As per the partnership, the companies will offer last-mile delivery partners associated with Zomato affordable loan terms and battery-swapping services. Zomato currently has over 3 lakh delivery partners in the country.

Read more here.

UCO Bank hopes to earn Rs 1,500 crore net this fiscal: MD & CEO

UCO Bank hopes to achieve a net profit of Rs 1,500 crore this fiscal year, said MD & CEO of S S Prasad. He added that the bank had also doubled market capitalisation in less than a year from Rs 13,000 crore to Rs 28,000 crore, thereby increasing the wealth of the shareholders. The total business of the bank had touched Rs 4 lakh crore. 

Read more here.

Vedanta announces 5th interim dividend of Rs 20.5 per share

Vedanta has declared a fifth interim dividend of Rs 20.50 per equity share for the current financial year 2022-23 (FY23). The dividend will amount to Rs 7,621 crore. The company has already set April 7 as the record date for the same. The record date determines the eligibility of shareholders for the said dividend payment. In FY23, Vedanta has already declared four equity dividends of Rs 12.50, Rs 17,50, Rs 19.50, and Rs 31.50, respectively.

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GR Infraprojects secures projects worth Rs 1,614 crore

GR Infraprojects Ltd has secured two projects worth Rs 1,614 crore from the National Highways Authority of India (NHAI). The first project includes the construction of a 4-6 lane bypass from Belagavi City. The second project includes the construction of a 4-lane with paved shoulders in the Belgaum-Hungund-Raichur section of NH‐748A in Karnataka.

Read more here.

Reliance in talks to increase batch of forex loans to $4.5 billion: Report

According to a Bloomberg report, Reliance Industries and its telecom arm Jio are reportedly planning an increase in a batch of foreign currency loans from $3 billion to $4.5 billion due to a large number of bids. The move comes in response to a large number of bids received, and both companies have already raised $1.5 billion each.

Read more here.

Embassy Office REIT to acquire Embassy Business Hub in Bengaluru for Rs 334.8 crore

Embassy Office Parks REIT will acquire Embassy Business Hub, Bengaluru, for an aggregate value of Rs 334.8 crore. This acquisition will come with exclusive ownership rights to approximately of 1.4 million square feet of leasable area on full completion. The company plans to primarily fund the acquisition through debt at an 8.1% interest cost per annum.

Read more here.

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GAIL Looks to Buy 26% Stake in US LNG Export Plant – Top Indian Market Updates

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

GAIL looks to buy 26% stake in a US LNG export plant

State-owned GAIL (India) Ltd has released an Expression of Interest (EoI) to acquire up to 26% in a US-based LNG plant or a proposed facility that will be commissioned by 2027 amid a rising fuel demand. The company is also focused on sourcing 1 million tonnes of LNG a year from the same facility for 15 years starting 2026. GAIL already has two long-term contracts for supply from LNG export plants.

Read more here.

IndiGo looking to start flights to many international destinations: CEO

IndiGo is looking to start flights to Nairobi, Jakarta, and some central Asian destinations as the carrier focuses on internationalisation, said Chief Executive Officer (CEO) Pieter Elbers. He asserted that there is a lot of growth ahead in the Indian market that “justifies multiple airlines”. IndiGo, which has more than 300 planes in its fleet, currently operates to 76 domestic and 26 international destinations.

Read more here.

Glenmark Pharma receives 2nd tentative approval from USFDA for generic diabetes tablets

Glenmark Pharmaceuticals Ltd’s US subsidiary has received the second tentative approval from the US Food & Drug Administration (USFDA) for Saxagliptin tablets. The drug is used to control blood sugar levels and treat type 2 diabetes mellitus. The USFDA issues a tentative approval letter to an applicant before the final approval of the generic drug product until all patent or exclusivity issues are resolved.

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Lupin receives USFDA’s establishment inspection report for its Nagpur facility

Pharmaceuticals firm Lupin Ltd has received the establishment inspection report from the US Food & Drug Administration (USFDA) for its new injectable facility located in Nagpur. The establishment inspection report (EIR) was issued after the last inspection of the facility conducted from October 17-29, 2022. 

Read more here.

Coromandel International develops nanotechnology-based fertilizer

Agriculture solutions provider Coromandel International Ltd has developed a nanotechnology-based fertilizer (Nano DAP) from its research & development centre at the Indian Institute of Technology, Bombay. The company has been conducting extensive field studies on product efficacy, biosafety, and toxicity for the launch of Nano DAP in different agro-climatic zones with various agricultural universities.

