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FTSE to Replace HDFC with HDFC Bank Post Merger – Top Indian Market Updates

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

FTSE to replace HDFC with HDFC Bank post merger

According to a report by Nuvama Alternative & Quantitative Research, FTSE Global Equity indices is expected to replace HDFC Ltd with HDFC Bank. HDFC Ltd is part of the FTSE indices, while HDFC Bank is not a member. FTSE will continue with the current free float shares of HDFC Ltd in the indexes and rename the constituent with HDFC Bank’s name. This will result in no weight changes in the indexes. The move could lead to a potential inflow of around $1.3 billion.

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RIL & BP commence production from third deepwater field in India’s KG D6 block

Reliance Industries Limited (RIL) and British Petroleum (BP Plc) have commenced gas and condensate production from the MJ field followed by testing and commissioning activities. RIL is the operator of the KG D6 block with a 66.67% participating interest, and BP holds a 33.33% participating interest. The start of gas and condensate production from the MJ field follows the start-up of the R-Cluster field in December 2020 and Satellite Cluster in April 2021.

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Bharat Electronics receives defence and non-defence orders worth Rs 2,191 crore

 Bharat Electronics Ltd (BEL) has received new defence and non-defence orders worth ₹2,191 crores. The orders are for the supply of Long Range Guidance Kit with Warhead, Airborne V/UHF Jammer, Battlefield Surveillance Radar (Short Range) Upgrade, Missile Guidance Radar & Control Centre, Upgraded Radio Relay (F) with Data Modem Encryption Unit Mk II, Identify Friend or Foe Mk XII A, Anti-Submarine Warfare Shallow Water Craft (ASW SWC) Sonar and Spares.

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Jubilant Food pushes deadline to restructure overseas arms to June 2024

Jubilant FoodWorks Ltd is postponing the completion deadline to restructure overseas subsidiaries. The internal restructuring is now likely to be completed by June 2024. The date was set earlier for June 2023. The company stated in a regulatory filing that the move comes due to certain regulatory requirements.

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India’s April-May fiscal deficit at Rs 2.1 lakh crore

According to the Controller General of Accounts (CGA), the Indian government’s fiscal deficit at the end of May stood at 11.8% of the full-year Budget Estimates (BE) for 2023-24. The net tax revenue was ₹2.78 lakh crore (~11.9% of the BE). Its total expenditure was ₹6.25 lakh crore, approximately 13.9% of the estimates presented in the Union Budget for the current fiscal.

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Paytm partners with Shriram Finance to boost loan distribution business

Paytm’s parent company One 97 Communications Ltd has announced its partnership with the non-banking financial company (NBFC) Shriram Finance. Paytm will offer loan products of Shriram Finance on its platform to further expand its listings. The deal will combine Paytm’s large user base and digital loan distribution technology with Shriram Finance’s good geographical reach, deep risk understanding, and collections capabilities.

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Kalpataru Projects International wins new orders worth Rs 1,008 in India, overseas market

Kalpataru Projects International Ltd. (KPIL) has secured new orders worth ₹1,008 crores. The company and its subsidiaries have received new contracts worth ₹635 crores in the transmission and distribution (T&D) business in its Indian and overseas markets. Additionally, the company has won orders worth ₹373 crores in civil works for its buildings business in India.

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Shree Cement’s arm begins trial production at clinker grinding unit in West Bengal

Shree Cement’s subsidiary Shree Cement East Pvt Ltd has started trial production at its clinker grinding unit in West Bengal. The new unit has a capacity of 3 million tonnes per annum (MTPA). The company’s total cement capacity, including its subsidiary, has increased to 49.90 MTPA.

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L&T Technology Services partners with Palo Alto Networks for 5G, OT security offerings

L&T Technology Services Ltd has partnered with cybersecurity firm Palo Alto Networks. The partnership aims to provide enterprises with security services and solutions in 5G and Operations Technology (OT) areas. LTTS mentioned that the collaboration offers scalable and real-time security measures for 5G networks. This provides the customers with enhanced visibility and control over their network slices, private networks, and multi-access edge computing.

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ABB India awarded electrification and automation contract for ArcelorMittal Nippon Steel

ABB India has won the contract to provide electrification and automation systems for ArcelorMittal Nippon Steel India’s advanced steel cold rolling mill (CRM) in Hazira, Gujarat. The contract at the manufacturing plant comes through the project’s Original Equipment Manufacturer (OEM), John Cockerill India Limited (JCIL). The Joint Venture (JV) between the companies is setting up the new cold rolling mill as part of its downstream expansion plan.

