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Retail Inflation Falls to 4-Month Low in October – Top Indian Market Updates

Consumer Price Index

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

India’s retail inflation falls to 4-month low of 4.87% in October

India’s retail inflation, measured by the Consumer Price Index (CPI), declined to a four-month low of 4.87% in October. CPI stood at 5.02% in September 2023. The consumer food price index (CFPI) remained stable at 6.61% last month, a marginal decline from 6.62% recorded in September. RBI has projected 5.6% inflation for the October-December quarter.

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Manappuram Finance Q2 Results: Net Profit rises 20% YoY to ₹420 crore

Manappuram Finance Ltd reported a 20% YoY rise in net profit to ₹420 crore in the quarter ended September (Q2 FY24). The company’s total income stood at ₹1,456 crore, up 17% YoY. The interest income stood at ₹1,405 crore, up 13.4%YoY. Its finance costs grew 21% YoY to ₹443 crore. The company’s board declared a dividend of ₹0.85 per equity share.

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ONGC to start oil production from $5 billion deep-water project this month

Oil and Natural Gas Corporation (ONGC) is set to commence oil production from its Cluster-2 project in the Krishna Godavari basin in the Bay of Bengal. The floating production unit (FPSO), Armada Sterling-V, is already in the block. ONGC plans to gradually ramp up production, starting with 3 to 4 wells initially. Oil production from Cluster-2 should have begun by November 2021 but was delayed due to the pandemic.

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India’s coal import rose 4% in September

India’s coal import increased by 4.3% YoY to 20.61 million tonnes (MT) in September. Non-coking coal imports stood at 13.89 MT, against 12.08 MT imported in September last financial year. Coking coal imports dropped to 4.59 MT from 4.88 MT imported in September FY23.

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GAIL conducts world’s first ship-to-ship LNG transfer

GAIL (India) Ltd has conducted the world’s first ship-to-ship liquefied natural gas (LNG) transfer to reduce shipping costs and cut emissions. The company, which has contracted 5.8 million tonnes per annum (MTPA) of LNG from the US, implemented an innovative contractual arrangement to optimize vessel paths, resulting in a significant reduction in CO2 emissions.

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Patel family to acquire additional 1% stake in GMM Pfaudler

The Patel family, promoter of engineering firm GMM Pfaudler, is set to acquire an additional 1% stake in the company in a strategic transfer. The family will now own a 25.18% stake in GMM Pfaudler. The deal involves the purchase of 4.49 lakh equity shares from Pfaudler Inc. at ₹1,700 per share. The transaction is being done through Millars Machinery, a key entity within the promoter group.

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Tata Steel to scrap 800 jobs in the Netherlands

Tata Steel has revealed plans to eliminate 800 jobs at its plant in the Netherlands, located in IJmuiden near Amsterdam. The decision is aimed at enhancing market conditions and reducing costs for the under-pressure plant. The cuts will affect some 500 full-time workers, mainly in management, staff and support functions, while another 300 temporary jobs are also to disappear.

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Adani Electricity used renewable sources to supply power to Mumbai on Diwali

Adani Electricity relied completely on renewable sources for the supply of power to Mumbai for four hours on Diwali day. The company supplied 1,200 MW of power from renewable sources to its 3 million subscribers between 10 AM and 2 PM, meaning that over 40% of Mumbai’s power needs were derived from renewable energy.

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HUL Posts 3% Rise in Q2 Net Profit – Top Indian Market Updates

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

HUL Q2 results: Net profit rises to ₹2,717 crore

Hindustan Unilever Ltd (HUL) reported a 3.85% YoY rise in net profit to ₹2,717 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹2,616 crore in Q2 last year. Its revenue from operations rose 3.53% YoY to ₹15,027 crore during the same period. EBITDA stood at ₹3,694 crore, up 9% YoY. The company’s board also declared a dividend of ₹18 per equity share.