Read more here.

BEML signs multiple MoUs during Aero India 2023

BEML has signed a Memorandum of Understanding (MoU) with Bharat Electronics Ltd for joint development and production of missile modules, airframes, and other mechanical systems for some upcoming missile programs. The company has also entered into an MoU with the Indian Navy for the development of customised storage and handling system for various types of ammunition.

Read more here.

SC refuses to accept Centre’s suggestion in sealed cover in Adani-Hindenburg issue

The Supreme Court said it will not accept the sealed-cover suggestion by the Centre to form an expert committee to examine the report by American short-seller Hindenburg Research against the Adani Group of companies and its impact on the markets. A bench headed by Chief Justice of India D Y Chandrachud said, “we will select the experts and maintain full transparency”.

Read more here.

PVR opens 8-screen multiplex in Indore

PVR announced the opening of an eight-screen multiplex at Phoenix Citadel Mall in Indore, Madhya Pradesh. The company now operates 299 screens in 70 properties across 25 cities in central India. Meanwhile, today (Feb 17) is the record date in the merger process whereby the shareholders of Inox Leisure will receive three shares of PVR for every ten shares of Inox Leisure.

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Max Estates to develop 2.4 million square feet of residential space in Gurugram

Max Ventures & Industries Ltd’s (MaxVIL) real-estate arm has entered the residential real estate market in Gurugram through a joint development agreement. The plot has a development potential of 2.4 million square feet and a gross development value of over ₹3,200 crore. The land parcel measures 11.8 acres and is located in Sector 36A, Gurugram.

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Maruti Suzuki’s Net Profit Doubles in Q3 – Top Indian Market Updates

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

Maruti Suzuki Q3 Results: Net profit jumps two-fold to ₹2,351 crore

Maruti Suzuki India Ltd reported a 132% YoY jump in consolidated net profit to ₹2,351.3 crore for the quarter ended December (Q3 FY23). Its net sales rose 25.51% YoY to ₹27,849.2 crore during the same period. The carmaker sold a total of 4,65,911 vehicles in Q3. However, the shortage of electronic components impacted production by about 46,000 vehicles. 

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EaseMyTrip acquires majority stake in hotel booking marketplace cheQin

EaseMyTrip has acquired a 55% majority stake in cheQin, a real-time marketplace that allows travellers to bargain possibilities with hoteliers. The bargaining algorithm of cheQin brings in the top five lowest offers by hoteliers. The company can use the cheQin application to give hoteliers access to real-time booking requests and the ability to take control of their own bookings.

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TVS Motor Company Q3 Results: Net profit rises 22% YoY to ₹353 crore

TVS Motor Company Ltd reported a 22.5% YoY increase in net profit to ₹353 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 14.7% YoY to ₹6,545.42 crore during the same period. EBITDA rose 16% YoY to ₹659 crore in Q3. The company has also declared an interim dividend of ₹5 per share.

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IndiGo launches its ‘Super 6E’ with special offerings on 14 international routes

IndiGo has launched its ‘Super 6E’ fares on fourteen new routes, effective January 20, 2023. With these additions, IndiGo now offers Super 6E fares on flights to 23 international destinations. In May 2022, IndiGo launched an exclusive fare category called “Super 6E”, which will provide special services like extra 10 kg baggage, free seat selection, reduced cancellation fee, and in-flight meals.

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HDFC AMC Q3 Results: Net profit rises 3% YoY to ₹369.5 crore

HDFC Asset Management Company (AMC) reported a 3% YoY increase in net profit to ₹369.5 crore for the quarter ended December (Q3 FY23). Its revenue from operations rose 2% YoY to ₹559.6 crore during the same period. Its operating profit from the core asset management business was flat at ₹397.4 crore. The company said it had a market share of 12.8% of the individual monthly average assets under management (AUM) in the industry.

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Granules India gets USFDA approval for Amphetamine capsules

Granules India has received approval from the US Food & Drug Administration (USFDA) for an abbreviated new drug application (ANDA) filed by its US subsidiary for Amphetamine capsules. Mixed salts of Amphetamine ER Capsules are used to treat attention deficit hyperactivity disorder (ADHD). The current annual US market for Amphetamine mixed salts ER capsules is approximately $1.56 billion.

