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Hero MotoCorp, Zero Partner For Premium Electric Motorcycles – Top Indian Market Updates

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

Hero MotoCorp to partner with Zero Motorcycle for premium electric motorcycles

Hero MotoCorp have reached an agreement with California-based Zero Motorcycles to co-develop premium electric motorcycles. The companies intend to combine the expertise of Zero in developing powertrains and electric motorcycles with the scale of manufacturing, sourcing and marketing of Hero MotoCorp. In Sept 2022, the board of Hero MotoCorp approved an equity investment of up to $60 million in Zero Motorcycles.

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Olectra Greentech bags order for 550 e-buses from TSRTC

Olectra Greentech Ltd has received an order for 550 pure electric buses from the Telangana State Road Transport Corporation (TSRTC). The order is to supply 50 standard-floor 12-metre intercity coach e-buses and 500 low-floor 12-metre intracity e-buses. The 50 intercity coach e-buses will ply between Hyderabad in Telangana and Vijayawada in Andhra Pradesh.

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NTPC records 12% growth in electricity generation in April-Feb

NTPC Ltd has registered nearly 12% YoY growth in electricity generation to 364.2 billion units in the April-February period of FY23. The company’s captive coal production stood at 2.6 million metric tonnes (MMT) and despatch at 2.5 MMT, registering a growth of 80% and 87%, respectively. NTPC continues to demonstrate an increasing trend in coal production from its captive mines. 

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Auto components industry to grow 10-15% in FY24: ACMA

India’s auto components industry is expected to grow by around 10-15% in FY24, said the Automotive Component Manufacturers Association of India (ACMA). This growth will be driven by both domestic and export market demand despite fears of a recession in major markets of the US and Europe. Going forward, the industry is expected to gain from the transition to electric vehicles (EVs) in the developed markets in the West.

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Allcargo Logistics to acquire its partners’ contract logistics business

Allcargo Logistics plans to buy out the contract logistics business of its joint venture partner CCI Integrated Logistics and sell it to the customs clearance segment as a means of consolidating its business. The company bought a controlling stake in CCI in 2016 and subsequently formed the joint venture Avvashya CCI. It now holds over 61% stake and will buy the remaining 38.87% stake from its partners for ₹145 crore.

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Max Estates completes office complex in Noida at ₹420 crore cost

Max Estates has completed an office complex (Max Square) in Noida at a total development cost of ₹420 crore. The company is expecting an annual rental income of about ₹60-70 crore from this project. New York Life Insurance Company has co-invested in this project and holds a 49% stake. Max Estates is part of Max Group’s listed entity Max Ventures & Industries Ltd (MaxVIL).

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Vehicle sales grow 16% in February 2023: FADA

A report from the Federation of Automobile Dealers Associations of India (FADA) revealed that the total registrations across all segments rose 16% year-on-year (YoY) to 17,75,424 in Feb 2023. Total commercial vehicle retail sales in February grew 17% YoY to 79,027 units. Tractor sales rose 14% YoY to 68,988 units last month.

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Domino’s becomes first QSR brand to achieve 20-min guaranteed delivery in Bengaluru

Jubilant FoodWorks Ltd announced the launch of a 20-minute delivery guarantee for Domino’s Pizza in Bengaluru. The fast-food chain now guarantees delivery of fresh and hot pizzas to customers’ doorsteps within just 20 minutes of placing the order. The service will be available across 170 Domino’s Pizza stores across the city. 

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ONGC signs pact with TotalEnergies for exploration of deep-water blocks

Oil and Natural Gas Corp (ONGC) has signed an agreement with French major TotalEnergies for the exploration of deep-water blocks. The decision comes as the country wants to quickly monetise its oil and gas resources to reduce its reliance on costly imports. India is the world’s third-biggest oil importer & consumer of oil, and ships over 85% of its oil overseas. 

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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.

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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.

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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. 

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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.

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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.

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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”.