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NCLT approves Tata Steel Long Products’ amalgamation with Tata Steel

The National Company Law Tribunal (NCLT) approved the amalgamation of Tata Steel Long Products Ltd with Tata Steel Ltd. Tata Steel is to merge Tata Steel Long Products and six other subsidiaries with itself. The subsidiaries to be merged with Tata Steel are Tata Steel Long Products, The Tinplate Company of India, Tata Metaliks, TRF, Indian Steel & Wire Products, Tata Steel Mining and S&T Mining Company.

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Jindal Stainless Q2 Results: Net profit rises 75% YoY to ₹609 crore

Jindal Stainless Ltd reported a 74.5% YoY rise in net profit to ₹609.4 crore for the quarter ended September 2023 (Q2 FY24). Its total revenue rose 13.6% YoY to ₹9,720.4 crore during the same period. EBITDA stood at ₹1,069 crore, up 54% YoY. The company’s board has declared a dividend of ₹1 per equity share, with October 28, 2023 as the record date.

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Dr Reddy’s Labs gets regulatory approval to study weight loss drug

Dr Reddy’s Laboratoris Ltd has received the Indian drug regulator’s approval to study the safety and efficacy of Semaglutide, a weight loss drug. The pharma company will conduct a bioequivalence study to establish the safety and efficacy of the drug on the Indian population. The company will launch the drug in a year if the bioequivalence studies meet expectations.

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PVR Inox Q2 Results: Net profit at ₹166 crore

PVR Inox reported a net profit of ₹166 crore for the quarter ended September 2023 (Q2 FY24). The company posted a net loss of ₹71 crore in Q2 last year. Its revenue from operations rose 191% YoY to ₹2,000 crore during the same period. EBITDA stood at ₹706 crore, up 358% YoY. 

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USFDA conducts pre-approval inspection at Indoco Remedies’ Goa facility

Indoco Remedies Ltd’s solid oral formulation facility in Goa received four observations from the US Food & Drug Administration (USFDA) after a Pre-Approval Inspection (PAI). The inspection took place from October 12-18, 2023, and was focused on two drug product applications (ANDAs) submitted from this facility. The observations signify areas where the facility may need improvements to align with regulatory standards.

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UltraTech Cement Q2 Results: Profit rises 69% YoY to ₹1,281 crore

UltraTech Cement reported a 69% YoY rise in net profit to ₹1,281 crore for the quarter ended September 2023 (Q2 FY24). Net profit stood at ₹756 crore in Q2 last year. Its revenue from operations rose 15% YoY to ₹16,012 crore during the same period. EBITDA stood at ₹2,718 crore, up 35% YoY. 

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KFin Tech partners with LIC Pension Fund for investment management solution 

KFin Technologies Ltd signed a high-value multi-year investment management solution (IMS) contract with LIC Pension Fund Ltd (LICPFL). The company will design, create and administer the investment management solution for enhanced customer service, security and compliance. The company has not disclosed the contract tenure and value.

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Dabur India’s US subsidiaries sued over alleged cancer causing product

Dabur India Ltd’s three US subsidiaries are being sued over an alleged cancer causing product. The cases are in the early stages of legal discovery and revolve around allegations that a hair-relaxer product contains chemicals that may pose risks of ovarian cancer, uterine cancer, and various other health issues. These cases have been filed in both federal and state courts in the US and Canada.

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Nestle India board approves stock split in 1:10 ratio

Nestle India’s board approved a 1:10 stock split for the first time in India. This means each share that an investor holds will be subdivided into 10 shares. The split will divide each fully paid-up equity share with a face value of ₹10 into 10 equity shares with a face value of ₹1. The record date for the split will be announced later.

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Granules India gets USFDA nod for heartburn treatment drug

Granules India has received approval from the US Food & Drug Administration (USFDA_ for Esomeprazole Magnesium capsules. The drug is used to treat heartburn and other symptoms associated with gastroesophageal reflux disease. According to the IQVIA data for 12 months ended July 2023, the drug had annual sales of nearly $168 million in the US market.