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PNB Housing Finance Q3 Results: Net profit rises 43% YoY to ₹269 crore

PNB Housing Finance reported a 43% YoY increase in net profit to ₹269 crore for the quarter ended December (Q3 FY23). Its net interest income (NII) rose 67% YoY to ₹734 crore during the same period. The total loan book increased from Rs 57,845 crore in Q3 FY22 to ₹58,034 crore in Q3 FY23. The gross non-performing assets (GNPA) ratio improved from 6.06% in Q3 FY22 to ₹4.87% in Q3 FY23.

[NII is the difference between the interest income a bank earns from its lending activities and the interest it pays depositors.]

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BPCL to set up 1 GW renewable energy plant in Rajasthan

Bharat Petroleum Corporation Ltd (BPCL) will set up 1 gigawatt (GW) of renewable energy capacity in Rajasthan. The nation’s second-largest state oil refiner is gradually changing its path to achieving a net zero emission target by 2040. It plans to expand its renewable portfolio to reach 1 GW of generating capacity by 2025 and 10 GW by 2040. BPCL plans to offer electric vehicle charging stations at around 7,000 petrol pumps over the next 5 years.

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SBI Cards Q3 Results: Net profit rises 32% YoY to ₹509 crore

SBI Cards & Payment Services Ltd reported a 32% YoY increase in net profit to ₹509 crore for the quarter ended December (Q3 FY23). Its interest income rose 26% YoY to ₹1,609  crore during the same period. Total income stood at ₹3,656 crore in Q3, up 16% YoY. Impairment and bad losses of the company fell 15% YoY to ₹533 crore in Q3

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Delhivery secures contract to manage pan-India supply chain for air cooler business from Godrej

Delhivery Ltd has secured a contract from Godrej Appliances for managing its end-to-end supply chain of the air cooler business across India. The company will implement its integrated warehousing & distribution solution to increase market penetration of Godrej air coolers. The two companies have also jointly opened a warehouse in Ghaziabad, Uttar Pradesh.

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Adani Ports Posts 8% Growth in Volumes in Dec – Top Indian Market Updates

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

Adani Ports records 8% growth in container volume in Dec

Adani Ports & Special Economic Zone (APSEZ) handled 25.1 million metric tonnes (MMT) of cargo in December 2022, recording an 8% YoY growth in container volumes. The company registered 253 MMT of cargo volumes for the April-December period of 2022, up 8% YoY. APSEZ is the largest port developer and operator in India with 6 strategically located ports and terminals.

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Bajaj Finance records highest ever quarterly increase in customer franchise

Bajaj Finance Ltd. reported the highest-ever quarterly increase in its customer franchise in the December quarter (Q3 FY23). The company’s customer franchise increased by 3.1 million during the quarter. Overall customer franchise at the end of December stood at 66 million, compared to 55.4 million during the same period last year. Bajaj Finance’s Assets under Management (AUM) grew 27% YoY to ₹2.3 lakh crore in Q3. 

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Lupin launches novel drug combination for asthma treatment

Lupin has launched a novel fixed-dose triple drug combination (FDC) in India under the brand name DIFIZMA. It is a dry powder inhalation (DPI) product that will improve lung function among patients facing inadequately controlled asthma by providing them with better symptom control. DIFIZMA is the only FDC that has received approval from the Drug Controller General of India for asthma treatment.

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Grasim Industries incorporates subsidiary for business support services

Grasim Industries Ltd announced the incorporation of a wholly-owned subsidiary company, Grasim Business Services Pvt. Ltd. The new entity will offer business support services, including staffing solutions. The newly incorporated company has an authorised capital of ₹1 crore and subscribed capital of ₹10 lakh.  

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Domestic air passenger traffic grows 15% in December: ICRA

According to rating agency ICRA, India’s domestic air passenger traffic registered a 15% year-on-year (YoY) growth to around 129 lakh in December 2022. However, it remained 1% lower than the pre-pandemic level of December 2019. The domestic aviation industry operated at an estimated passenger load factor of around 91% in December 2022, compared to 80%in December 2021 and about 88% in Dec 2019.

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Vodafone Idea equity conversion complex issue, under discussion: Ashwini Vaishnaw

Minister of Communications Ashwini Vaishnaw said debt-ridden Vodafone Idea (Vi) would need capital infusion, and equity conversion is a “complex issue” that is under discussion. The government’s equity conversion in Vi has been a matter of concern for the telecom operator’s survival. The accrued interest on AGR-related dues stands at ₹16,130 crore and the conversion may allow the Indian government to hold a majority stake of close to 33% in Vodafone Idea.

