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JPMorgan to Add India to Emerging-Markets Bond Index – Top Indian Market Updates

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

JPMorgan to add India to its emerging-markets bond index in June 2024

According to a Bloomberg report, JPMorgan Chase & Co. will add Indian government bonds to its benchmark emerging-market index. This event could drive $25-30 billion of foreign inflows to the nation’s debt market. The decision is the latest sign of India’s growing appeal to international investors as the country’s economic growth outpaces peers, its geopolitical influence grows, and companies (including Apple Inc.) look for alternatives to China. 

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Sterlite Power acquires Beawar Transmission

Sterlite Power has acquired Beawar Transmission Ltd for developing an electricity transmission project in Rajasthan. Beawar Transmission is a Special Purpose Vehicle (SPV) of REC Power Development & Consultancy Ltd. The firm was awarded to Sterlite Power through tariff-based competitive bidding in August. The company did not share the financial details of the acquisition.

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Lupin to acquire 5 drug brands from Menarini

Lupin Ltd has signed an agreement to acquire five drug brands from Italian firm Menarini for ₹101 crore. The company will acquire five legacy brands catering to gastroenterology, urology and anti-infective segments. The brands are Piclin (Picosulphate Sodium), Menoctyl (Otilonium Bromide), Sucramal O (Sucralfate + Oxetacaine), Pyridium (Phenazopyridine) and Distaclor (Cefaclor).

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Sunteck Realty, IFC to develop affordable housing projects

Sunteck Realty and IFC have set up a joint platform to invest up to ₹750 crore to develop 4-6 affordable housing projects in the Mumbai Metropolitan Region (MMR). IFC is a member of the World Bank and the largest global development institution focused on the private sector in emerging markets. The investment will be towards the development of nearly 12,000 housing units across 4-6 green housing projects within the MMR.

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SpiceJet to pay $1M every month for next 6 months to Credit Suisse

Supreme Court has ordered SpiceJet’s Chairman Ajay Singh to pay $1 million every month for the next six months to Credit Suisse. The monthly payment includes $500,000 towards arrears of $3 million and regular instalments. The order is in line with SpiceJet’s payment proposal. After six months of payments, Spicejet has to pay regular instalments of $5,00,000 to Credit Suisse.

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Suzlon Group secures 29.4 MW wind capacity order from BrightNight

Suzlon Group has secured a new order to install 29.4 MW wind capacity from BrightNight in Maharashtra. The capacity is a part of BrightNight’s 100 MW wind-solar hybrid project in Osmanabad in Maharashtra. Suzlon will install 14 units of S120 -140m wind turbine generators with a hybrid lattice tubular tower and a rated capacity of 2.1 MW each. The project is expected to be commissioned in phases, beginning April 2024.

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Lemon Tree Hotels expands presence in Himachal Pradesh

Lemon Tree Hotels Ltd unveiled its latest property, Lemon Tree Hotel, Mcleodganj. This marks the group’s third foray in the state of Himachal Pradesh. The Himachal property is the 95th Lemon Tree hotel, with the brand having a presence not just in India but across the world. With this, the company is steadily approaching the century mark.

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IT Dept conducts searches at premises of Lux Industries

The Income Tax Department has initiated a series of raids on Lux Industries following allegations of tax evasion exceeding ₹200 crore. These raids are currently underway across various cities, with a primary focus on locations associated with Lux Industries in Kolkata. High-ranking officials’ residences and offices are also covered in the operations.

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Ambuja Cement incorporates new subsidiaries

Ambuja Cements has incorporated three new wholly-owned subsidiaries. Two of the newly incorporated subsidiaries are in the cement business, and the other is for owning and leasing aircraft. LOTIS IFSC Pvt. Ltd will be involved in owning and leasing aircraft. The subsidiary has been incorporated with an authorised capital of ₹1.7 crore in GIFT City, Gandhinagar. The other two subsidiaries incorporated are named Ambuja Concrete North Pvt. Ltd. and Ambuja Concrete West Pvt. Ltd.