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HDFC Life Posts 15% YoY Rise in Q2 Net Profit – Top Indian Market Updates

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

HDFC Life Q2 Results: Net profit rises 15% YoY to ₹378 crore

HDFCL Life Insurance Company Ltd reported a 15% YoY increase in net profit to ₹378 crore for the quarter ended September 2023 (Q2 FY24). Its net premium rose 13% YoY to ₹14,797 crore during the same period. Revenue remained almost unchanged at ₹23,018 crore. Total assets under management (AUM) stood at ₹2.64 lakh crore, a rise of 18% YoY.

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India’s trade deficit eases in September

India’s merchandise deficit eased amidst a sharper decline in imports. According to data released by the Ministry of Commerce & Industry, the merchandise trade deficit fell to $19.4 billion in September, compared to $24.2 billion in August. Exports fell by 2.6% YoY to $34.5 billion. Imports fell by 15% annually to $53.8 billion.

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Ashok Leyland bags order for 1,666 buses from Tamil Nadu STU

Ashok Leyland Ltd has secured an order for 1,666 diesel buses from Tamil Nadu State Transport Undertakings (STU). The order is for the procurement of BS VI bus chassis. This is the single-largest order received from the state transport undertaking. Currently, Tamil Nadu’s STU has more than 18,000 Ashok Leyland buses operational in its fleet.

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Glenmark Pharma’s biotech arm licences its immunology portfolio

Glenmark Pharmaceuticals Ltd.’s wholly owned clinical-stage biotechnology subsidiary, Ichnos Sciences Inc., has entered into an exclusive worldwide licensing agreement with Astria Therapeutics for its immunology portfolio. Astria Therapeutics will pay Ichnos up to $320 million (~₹2,700 crore) in upfront, development, regulatory and sales milestone payments in addition to up to low double-digit royalties.

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Zydus unit recalls 7,248 bottles of Oxybutynin Chloride tablets in US

A unit of Zydus Lifesciences is recalling over 7,000 bottles of Oxybutynin Chloride tablets in the US due to manufacturing issues. The drug is used to treat overactive bladder and urinary conditions. The lot was produced in Ahmedabad and distributed in the US by Zydus Pharmaceuticals (USA) Inc.

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Tata Steel plans to meet 25% of energy needs via green sources

Tata Steel plans to meet at least a fourth of its energy requirements through green energy by FY30 on its path to becoming net neutral on carbon emissions by 2045. It plans to do so using a mix of hydrogen injections and renewable energy (including solar and wind) at its plants across India. Tata Steel is also exploring the use of syngas as a replacement for coke in blast furnaces.

IndiGo co-founder in talks to buy ‘sizable’ stake in SpiceJet

As per reports, IndiGo co-founder Rakesh Gangwal is in talks to buy a “sizable” stake in troubled domestic airline SpiceJet. Gangwal and his wife Shobha Gangwal hold 13.23% and 2.99%, respectively, in IndiGo operator InterGlobe Aviation. Cash-strapped SpiceJet has been struggling to raise funds and restore operations for about a fourth of its fleet that has been grounded amid fierce competition in the sector.  

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Bajaj Electricals secures ₹564 crore order from Power Grid

Bajaj Electricals Ltd. has secured an order worth ₹564.2 crore from Power Grid Corp. for new transmission lines in Andhra Pradesh. The scope of work includes a 400kV new transmission line for 83.1 km in Ananthapur and another 400kV transmission line for 183 km in Kurnool. The projects will be completed within 21 months. 

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Maruti Suzuki Plans Capex of Rs 1.25 Lakh Cr Till FY31 – Top Indian Market Updates

"Bangalore, India - January 29, 2013: Signage at a car showroom belonging to Maruti Suzuki India Ltd. in Bangalore, India. The company is a subsidiary of Japan's Suzuki Motor Corporation, and has been the leader in the Indian car market for two and half decades with a capacity of 1.7 million cars annually."