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IndiGo launches 168 weekly flights to new Goa airport

InterGlobe Aviation Ltd (IndiGo) has launched 168 weekly flights from Goa’s new airport. The airline will operate these flights between Mopa and 8 domestic destinations like Hyderabad, Delhi, Mumbai, Bangalore, Chennai, Pune, Jaipur, and Ahmedabad. At present, the new airport can handle 4.4 million passengers annually and will be developed further in phases.

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Residential housing sales at decadal high in 2022

The residential real estate sector witnessed a robust demand revival in 2022, with the year registering a decadal high of primary home sales across the top seven cities despite the rise in mortgage rates and property prices. The performance in 2022 with 2.15 lakh apartments ranks next to the peak of 2.16 lakh units achieved in 2010 in key markets like Mumbai, Delhi-NCR, Bengaluru, Hyderabad, Chennai, Kolkata, and Pune.

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Saudi Arabia cuts oil prices for main market as demand slows

Saudi Arabia cut oil prices for Asia, signaling that demand in its main market remains sluggish as economies slow and Covid-19 cases in China surge. Brent crude futures have fallen from almost $125 a barrel in June to less than $80, with prices declining 7.5% so far this week. High interest rates and a strong dollar have hit demand in the US, Europe, and China. 

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India Cuts Windfall Tax on Crude, Aviation Fuel – Top Indian Market Updates

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

India cuts windfall tax on crude, aviation fuel

The Central govt cut the windfall profit tax on domestically produced crude oil and also reduced the levy on aviation turbine fuel exports. The revised tax rates become effective from December 16, 2022. The tax on crude oil produced by local firms has been reduced from the existing ₹4,900 per tonne to ₹1,700 per tonne. The windfall tax on aviation turbine fuel has been reduced from ₹5 per litre from to ₹1.5 per litre.

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TVS Motor launches RR 310 and RTR 200 at Expo Moto in Mexico

TVS Motor Company on Friday announced the launch of the RR 310 and RTR 200 4V motorcycles at the Expo Moto in Mexico. The company claims these motorcycles are designed for racing enthusiasts. They are equipped with features such as Throttle-by-Wire technology, a 5-inch Vertical TFT Multi-Information Race Computer with Control Cubes, Bluetooth-enabled SmartXonnect, and four ride modes.

Read more here. 

India’s textile industry faces tough times as consumers cut spending

According to an Economic Times report, India’s textile and apparel industry is facing a crisis as consumers in the United States, Europe, and other markets have cut spending on clothing following a surge in inflation. Exports (which constitute ~22% of the industry) have fallen for five months in a row— declining over 15% YoY to $3.1 billion in November. Domestic sales have declined due to high costs and cheap imported garments.

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Deepak Fertilisers to demerge mining chemicals, fertiliser biz

Deepak Fertilisers & Petrochemicals Corp Ltd (DFPCL) announced the demerger of its mining chemicals and fertilisers businesses. The board of Smartchem Technologies (STL), a wholly-owned subsidiary of DFPCL, approved a corporate restructuring plan that will help unlock the growth potential of each of the businesses. The move will help create strong independent business platforms within the larger DFPCL brand umbrella.

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IndiGo seeks DGCA approval for wet leasing Boeing 777 aircraft

InterGlobe Aviation (IndiGo) has sought approval from the Directorate General of Civil Aviation (DGCA)  to wet lease Boeing 777 aircraft, which will be used for operating flights on the Delhi-Istanbul route. This will be the first time the airline will be inducting wide-body planes into its fleet. The move also comes against the backdrop of global supply chain issues impacting aircraft deliveries.

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Phoenix Mills completes acquisition of 7-acre land parcel in Surat

Phoenix Mills has completed the acquisition of a 7.2-acre city-centric land parcel in Surat, Gujarat, to develop a premium retail destination with a gross leasable area of 1 million square feet. The company has paid around ₹510 crores to acquire the plot through its indirect subsidiary (Thoth Mall & Commercial Real Estate). It expects to complete the development by FY2026-27.

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IDBI Bank object to ZEEL-Sony merger

IDBI Bank Ltd. has informed the National Company Law Tribunal (NCLT) of its intention to file objections against the merger of Zee Entertainment Enterprises Ltd. (ZEEL) with Culver Max Entertainment Pvt. Ltd. (previously known as Sony Pictures Network India). On Wed, ZEEL disclosed that an application has been filed by IDBI Bank in the insolvency court claiming to be one of the creditors of the company. The application has been filed for the resolution of a claim of ~₹150 crore.