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Fortis Healthcare Shares Crash 20% on SC Order – Top Indian Market Updates

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

Fortis Healthcare shares crash 20% as SC extends stay on IHH open offer

Shares of Fortis Healthcare Ltd crashed nearly 20% after the Supreme Court (SC) ordered the continuation of a stay on IHH Healthcare’s open offer for the company. The court ordered a forensic audit of the share sale in Fortis Healthcare in 2018 and refused to allow the open offer from Malaysia’s IHH Healthcare Bhd to proceed. Malvinder Singh and Shivinder Singh, former promoters of the company, were handed six-month jail terms by the SC for their involvement in the deal.

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SpiceJet announces 20% salary hike for pilots: Report

As per an ET Now report, SpiceJet Ltd has announced a 20% salary hike for pilots from October. The airline reportedly received the first tranche of the Emergency Credit Line Guarantee Scheme (ECLGS) payment of around ₹125 crore last week. SpiceJet recently decided to place certain pilots on leave without pay (LWP) for three months as a temporary measure to rationalise costs.

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Lux Industries draws up plans to increase turnover of flagship brand

Innerwear major Lux Industries Ltd has drawn up plans to increase the turnover of its flagship brand Lux Cozi from ₹700 crore to ₹1,000 crore by FY25. The company wants to expand its presence in regional markets and engage regional celebrities as brand ambassadors. It has roped in Sourav Ganguly, the former captain of the Indian cricket team, as the brand ambassador for Lux Cozi.

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Axis Bank starts digital lending through Account Aggregator Framework

Axis Bank has started lending through its Account Aggregator (AA) Framework. The bank offers personal loans, credit cards, auto loans, and small business loans through the account aggregator journey. It provides instant loans that are completely digital and paperless for existing and new customers.

RBI asks Mahindra Finance to stop loan recovery via external agents

The Reserve Bank of India (RBI) ordered Mahindra & Mahindra Financial Services to immediately stop loan recoveries via external agents till further orders. This comes days after the company’s loan recovery agents allegedly crushed a 27-year-old woman in Jharkhand to death under a tractor. The agent was forcibly taking the vehicle away for non-payment of dues.

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IndusInd Bank, RBL Bank increase MCLR

IndusInd Bank and RBL Bank have increased their marginal cost of funds-based lending rates (MCLR) effective Thursday. Their decision comes days ahead of RBI’s Monetary Policy Committee’s (MPC) meeting on the repo rate. IndusInd Bank hiked its MCLR by 5-10 basis points, while RBL Bank hiked the rate by 20 bps. [MCLR is the lowest interest rate that a financial institution can offer on loans.] 

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ICICI Bank launches ‘Festive Bonanza’ for its customers

ICICI Bank announced the launch of ‘Festive Bonanza’, a wide variety of offers for all its customers at the onset of the festive season. Customers can enjoy discounts and cashback up to ₹25,000, which can be availed using the bank’s credit cards, debit cards, internet banking, consumer finance, and cardless EMI. The bank has collaborated with leading brands and e-commerce platforms across a wide range of products and services.

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Hero MotoCorp hikes prices of scooters, motorcycles

Hero MotoCorp Ltd has increased the prices of its scooters and motorcycles across India with immediate effect. The price hike will be as high as ₹1,000. The company has taken the step to partially offset the impact of cost inflation. The current product portfolio of Hero MotoCorp includes 14 motorcycles ranging from ₹55,450 to ₹1,36,378 and four scooters ranging from ₹66,250 to ₹77,078.

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Manufacturing PMI at 56.2 in August – Top Indian Market Updates

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

Manufacturing PMI hits 8-month high in August

India’s manufacturing sector activity continued to grow at a robust pace in August, led by a pick-up in demand amid softening input cost inflation. The S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 56.2 in August, compared to 56.4 in July. Both output and new orders grew during the month.