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

Maruti Suzuki plans total capex of ₹1.25 lakh crore till 2030-31

Maruti Suzuki India is planning capital expenditure (capex) of up to Rs 1.25 lakh crore until 2030-31. The company’s strategy involves expanding its current product lineup from 17 models to 28 while increasing its production capacity. The automaker aims to have a total production capacity of 40 lakh units annually by 2030-31.

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Prepared with business continuity plan for Haifa port: Adani Ports

Adani Ports & Special Economic Zone Ltd (APSEZ) said it is closely monitoring the conflict concentrated in south Israel, whereas its Haifa Port is situated in the north. The overall contribution of Haifa in APSEZ’s numbers is relatively small at 3% of the total cargo volume. We remain fully alert and prepared with a business continuity plan that will enable us to respond effectively to any eventuality,” APSEZ’s spokesperson said in a statement.

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Inox Green Energy to divest 100% stake in Gujarat wind farm

Inox Green Energy Services (IGESL) has signed a term sheet to sell its 100% stake in Nani Virani Wind Energy Pvt Ltd (NVWEPL) as part of a strategy to become debt-free. NVWEPL owns a 50MW operational wind farm in Gujarat. The wind farm was commissioned in May this year.

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ITC Hotels brand ‘Storii’ to set up presence in West Bengal

ITC Hotels announced the signing of its first ‘Storii’ property in Kolkata, West Bengal. The property will be located near the metropolis and is expected to open in early 2024. It will have 30 keys/rooms. ITC Hotels has three ‘Storii’ properties present in Goa and Dharamshala.

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Magenta Mobility partners with Tata Motors to deploy EVs

Magenta Mobility has signed a Memorandum of Understanding (MoU) with Tata Motors to deploy 500 Ace EVs for last-mile delivery services. With Tata Motors, Magenta aims to drive sustainability in intra-city logistics in India by reducing the carbon footprint in the last-mile and mid-mile freight segment. 

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Paytm introduces guest checkout solution

Paytm Payments Services Ltd (PPSL) has introduced an Alternate ID (ALT ID)-based Guest Checkout solution for merchants, enhancing cardholder safety and streamlining transactions.  With this solution, customers can make purchases as guests without storing sensitive card information on e-commerce/merchant websites. PPSL is a wholly-owned subsidiary of One97 Communications Ltd (which operates Paytm). 

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SC to hear Jet Airways lenders’ plea against JKC on Oct 12

The Supreme Court (SC) indicated it would hear the plea by grounded airline Jet Airways’ lenders on October 12. The lenders are challenging the National Company Law Appellate Tribunal’s (NCLAT) order granting Jalan Kalrock Consortium (JKC) more time to make payments to them. JKC is the successful bidder for Jet Airways.

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Premium collection falls for life insurers in August

Premiums in the life insurance sector witnessed a drop of 13% year-on-year (YoY) to ₹30,716 crore in September 2023. Life Insurance Corporation’s (LIC) premium collection in September dropped by 27% YoY. The life insurer’s premium collection fell 25% YoY in the first half of FY24. LIC has lost 9.7% market share in the first six months of FY24 over last year.

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Fitch upgrades Tata Steel rating to ‘BBB-‘

Tata Steel Ltd’s (TSL) long-term issuer default rating was upgraded to investment grade by Fitch Ratings with a stable outlook, following less uncertainty and financial risk from its UK operations. Fitch Ratings upgraded the issuer default rating from BB+ to BBB -. It also raised the rating on Tata’s $1 billion notes due July 2024 issued by unit ABJA Investment Co. to BBB- from BB+. 