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India’s forex reserves fall $2.91 billion to $593.2 billion as of June 23

According to the Reserve Bank of India (RBI), India’s forex reserves fell $2.9 billion and stood at $593.2 billion as of June 23. India’s foreign currency assets declined by $2.21 billion to $525.4 billion. India’s gold reserves fell by $745 million, taking the overall levels to $44.3 billion. Meanwhile, SDRs were up by $85 million to $18.33 billion.

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IT Dept Conducts Survey Action at 5 Locations of Shree Cement – Top Indian Market Updates

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

IT department conducts survey action at five locations of Shree Cement in Rajasthan

According to a CNBC-TV18 report, the Income Tax department has conducted survey action at five locations of Shree Cement Ltd. in Rajasthan. A survey action of the Income Tax department is an investigative procedure carried out to ascertain the actual income earned by a taxpayer for a financial year. Shree Cement’s shares fell as much as 2.7% on the news, posting its biggest intraday percentage decline since May 24.

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PNB Housing Finance plans a comeback in corporate lending business

PNB Housing Finance is planning a cautious comeback in the corporate lending segment after consciously reducing its portfolio over the last few years. The mortgage lender is planning to resume business in construction finance for residential projects in the second half of the financial year, returning with lessons from past experience. The lender wishes to be selective in corporate lending with a restricted loan size of up to Rs 125 crore.

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Reliance gets RBI nod to retain extra $2 billion from lenders

Reliance Industries Ltd (RIL) has received the Reserve Bank of India’s (RBI) permission to retain $2 billion over and above the $3 billion it had raised last financial year (FY23) in what was the largest syndicated loan facility in years. RIL had sought RBI’s permission to retain the amount as it was collected above the limits mandated by the central bank. With more than 30 banks participating, the loan syndication was completed at the end of March.

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RIL expands ‘Independence’ FMCG brand to North India

Reliance Consumer Products Ltd (RCPL), the FMCG arm of Reliance Retail Ventures Ltd (RRVL), announced the expansion of its consumer packaged goods brand ‘Independence’ to North India. RRVL will sell its FMCG products ranging from staples to processed foods and other daily essentials to Punjab, Haryana, Delhi NCR, Uttar Pradesh, Uttarakhand, and Bihar. The company said it provides locally developed, quality products at affordable prices to Indian consumers.

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Lupin receives US FDA approval for generic drug

Lupin Ltd has received approval from the US Food & Drug Administration (USFDA) for Tiotropium Bromide inhalation powder. The drug prevents wheezing, shortness of breath, coughing, and chest tightness in chronic obstructive pulmonary disease patients. As per IQVIA MAT March 2023, the drug had an estimated annual sales of $1,264 million (~₹10,400 crore) in the US. 

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SpiceJet finalises settlement with lessor Nordic Aviation Capital

According to a Reuters report, SpiceJet has entered into a settlement agreement with Nordic Aviation Capital (NAC), a major lessor for its Q400 aircraft. The settlement agreement between the two entities settles all past liabilities for the Q400s leased by NAC to SpiceJet. The airline presently operates five Q400 aircraft from NAC in its fleet. After this agreement, Spicejet will be inducting three additional Q400 aircraft from NAC back into its fleet.

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LIC reduces stake in NMDC to 9.6%

Life Insurance Corporation of India (LIC)  reduced its stake in NMDC Ltd by 2% between March 14, 2023, and June 20, 2023. The state-owned insurer sold over 6.06 crore shares or 2.07% in NMDC at an average price of Rs 107.59 a share via open market sale. LIC currently holds a 9.6% stake in the iron ore producer.

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Piramal Enterprises sells entire 8.34% stake in Shriram Finance

Piramal Enterprises has sold its entire 8.34% stake in Shriram Finance Ltd to third-party investors via a block deal. At least 3.12 crore shares of Shriram Finance changed hands in a large trade. The shares offloaded by the NBFC company are worth Rs 3.1 crore. Share prices of both Piramal Enterprises and Shriram Finance rallied higher today.