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India all set to become $5 trillion economy by FY25: Nitin Gadkari

Union Minister Nitin Gadkari said India is the fastest-growing major economy in the world and is all set to achieve a $5 trillion gross domestic product (GDP) by 2024-25. He said the central government is aiming to boost growth and employment to achieve sustainable development. The minister also added that India’s automobile industry is worth ₹7.5 lakh crore and wants to take it to ₹15 lakh crore.

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HDFC Bank allots 7.84% bonds on a private placement basis

HDFC Bank has issued and allotted 7.84%, unsecured, fully paid-up, non-convertible bonds on a private placement basis. The issue proceeds will be used for strengthening its capital adequacy and enhancing its long-term resources amounting to ₹5,000 crore. [The capital adequacy ratio (CAR) is a measurement of a bank’s available capital expressed as a percentage of its risk-weighted credit exposures (loans).]

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India’s Services PMI Hits 3-Month High in Nov – Top Indian Market Updates

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

India’s services PMI hits three-month high in Nov

Services activity in India expanded at the fastest pace in three months in November 2022 as a result of strong demand, successful marketing, and sustained growth in sales. The S&P Global India Services Purchasing Managers’ Index (PMI) stood at 56.4 in November, compared to 55.1 in October. Services companies across India reported higher operating expenses in Nov. 

[PMI is a month-on-month calculation, and a value above 50 represents an expansion when compared to the previous month.]

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Tata Motors likely to hike price of passenger vehicles in Jan

Tata Motors is likely to hike passenger vehicle prices from next month to make its model range compliant with stricter emission norms that kick in from April 1, 2023. The revised prices are expected to offset the impact of commodity prices, which have remained high for most of the current year, said the automaker’s Managing Director Shailesh Chandra. He added that battery prices have surged and have not been passed on to the market yet.

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ICICI Bank to shift focus to SME lending, supply chain finance

ICICI Bank will be shifting focus to small & medium enterprises (SME) lending and supply chain financing to grow in the future as it works to ensure that new risks don’t build up. In the supply chain segment, the bank sees strong momentum in new client additions across corporates & vendors. The lender is also expanding its presence in high-potential markets and created 104 zonal heads, 24 city heads, and 9 state heads.

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L&T secures order in Mumbai-Ahmedabad bullet train project

Larsen & Toubro Ltd (L&T) has secured a large order (in the range of ₹2,500-5,000 crore) in the proposed Mumbai-Ahmedabad bullet train project. The project assigned by the National High-Speed Rail Corporation includes the commissioning of a depot spread over 82 hectares in Gujarat.

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Adani Green commissions 450 MW wind-solar hybrid power plant in Rajasthan

Adani Green Energy Ltd (AGEL) has commissioned its third wind-solar hybrid power plant at Jaisalmer, Rajasthan. The combined operational generation capacity of this newly commissioned hybrid power plant is 450 megawatts (MW). The plant has Power Purchase Agreements (PPA) with Solar Energy Corporation of India (SECI) at Rs 2.67 per kilowatt-hour (kwh) for 25 years.

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JSW Energy starts phase-wise commissioning of wind power project at Tuticorin

JSW Renew Energy Two has started phase-wise commissioning of the 450 MW wind power project awarded under SECI Tranche X at Tuticorin, Tamil Nadu. The project has a power purchase agreement with Solar Energy Corporation of India (SECI) for 25 years. JSW Energy has set a target for a 50% reduction in its carbon footprint by 2030 and achieving carbon neutrality by 2050.

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IndiGo announces 32 new connecting flights to Europe

InterGlobe Aviation Ltd (IndiGo) has announced 32 new connecting flights to Europe through its codeshare partnership with Turkish Airlines. The new routes include major destinations like Milan, Manchester, Birmingham, Rome, and Venice. Codesharing allows an airline to book its passengers on its partner carriers and provide seamless travel to destinations where it has no presence.

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India records over 23 billion digital payments worth ₹38.3 lakh crore in Q3

Worldline India’s ‘Digital Payments Report’ stated that India recorded 23.06 billion digital transactions worth ₹38.3 lakh crore during Oct-Dec (Q3 FY23). These digital transactions include payments done by Unified Payments Interface (UPI), debit & credit cards, prepaid payment instruments like mobile wallets, and prepaid cards. UPI transactions volume rose 88% year-on-year (YoY) to 19.65 billion in Q3. 

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Infosys sets up new proximity center in Sweden

Infosys Ltd has established a new proximity center in Sweden as it aims to enhance its localization strategy in the Nordic region by bringing next-gen digital offerings to its clients. The new center represents another step toward strengthening Infosys’ presence in Gothenburg, an emerging automotive, digital tech, and green innovation hub in Europe.