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Cipla stake sale plan faces hurdle as promoters differ on valuation: Report

According to an ET report, the stake sale plan of Cipla Ltd has come across a hurdle as the promoters are reportedly not aligned with the common valuation. Differences among founders may lead to a delay in the deal until a common consensus is reached over the valuation. Cipla’s promoter group currently controls around 33% of the company’s shares. Reports have said that the family members could sell some or all of their stakes in Cipla.

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Indian Oil Becomes Title Sponsor of MotoGP Bharat – Top Indian Market Updates

Indian Oil

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

Indian Oil becomes title sponsor of MotoGP Bharat

Indian Oil Corporation has become the title sponsor for MotoGP Bharat. The event is scheduled at the Buddh International Circuit in Greater Noida from September 22 to 24. The event will see participation from 42 teams and 84 riders. The race will be live-streamed on Jio Cinema and Sports18 in India.

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SBI plans to bundle home loans with rooftop solar installations

State Bank of India (SBI) plans to bundle and make home loans with rooftop solar installations mandatory for residential projects funded from its long-term climate action funds drawn down from multilateral agencies. SBI has a home loan book of over ₹6.3 lakh crore as of June and outstanding foreign exchange (forex) loans of $2.3 billion from multilateral lenders, including the World Bank, Asian Development Bank, and KfW of Germany.

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Centre receives ₹1,487 crore from NTPC as dividend

According to the Secretary of the Department of Investment and Public Asset Management, the central government has received about ₹1,487 crore from NTPC as dividends. NTPC is India’s largest power utility firm with an installed capacity of 73,824 MW (including Joint Ventures) and plans to become a 130 GW company by 2032. On Wednesday, the govt received ~₹1,701 crore from Power Grid Corporation of India Ltd (PGCIL) as a dividend.

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Tata Steel to get £500 million from UK govt for Port Talbot

Tata Steel and the UK government have signed a joint agreement on a proposal to invest in Electric Arc Furnace steelmaking at the Port Talbot site costing £1.25 billion. The government will grant up to £500 million to Tata Steel. The steel company said it would reduce direct emissions by 50 million tonnes over a decade.

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Ashok Leyland to invest ₹1,000 cr to set up its first plant in Uttar Pradesh

Ashok Leyland will invest ₹1,000 crore in Uttar Pradesh to set up a bus manufacturing facility focused on clean mobility. The company has signed a Memorandum of Understanding (MoU) with the Uttar Pradesh government to come up with the plant. The company will set up an integrated commercial vehicle bus plant focused on green mobility near Lucknow.

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India may add up to 30 GW more thermal power capacity

According to the Union Power Minister R. K Singh, India may add 25-30 gigawatts (GW) of thermal electricity generation capacity. The additional investment is in addition to 50 GW already under work to meet the rising demand. Singh said that India has around 25 GW of thermal capacity under construction and another 25 GW is planned.

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TotalEnergies in talks to invest in Adani Green’s projects

TotalEnergies SE is in talks to invest in renewable energy projects developed by Adani Green Energy Ltd. They are looking to buy stakes in some of Adani Green’s projects to expand its portfolio of clean energy projects. TotalEnergies could invest about $700 million in total into the projects. This deal potentially marks the first public deal between the French oil giant and Gautam Adani since Hindenburg. 

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SpiceJet completes $1.5 million payment to Credit Suisse

SpiceJet completed the payment of $1.5 million payment to Credit Suisse. The payment comes days after India’s Supreme Court (SC) urged the company’s chairman Ajay Singh to make the payment or face consequences. Earlier this week, SC had asked Singh to make a payment of $5,00,000 towards an instalment to Credit Suisse by September 22, along with $1 million towards the defaulted amount.

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IOCL clears ₹904 crore additional investment in Hindustan Urvarak & Rasayan

Indian Oil Corporation Ltd’s (IOCL) board of directors has approved an additional investment of ₹903.52 crore in Hindustan Urvarak and Rasayan Ltd (HURL). HURL was formed in June 2016 as a joint venture consortium of five public sector units for catering to the urea needs of farmers in the eastern and northern parts of India. Coal India, NTPC, and IOCL are the lead promoters of HURL, holding a total of 89% stake (29.67% each).