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

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Auto sales data for August 2022: Highlights  

Maruti Suzuki India posted a 26.4% year-on-year (YoY) increase in total sales to 1,65,173 units in August 2022. Sales of its compact vehicle segment rose 42% YoY to 93,719 units. Exports rose 4.2% YoY to 21,481 units.

Tata Motors Ltd registered a 41% YoY increase in total sales to 76,479 units in August. The automaker’s commercial vehicle sales rose 6% YoY to 31,492 units. Overall passenger vehicle sales rose 68% YoY to 47,166 units.

Mahindra & Mahindra’s passenger vehicle segment posted total sales of 29,852 units in August, an increase of 87% YoY. M&M’s commercial vehicle sales jumped 142% YoY to 21,492 units. 

Bajaj Auto posted an 8% YoY increase in total sales to 4,01,595 units. Meanwhile, TVS Motor Company’s total sales stood at 3,15,539 units in August, up 15% YoY.

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GMDC to study economic viability of rare earth elements processing unit in Gujarat

Gujarat Mineral Development Corp. Ltd. (GMDC) said it would conduct a study to determine the economic viability of setting up a rare earth elements (REE) processing unit in Gujarat. REE is crucial for developing green energy technologies like permanent magnets for electric vehicles, wind turbines, and LEDs. The company also plans to carry out a pre-economic assessment for the deposit at Ambadongar (Gujarat) and test for REE oxide production.

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CIL achieves 108% of its annual supply target to power sector during April-August

Coal India Ltd’s (CIL) supplies to the power sector rose to 243.3 million tonnes (MTs) in April-August against the annual action plan (AAP) target of 225.4 MTs. With improved coal supplies, coal stock at power plants rose to 30 MT in August. This is higher than 12.8 MTs of coal stocks at the end of August in FY22.

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NDTV says stake sale to Adani needs approval from tax authorities

New Delhi Television Ltd (NDTV) said a major stake sale by its founders to the Adani Group would require clearance from India’s tax authorities. In 2017, the Income Tax Dept. provisionally barred NDTV’s founders, Prannoy and Radhika Roy, from selling a part of their stake as part of a reassessment of their taxes. Last week, the Adani Group unveiled plans to control a majority stake in the news network.

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Lux Industries aims to double market share of its innerwear brand in India

Lux Industries Ltd is aiming to double the market share of its brand Lux Venus in the Indian innerwear segment. The company has repositioned Lux Venus and has rolled out a brand-new campaign, “Sabko Maangta Hai”, featuring actor Salman Khan. Currently, Lux Venus has a strong presence in the market due to its high brand recall and enjoys a market share of 15-16% in the men’s innerwear market. 

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Zomato shares rise 8% on launching next-day intercity delivery service

Shares of Zomato Ltd were trading more than 8% higher today after the company launched ‘Intercity Legends’, its intercity delivery service for popular dishes. By leveraging Zomato’s vast network of restaurant partners and delivery partners and a deep understanding of food technology, dishes will be delivered from across India, the very next day of ordering. State-of-the-art mobile refrigeration technology preserves food without the need to freeze it or add any kind of preservatives.

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HDFC Bank to open 207 branches in Maharashtra

HDFC Bank announced plans to open 207 branches and 80 smart banking lobbies in Maharashtra this financial year (FY23). Of these, 90 branches will be opened in metro and urban areas, while 117 branches will be in semi-urban and rural areas. As part of the expansion plan, the bank said it plans to hire over 3,000 employees across the state. 

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BEL signs MoU with Smiths Detection to manufacture high-energy scanning systems in India

Bharat Electronics Ltd (BEL) has signed a Memorandum of Understanding (MoU) with Smiths Detection to offer advanced, high-energy scanning systems to the Indian market. UK-based Smiths Detection is a threat detection and security inspection technologies company. The MoU will leverage the high-end technological capabilities of both firms to meet India’s domestic security needs.

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