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India Set to Unveil New Foreign Trade Policy – Top Indian Market Updates

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

India set to unveil new foreign trade policy 2023-28

The Indian government is set to unveil a new Foreign Trade Policy 2023-28 tomorrow to boost exports amid slowing global trade. Minister for Commerce and Industry Piyush Goyal will announce the policy, which is expected to outline the vision statement for taking India’s goods and services exports to $2 trillion by 2030. The country is likely to end this financial year with total exports of $760 billion, up from $676bn in 2021-22. The new policy is likely to incorporate WTO-compliant export promotion measures and is expected to boost India’s position in the global trade arena.

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Adani Group aims 20% earnings growth every year to repay $23 billion in debt

The Adani Group plans to achieve a 20% growth in earnings across its various businesses to repay its debt of about $23 billion over the next 3-4 years. The business group, which has been severely impacted by US short-seller Hindenburg Research’s report that wiped off $135 billion in market value of its listed companies, has been meeting with stakeholders to address their concerns. Adani’s businesses range from seaports to airports, edible oil and commodities, energy, cement, and data centres.

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Axis Bank, Shriram Housing Finance announce partnership for co-lending

Axis Bank and Shriram Housing Finance Ltd (SHFL) have partnered under the co-lending model through the Yubi Co.Lend platform to offer secured micro, small & medium enterprise (MSME) and home loans to middle and low-income borrowers in rural and semi-urban regions. The partnership will use the loan processing technology of SHFL and the financial expertise of Axis Bank to assess the credit profiles of borrowers and offer them loans at competitive interest rates.

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HDFC Bank opens 500th branch in Tamil Nadu

HDFC Bank has announced the launch of its 500th branch in Tamil Nadu’s Madurai district, with plans to expand further in semi-urban and rural areas of the state. The bank opened its first branch in Tamil Nadu in 1995 in Anna Salai, and it now has a nationwide distribution network of 7,183 branches and 19,007 ATMs/Cash Deposit & Withdrawal Machines (CDMs) across 3,552 cities/towns as of December 31, 2022. The new branch at Arasaradi was inaugurated by the state Finance Minister Palanivel Thiaga Rajan.

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Tata Power approves re-appointment of Praveer Sinha as CEO and MD

Tata Power has approved the reappointment of Praveer Sinha as CEO and MD for four years starting May 1, 2023. Sinha currently chairs the CII Western Region council and co-chairs the CII National Committee on Power. He has held several leadership positions across the power sector value chain and was instrumental in driving the turnaround of Tata Power Delhi Distribution Limited. He has also contributed towards promoting innovations in the clean energy space by setting up the first international incubator in India.

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HPCL, BPCL signs pact for Hydrogen Synergy

Hindustan Petroleum Corporation Ltd (HPCL) and Bharat Petroleum Corporation (BPCL) have signed an agreement to purchase and sell hydrogen at their refineries. The partnership aims to minimize valuable hydrogen flaring, improve environmental impact and promote cooperation and collaboration in hydrogen exchange between both refineries to sustain operations and ensure uninterrupted product availability.

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Indian pharma firm Granules opens packaging facility in US 

Granules India Ltd has opened a new packaging facility in Virginia, US, to expand its capacity for essential drugs and strengthen the biopharma supply chain. The pharma company has invested more than $100 million in the US and was one of the first Indian pharmaceutical firms to receive FDA authorisation to export to the US. The company employs nearly 200 people in Virginia, a majority of whom are first-generation Indians.

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Alembic Pharma gets USFDA nod for Glaucoma drug

Alembic Pharmaceuticals has received final approval from the US Food & Drug Administration (USFDA) to market Brimonidine Tartrate Ophthalmic Solution in the US. The solution is used to treat high fluid pressure in the eye. According to IQVIA data, Brimonidine Tartrate Ophthalmic Solution has an estimated market size of $97 million for twelve months ending December 2022.

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Godrej Properties Acquires 28-acre Land Parcel in Bengaluru – Top Indian Market Updates

godrej properties

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

Godrej Properties acquires 28-acre land parcel in Bengaluru

Godrej Properties has acquired a land parcel spread over 28 acres in Bengaluru to develop a mixed-use project consisting of apartments and retail development. The land acquisition is in line with the company’s plan of strengthening its presence across key property markets in India. The land parcel is located near Outer Ring Road and Whitefield, a neighbourhood known for technology parks, upmarket apartments, and shopping & entertainment hubs.

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Retail inflation drops to 6.44%

India’s retail inflation for February declined to 6.44% in February, compared to 6.52% in January 2023. Inflation in the food basket in Feb 2023 was at 5.95%, up from 5.94% in January (mainly due to higher cereal and milk prices). The risk of heat waves in India is a concern that could impact food production and prices.