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Shakti Pumps secures ₹293 crore order from UP govt

Shakti Pumps (India) Ltd received a Letter of Award (LoA) under the PM- KUSUM III scheme under component B from the UP government’s Department of Agriculture. The Agricultural Department placed an order for 10,000 pumps worth ₹293 crore. Under the contract, Shakti Pumps will supply, install, and commission solar water pumping systems. The company plans to complete the project in 90 days.

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Bharat Electronics bags orders worth ₹3,000 crore

Bharat Electronics Ltd (BEL) has received orders worth ₹3,000 crore, including an order worth ₹2,118.57 crore from Cochin Shipyard. The company will supply next-generation missile vessels equipped with state-of-the-art technology worth ₹2,118.57 crore to the Indian Navy. The project will involve the active engagement of Indian electronics and related sectors, including micro, small, and medium enterprises (MSMEs).

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TCS Partners With JLR’s Digital Unit – Top Indian Market Updates

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

TCS partners with JLR’s digital unit to drive ‘future-ready’ tech architecture

Tata Consultancy Services (TCS) has announced a landmark partnership with the digital unit of Jaguar Land Rover (JLR). The partnership aims to drive transformation, simplification, and effective management of JLR’s digital assets. The deal is valued at £800 million (`₹8,340 crore). TCS will provide application, development & maintenance, enterprise infrastructure management, cloud migration, cybersecurity, and data services at JLR.

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REC raised $1.15 billion in August from 6 banks

REC Ltd raised $1.15 billion in August in two tranches from a consortium of six banks. Proceeds of the loans will be utilised to fund power, infrastructure and logistics sector projects as permitted under the external commercial borrowing (ECB) guidelines of the Reserve Bank of India. The funds have been raised under REC’s Market Borrowing Programme of ₹1.20 lakh crore for 2023-24.

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Consumer court orders ITC to pay Rs 1 lakh to man who found one biscuit less in a packet

A consumer court has directed ITC Ltd to pay ₹1 lakh in compensation to a consumer who found one biscuit less in a packet. The consumer accused the FMCG company of deceptive practices after he claimed that he found only 15 biscuits in a packet that was supposed to contain 16. In its ruling, the consumer court found ITC guilty of engaging in “unfair trade practices” and ordered it to cease selling the particular batch of biscuits in question. 

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Ather Energy raises Rs 900 crore from Hero MotoCorp, GIC via rights issue

Ather Energy has raised ₹900 crore ($108.27 million) from its shareholders Hero MotoCorp and Singapore’s GIC through a rights issue. The company plans to use the funds for new product launches and expand its charging infrastructure and retail network. Ather witnessed sound growth in FY23, with the company’s revenue jumping 4.4 times to ₹1,783 crore from ₹408 crore in FY22. The EV firm also increased its retail footprint by 4x to 130 stores from 30 stores last year.

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Tata Steel partners with ABB India to reduce carbon footprint in steel-making

ABB India and Tata Steel will jointly work on technologies for reducing the carbon footprint of steel production. Tata Steel has a medium-term target to reduce carbon emissions to less than two tonnes of Co2 per tonne of crude steel in its Indian operations by 2025. Under the agreement, the two companies will focus on system-level assessments of Tata Steel’s manufacturing plants and production facilities.

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lndiaRF to acquire API, CRAMS business of Ind-Swift Labs

IndiaRF will acquire the active pharmaceutical ingredients (API) and contract research and manufacturing services (CRAMS) business of Ind-Swift Labs. The acquisition is for a consideration of ₹1,650 crore. IndiaRF is an India-focused investment platform promoted by Piramal Enterprises and Bain Capital. The company will use the money to restructure its existing debt.