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IndiGo Opens 2nd MRO Facility in Bengaluru Airport – Top Indian Market Updates

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

IndiGo opens second MRO facility in Bengaluru Airport

IndiGo has inaugurated its second maintenance repair and overhaul (MRO) facility at Bengaluru’s Kempegowda International Airport. The 13,000 sq. meter facility is built on five acres of land. It is the second-largest maintenance facility at the airport.

In other news, IndiGo CarGo operated its first international flight between Kolkata and Yangon, Myanmar. The A321 P2F freighter aircraft carried general cargo with a payload of more than 19,000 kg.

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Quiklyz signs MoUs with five last-mile mobility players

Vehicle leasing and subscription platform Quiklyz has signed Memorandum of Understandings (MOUs) with five last-mile mobility players for leasing over 1,000 electric three-wheelers. With this, Quiklyz plans to deliver these leased vehicles over the next six months across India, opening up newer opportunities in electric vehicle (EV) leasing. Quiklyz is a subsidiary of Mahindra & Mahindra Financial Services Ltd.

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Aurobindo Pharma’s unit signs pact with Evive Biotech to market CIN treatment product

Aurobindo Pharma’s unit (Acrotech Biopharma) has entered into a licensing pact with Evive Biotech to commercialise Ryzneuta in the US market. The product is currently under late-stage review by the US Food & Drug Administration (USFDA) for chemotherapy-induced neutropenia (CIN). Evive will develop, manufacture, register, and supply Ryzneuta, while Acrotech will market and distribute the product in the US.

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ITC Hotels partners with Jolle Hospitality to expand footprint in South India

ITC Hotels has partnered with Jolle Hospitality for a 116-room hotel in Belagavi (Karnataka) as it aims to expand its footprint in South India. The hotel is currently under construction and likely to be completed by 2024. Spread across 5 acres, the hotel will be named ITC WelcomHotel Belagavi. 

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SC rejects Tata Power plea challenging MERC transmission contract to Adani Power

The Supreme Court rejected Tata Power’s plea challenging a ₹7,000 crore transmission contract secured by Adani Power from Maharashtra Electricity Regulatory Commission (MERC). Tata Power had challenged the awarding of the infrastructure project without tariff-based competitive bidding. As per the contract, Adani Power will develop a 1,000 MW high-voltage direct current link between Kudu and Aarey power stations.

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Tata Motors rolls out new Tigor EV sedan

Tata Motors has launched the new Tigor EV with an extended range of 315km. Available in four variants, the new Tigor EV price starts at ₹12.49 lakh and goes up to ₹13.75 lakh (ex-showroom). The electric passenger vehicle portfolio of the auto major currently includes the Nexon EV, Tigor EV, and Tiago EV. Tata Motors plans to offer 10 electric models in its portfolio by 2026.

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Bajaj Healthcare begins trial run for new opium processing line

Bajaj Healthcare Ltd (BHL) has started the trial run of a new production line for processing opium at Savli in Vadodara district, Gujarat. The new production line will produce Alkaloids and Active Pharmaceutical Ingredients (APIs) used in a wide range of pharma applications. BHL was the first private entity to be awarded tenders for the highly regulated opiate processing business by the Central government.

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Zydus Lifesciences gets USFDA approval for ulcer treatment drug

Zydus Lifesciences Ltd. has received final approval from the USFDA to market famotidine injection. The drug is used to treat ulcers of the stomach and intestines. It also prevents intestinal ulcers from coming back after they have healed. According to IQVIA data, Famotidine injection had annual sales of $1.9 million for the 12 months ended Sept 2022.

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Renault Group selects KPIT Tech as strategic software scaling partner

France-based Renault Group has selected KPIT Technologies as a strategic software scaling partner for a next-generation software-defined vehicle (SDV) platform. The platform will drive Renault’s global growth by delivering unmatched experience to end consumers and unlocking monetisation over the length of vehicle ownership. KPIT Tech is one of the largest software integration partners for the automotive & mobility industry.

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Oil prices fall more than $2 on Russian oil price cap talks

Oil prices fell by more than $2 a barrel on Wednesday as the Group of Seven (G7) nations looked at a price cap on Russian oil above where the crude grade is currently trading. Brent crude futures fell $2.71 (or 3.07%) to $85.65 a barrel. As per reports, G7 nations are looking at a price cap on Russian seaborne oil in the range of $65-70/billion barrels of oil (bbl).

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