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LIC’s debt exposure in Adani Group companies falls marginally to Rs 6,183 crore

The Life Insurance Corporation of India (LIC) has informed that its debt exposure to Adani Group of Companies has fallen from Rs 6,347.32 crore on Dec 31, 2022, to Rs 6,182.64 crore as on March 5, 2023. LIC has a debt exposure of Rs 5,388.60 in Adani Ports and SEZ, Rs 266 crore in Adani Power (Mundra), and Rs 81.60 crore in Adani Power Maharashtra Ltd – Phase I.

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Ten more banks to join syndication for RIL’s $3 billion loan

Ten more lenders are set to join the syndication of Reliance Industries Ltd (RIL) and Reliance Jio Inforcomm’s $3 billion loans. It is the largest syndicated loan by an Indian corporate house in the last five years. The loan proceeds are to fund RIL’s capital expenditure and the 5G expansion of Jio. 

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Amazon signs deal with DLF Downtown, Jayabheri Properties to acquire 8 lakh sq. ft. of space

Amazon and its affiliates have acquired over 8 lakh square feet of space from DLF Downtown and Jayabheri Properties for 15 years in Gurgaon and Hyderabad for web services, development centres, seller services, and transportation services. The e-commerce giant will be paying a rent of Rs 45-52 per sq. ft. for the Orange Towers property in Hyderabad, while the Downtown property in Gurugram will attract a rent of Rs 110.5 per sq. ft.

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Capacite Infra secures non-fund based limit worth Rs 150 crore from SBI

State Bank of India (SBI) has sanctioned a non-fund based limit of Rs 150 crore to Capacite Infraprojects Ltd. Capacite also announced that it is continuously engaging with members of a lenders’ consortium to expedite the process of sanctioning additional non-fund-based limits. Engineering and construction company Capacite works with almost all major real estate developers in India.

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USFDA completes inspection at Alembic Pharma’s Derma facility

Alembic Pharmaceuticals’ Derma facility at Karakhadi in Vadodara, Gujarat, has successfully undergone inspection by the US Food & Drug Administration (USFDA) with no observation. The inspection was conducted by the regulator between March 6 to March 10, 2023. The company manufactures and markets generic pharmaceutical products across the globe. 

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Elgi Equipments’ US subsidiary acquires 33.33% stake in CS Industrial Services

Elgi Equipments has announced that its US subsidiary has acquired a 33.33%  stake in CS Industrial Services LLC to expand its reach in the US market. The company is engaged in the manufacturing and trading of air compressors. The total cost to acquire both class A and class B shares is worth $125,000. The all-cash transaction is likely to be executed by the end of this month.

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Nazara Tech’s 2 subsidiaries hold Rs 64 cr in SVB

Nazara Technologies said that its two step-down subsidiaries, Kiddopia Inc and Mediawrkz Inc, hold cash balances at Silicon Valley Bank (SVB). However, both subsidiaries continue to be well-capitalised and are generating positive cash flows along with profitability. Nazara Tech also continues to maintain healthy reserves of cash and cash equivalents in excess of Rs 600 crore, excluding the SVB-impacted funds. 

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Indian Navy halts HAL’s ALH Dhruv Helicopter operations after accident

An Indian Navy helicopter manufactured by Hindustan Aeronautics Ltd (HAL) met with an accident off the Mumbai coast, triggering the navy to halt operations of the entire fleet of ALH Dhruv choppers. The ALH choppers are flown by all three defence forces (Army, Navy and Air Force), along with the Indian Coast Guard.

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Shriram Finance aims to raise $2.44 billion in FY24 to fund growth

Non-banking finance company (NBFC) Shriram Finance aims to grow its assets under management (AUM) by 15% in the financial year 2024 (FY24) to around Rs 20,000 crore. The company’s total AUM was Rs 1.7 lakh crore as of December 31, 2022. The company will also raise funds from local banks and the domestic capital market among others, alongside external commercial borrowings (ECBs).

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M&M sells over 6% stake in Mahindra CIE Automotive

Mahindra & Mahindra (M&M) has sold 2.29 crore equity shares of Mahindra CIE Automotive Ltd (representing 6.05% of the paid-up share capital). The sale has been executed on the stock exchanges at a gross price of Rs 357.39 per share. Following the sale, M&M’s shareholding in Mahindra CIE Automotive has come down from 9.25% to 3.19%.