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Adani Total Gas wins work order from Ahmedabad Municipal Corporation

Adani Total Gas has received a work order from the Ahmedabad Municipal Corporation (AMC). The work order pertains to the design, build, finance and operations of a 500 tonnes per day (TPD) capacity of a Bio-CNG plant. The company will execute the order on a Public Private Partnership (PPP) model at Pirana or Gyaspur in Ahmedabad.

Read more here.

Reliance Retail acquires 51% stake in Ed-a-Mamma

Reliance Retail Ventures Ltd. (RRVL) has partnered with Ed-a-Mamma, an eco-conscious clothing brand founded by Bollywood actress Alia Bhatt. RRVL acquired a majority stake of 51% in the company. The joint venture is poised to reshape the landscape of children’s fashion and maternity wear. With this partnership, Ed-a-Mamma will explore fresh domains, including personal care and baby furniture.

Read more here.

HCL Tech wins Elders deal

Australian agribusiness company Elders has selected HCL Technologies to accelerate digital transformation across its business operations. Under the multi-year partnership, HCL Tech will provide managed IT services and a diverse portfolio of IT capabilities. The IT major will also be responsible for application development & management, digital workplace capabilities, infrastructure, cybersecurity, and data management for Elders.

Read more here.

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Reliance Retail Launches Yousta Brand – Top Indian Market Updates

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

Reliance Retail launches youth-centric fashion brand ‘Yousta’

Reliance Retail has launched its youth-centric fashion brand ‘Yousta’. It also opened its first store in Sarath City Mall, Hyderabad. The Yousta range is also available on e-commerce platforms Ajio and JioMart. The new brand boasts of having contemporary tech-enabled store layouts while promising high-fashion at affordable prices targeted at young consumers.

Read more here.

Reliance Jio, Bharti Airtel add 36 lakh subscribers in June

Reliance Jio added the highest number of wireless subscribers in June 2023, while financially struggling Vodafone Idea continued to lose ground. Jio added 22.7 lakh subscribers in June, taking its total subscriber tally to 43.9 crore. Bharti Airtel added 14.1 lakh subscribers, and its total wireless subscriber base stood at 37.4 crore. Vodafone Idea lost 13 lakh subscribers during June, and its total subscriber base shrank to 22.9 crore. 

Read more here.

Dutch group threatens lawsuit over Tata Steel pollution

FrisseWind.nu foundation (representing at least 1,400 people) took the first steps toward a lawsuit against Tata Steel, alleging it is responsible for pollution near Amsterdam that has caused illnesses for residents. Tata Steel’s massive plant at the mouth of the IJ River has come under increasing fire from residents and health authorities, who accuse it of being the main source of contamination in the air, soil and water.

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Hindustan Zinc to ramp up zinc production to 1.5 MT

Hindustan Zinc Ltd (HZL) chairperson Priya Agarwal Hebbar said that the company will ramp up production of zinc to 1.5 million tonnes (MT). HZL is the second largest zinc-lead miner in the world after Swiss firm Glencore and the fourth largest zinc-lead smelter globally. It has now also broken into the top 10 list of silver producers in the world.

Read more here.

Tata Power partners with Zoomcar to promote EV adoption

Tata Power EV Charging Solutions has partnered with car-sharing platform Zoomcar to promote electric vehicle adoption. The collaboration aims to promote Tata Power’s EZ Charge points on the Zoomcar platform. It will focus on supporting existing and aspiring EV owners along with Zoomcar’s existing customers.

Read more here.

USFDA issues ‘EIR’ for Torrent Pharma’s manufacturing facility

The US Food & Drug Administration (USFDA) has issued an Establishment Inspection Report (EIR) for Torrent Pharmaceuticals’ manufacturing facility in Dahej, Gujarat. EIR means the closure of inspection. The drug regulator had conducted a re-inspection of the site in May this year from May 17-25 and issued Form 483 with 2 observations.