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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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India’s Services PMI Expands for Second Month in a Row – Top Indian Market News

India’s services PMI expands for second month in a row

The services activity in India expanded for the second consecutive month in November, with a further improvement in new work supporting business activity growth. The country’s employment rate has also shown its first rise in 9 months. The IHS Markit Purchasing Managers’ Index (PMI) for services stood at 53.7 in November, as compared to 54.1 in October. PMI is a month-on-month calculation and a value of more than 50 represents an expansion when compared to the previous month.

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RBI bars HDFC Bank from digital launches, issuing new credit cards

The Reserve Bank of India (RBI) has asked HDFC Bank Ltd to put a temporary halt to all digital banking launches and issuance of credit cards to customers. This move comes after the bank faced a series of technical glitches over the last two years. The RBI has also asked HDFC’s board to examine the lapses and fix accountability. The lender ensured that these supervisory measures will not impact existing card customers and digital banking channels.

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Vodafone Idea lost 46 lakh subscribers in September: TRAI data

Vodafone Idea (Vi) lost 46.5 lakh subscribers in September 2020, according to the latest data released by the Telecom Regulatory Authority of India (TRAI). In the same month, Bharti Airtel added 37.8 lakh subscribers and Reliance Jio added 14.6 lakh subscribers. This would be the second straight month when Airtel’s user base grew faster than that of Jio. 

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Govt allows domestic carriers to operate at 80% of pre-Covid capacity

The cap on the number of domestic flights that Indian airlines are permitted to operate has been increased from 70% to 80% of their pre-Covid levels. The Aviation Ministry had allowed airlines to operate at 70% capacity on November 11. This will be the fifth time that the government has allowed airlines to expand capacity, since flight services were restarted in May 2020.

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Bank of India to acquire 49% stake each in BOI AXA Investment Managers, BOI AXA Trustee Services

Bank of India Ltd (BOI) announced that it will acquire a 49% stake each in BOI AXA Investment Managers Pvt Ltd and BOI AXA Trustee Services Pvt Ltd. After the acquisition, both entities will become Bank of India’s fully owned subsidiaries. The lender has stated that the transactions are subject to various regulatory approvals. It is proposed to be completed by the end of December 2020.

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IGX gets approval from PNGRB to operate Gas Exchange for 25 years

The Indian Gas Exchange (IGX) has secured authorisation from the Petroleum and Natural Gas Regulatory Board (PNGRB) to operate as a Gas Exchange for 25 years. IGX is a wholly-owned subsidiary of the Indian Energy Exchange (IEX). It is the first automated delivery-based gas trading platform. The Gas Exchange will play an important role in the transparent discovery of gas prices and aid in the capacity utilisation of pipelines. 

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Max Estates leases 62,000 sq ft office space to Yes Bank

Max Estates Ltd has leased out 62,500 sq ft office space at Max Towers in Noida to Yes Bank Ltd. The bank is planning to relocate its offices from the Central Business District to the new location to rationalize cost. Max Estates is a subsidiary of Max Ventures & Industries Ltd (MaxVIL).

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UltraTech Cement announces Rs 5,477 crore investment to expand capacity

UltraTech Cement Ltd announced that it will invest Rs 5,477 crore towards expanding its capacity by 12.8 million tonnes per annum (mtpa). Upon completion of the latest round of expansion, the company’s capacity will grow to 136.25 mtpa. The Aditya Birla Group’s cement flagship company has stated that they will be well-positioned to support the rising demand for cement in India. 

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SBI’s YONO app faces technical glitches

The State Bank of India informed its customers that YONO, its mobile banking application, was facing technical glitches due to a system outage. Several customers complained that they were unable to conduct transactions through various online platforms. The bank said that it was working towards restoring its app and UPI servers.

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Tata Power’s Mundra unit fully repays bank loans worth Rs 4,150 crore

Tata Power Ltd said that its Mundra subsidiary, Coastal Gujarat Power Ltd (CGPL), has repaid its second tranche of bank loans worth Rs 1,550 crore. Thus, the unit has fully repaid its bank loans worth Rs 4,150 crore. CGPL houses Tata Power’s Mundra Ultra-Mega Power Project (UMPP), based in Gujarat.

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