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Retail Inflation Eases to 5.72% in Dec – Top Indian Market Updates

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

Retail inflation eases to 5.72% in December

India’s retail inflation, measured by the Consumer Price Index (CPI), eased to a one-year low of 5.72% in December 2022. CPI stood at 5.88% in November and 6.77% in October 2022. Food inflation came in at 4.19% in December, compared to 4.67% in Nov. Inflation in the fuel & light segment was 10.97% last month.

Factory output, measured by the Index of Industrial Production (IIP), rose to a five-month high of 7.1% in Nov 2022. IIP had contracted (-)4% in Oct.

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Infosys Q3 Results: Net profit rises 13% YoY to ₹6,586 crore

Infosys Ltd reported a 13.4% year-on-year (YoY) increase in consolidated net profit to ₹6,586 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 20.2% YoY to ₹38,318 crore during the same period. It won deals worth $3.3 billion in Q3, the strongest in the last eight quarters. Infosys added 1,627 employees during the quarter.

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Jio launches True 5G services in Ujjain

Reliance Jio has set up its 5G services in Ujjain, Madhya Pradesh. With the launch, Jio has now become the first and the only operator in MP to launch 5G services across all prominent large cities in the state, including Bhopal, Indore, Gwalior, and Jabalpur. Users will be able to enjoy Unlimited 5G Data with up to 1 Gbps+ speed at no additional cost.

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HCL Tech Q3 Results: Net profit rises 19% YoY to ₹4,096 crore

HCL Technologies Ltd reported a 19% YoY (or 17% QoQ) increase in consolidated net profit to ₹4,096 crore for the quarter ended December (Q3 FY23). The IT company’s revenue from operations rose 19.5% YoY to ₹26,700 crore during the same period. The total contract value of new deal wins stood at $2.35 billion, up 10% YoY. HCL Tech’s board has approved an interim dividend of ₹10 per equity share. 

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NCLT grants approval to PVR-Inox merger scheme

The Mumbai bench of the National Company Law Tribunal (NCLT) has sanctioned the scheme of arrangement between cinema chains PVR and Inox Leisure. Once the NCLT issues the detailed order copy, the two companies will file it with regulatory authorities like the Registrar of Companies (RoC) and stock exchanges. The allotment of shares is likely to be completed in the next few weeks.

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ONGC to rely more on advanced tech: Sushma Rawat

Oil & Natural Gas Corporation (ONGC) will increase reliance on advanced technologies and tech-savvy younger minds to boost chances of making major discoveries, said Sushma Rawat (ONGC’s exploration chief). The company will acquire more exploration acreage and bring in new technologies to enhance the quality of seismic surveys and data interpretation. 

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Zydus Lifesciences gets final USFDA approval for Brexpiprazole tablets

Zydus Worldwide DMCC (a subsidiary of Zydus Lifesciences Ltd) has received final approval from the US Food & Drug Administration (USFDA) to market Brexpiprazole tablets. Brexpiprazole is an antipsychotic drug used along with antidepressants to treat major mental conditions like depression and schizophrenia. The drug will be manufactured at the group’s formulation facility at Ahmedabad Special Economic Zone (SEZ), Gujarat.

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Apax Partners likely to sell 4.63% shares in Shriram Finance via block deal: Report

According to a CNBC-TV18 report, private equity fund Apax Partners is planning to sell its shares in Shriram Finance Ltd via a block deal tomorrow. APAX’s subsidiary, Dynasty Acquisition, would sell up to 1.73 crore shares or 4.63% stake in the non-banking finance company (NBFC). The size of this deal is ₹2,250 crore.

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SEBI allows exchanges to launch multiple contracts in same commodity

The Securities and Exchange Board of India (SEBI) has allowed stock exchanges to launch multiple contracts in the same commodity to encourage broader participation of investors in the commodity derivatives market. Exchanges have been demanding multiple contracts on a single commodity to ensure that all market players across the value chain are catered to. Currently, all commodities (except gold, silver, and precious metals) have a single contract, which limits investors’ and traders’ participation.

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Reliance Seeks Bids for Sale of KG-D6 Gas – Top Indian Market Updates

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

RIL seeks bids for sale of KG-D6 gas at rates linked to JKM

Reliance Industries Ltd (RIL) and partner BP have sought bids for 6 million metric standard cubic meters a day (mmscmd) of natural gas produced from their KG D6 field off the eastern coast for the next five years. The auction is planned for January 18, and supplies will start in February. Reliance and BP have linked price bids to JKM, the spot market benchmark for liquified natural gas (LNG) delivered to Japan and South Korea.

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Shriram Finance secures $100 million loan from Asian Development Bank

Shriram Finance Ltd said it had secured a five-year loan worth $100 million (~₹826.74 crore) from Asian Development Bank to provide credit to its customers towards the purchase of new and used vehicles across India. The company also raised $250 million from US Development Finance Corporation and $475 million through a 144A Bond from the international market earlier this year. The lender is a merged entity of Shriram City Union Finance and Shriram Transport Finance.

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Kalpataru Power secures order worth ₹1,247 crore

Kalpataru Power Transmission Ltd (KPTL) & its international subsidiaries have secured new orders worth ₹1,247 crore. The orders are for the Indian and overseas markets in the transmission & distribution (T&D) business. KPTL’s order inflows in FY23 have crossed ₹17,031 crore on a consolidated basis. They are currently executing projects in over 30 countries and have global footprints in 67 countries.

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Coal sector constructs 8 eco-parks to promote mine tourism

The Central govt. has constructed eight eco-parks in different parts of India to boost mine tourism. Two more parks will be completed in the ongoing financial year (FY23). In line with the sustainable development and green initiatives, coal/lignite public sector enterprises (PSUs) have planted around 47 lakh saplings on 2300 hectares of land from January to November this year.

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Adani Group acquires NDTV founders’ 27.26% equity stake

Adani Group has acquired a 27.26% equity stake in NDTV from Prannoy Roy and Radhika Roy (founders of the news broadcaster). Vishvapradhan Commercial Pvt. Ltd (an indirect subsidiary of Adani Enterprises) holds an 8.27% equity stake in NDTV, and RRPR (another indirect subsidiary) held a 29.18% equity stake in NDTV. After this recent acquisition, RRPR will hold 56.45% of NDTV.

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Zydus Lifesciences gets final USFDA approval for insomnia drug

Zydus Lifesciences Ltd has received final approval from the US Food & Drug Administration (USFDA) to market its generic version of Triazolam tablets. The drug is used on a short-term basis to treat insomnia (difficulty falling asleep or staying asleep). The product will be manufactured at the Zydus Lifesciences’ formulation facility at Moraiya, Ahmedabad. As per IQVIA MAT data, Triazolam tablets had annual sales of $11.7 million in the US for the 12 months ended Sept 2022.

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Religare Finvest signs settlement agreement with all its lenders for OTS

Debt-ridden Religare Finvest Ltd (RFL) has signed an agreement with all its lenders for a one-time settlement (OTS). This move will allow the company to exit from the Corrective Action Plan imposed by the RBI. RFL, an NBFC subsidiary of Religare Enterprises Ltd, owed about ₹5,300 crore to a consortium of lenders led by the State Bank of India (SBI). It has been in financial distress due to the alleged misappropriation of funds by promoters Shivinder Singh and his brother Malvinder Singh.

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Electric vehicle sales on track to cross 10 lakh milestone this year

Retail sales of electric vehicles (EVs) in India are estimated to top the 10 lakh mark in the calendar year 2022, accounting for about 4.7% of the total automobile sales. According to data on the government’s Vahan website, nearly 9,89,000 EVs have been registered with regional transport offices till Thursday. EV fleet operators and individuals buying two-wheelers have been the main drivers of this growth.

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Fiscal deficit touches 59% of full-year target in November

India’s fiscal deficit for the first eight months of this financial year (April-November of FY23) stood at ₹9.78 lakh crore or 58.9% of annual estimates. Total receipts stood at ₹14.65 lakh crore, while overall expenditure from April to November was at ₹24.43 lakh crore. They were 64.1% and 61.9%, respectively, of this fiscal year’s budget target. [Fiscal deficit is the difference between total revenue and total expenditure of the government.]

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Hero MotoCorp commences deliveries of VIDA V1 electric scooter

Hero MotoCorp has commenced customer deliveries of its first electric scooter— VIDA V1. The first electric vehicle of the brand was delivered in Bengaluru. The electric scooter has a range of 163 km on a single charge with a top speed of 80 km/hr. It is available in two variants— VIDA V1 Plus at Rs 1,35,705 and VIDA V1 Pro at Rs 1,46,880 (effective on-road price Delhi).

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