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SBI attracts top distressed asset buyers’ interest for bad loans: Report

According to an ET report, several global and local distressed asset investors are considering buying some of State Bank of India’s (SBI) bad loans put up for sale in the financial year that began in April. Earlier this month, SBI identified a list of 331 non-performing assets with a combined outstanding value of ₹96,000 crore. Investors that have expressed interest include New York-based Cerberus Capital Management LP and Hong Kong-headquartered SC Lowy.

Read more here.

AntFin plans to sell 2.27 crore shares of Paytm

Chinese fintech giant Ant Financial is looking to offload a 3.6% stake or 2.27 crore shares in digital payments firm Paytm through block deals on August 25. Citigroup has been appointed as the broker for the deal. The transaction’s floor price has been established at ₹880 per share.

Read more here.

Tata Comm plans to raise ₹1,750cr via NCDs

Tata Communications plans to raise ₹1,750 crore through the issuance of non-convertible debentures (NCDs). The date of allotment of NCDs is August 29, and they will mature after three years of the allotment date. The NCDs will be listed on the wholesale debt market segment of the National Stock Exchange.

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Gujarat Ambuja Exports gets GPCB approval for new plant

Gujarat Ambuja Exports Ltd (GAEL) has received clearance from the Gujarat Pollution Control Board (GPCB) to set up a greenfield corn-wet milling plant at Himmatnagar, Gujarat. The proposed facility would have the capacity to process corn up to 900 tonnes per day (TPD). GAEL is one of India’s leading manufacturers and exporters of cotton yarn, maize starch, liquid glucose, etc. 

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HDFC Bank’s asset quality continues to be stable: Official

Asset quality of the HDFC Bank continues to be stable even as many of its peers are facing challenges, said the bank’s head for payments business and consumer finance Parag Rao. He added that the bank is witnessing “good traction” on the Unified Payments Interface (UPI) for credit cards. Rao did not share the exact number of NPAs (bad loans) from the credit card business, but added that the number is half of that of its nearest competition.

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Key Indices Mimic Previous Movements Ahead of Expiry Day! – Post-Market Analysis

NIFTY started the day at 19,369 with a gap-down of 65 points. The index started moving up after the initial red candles and tried to break the previous day’s high with the help of a 3 PM move. Even though there were no follow-up candles, the index closed in slight green. Nifty closed at 19,465, up by 30 points or 0.16% 

Nifty chart - Aug 16 - post-market analysis

BANK NIFTY (BNF) started the day at 43,726 with a gap-down of 364 points. The index struggled a lot to recover as it faced strong rejection from the 44k zone. BNF closed at 43,946, down by 144 points or 0.33%. 

Bank Nifty chart - Aug 16 - post-market analysis

All other indices except Nifty Metal (-0.94%) closed in green. Nifty Media (+1.2%) and Nifty Realty (+1.1%) moved up the most. 

Major Asian markets closed in the red. European markets are currently trading flat-to-red.

Today’s Moves

Apollo Hospitals (+2.51%) was NIFTY50’s top gainer. The pharma company’s MD gave forward-looking commentary on its business on Monday.

Cochin Shipyard (+17.4%) hit a new 52-week high of ₹822 after posting strong Q1 results.

JBM Auto (+10.13%) jumped after the Union Cabinet approved ‘PM-eBus Sewa’ for boosting city bus operations.

Tata Steel (-1.86%) was NIFTY50’s top loser.

Hindustan Copper (-6.23%) fell sharply after the company posted weak numbers for Q1 FY24.

Markets Ahead

Key indices replicate Monday’s movements! After the opening red candle, both Nifty and Bank Nifty started moving up, similar to Monday.

Try to draw a trendline connecting tomorrow’s first two swing low points, and if this trendline is broken, it might bring a proper movement (if the initial trend is to the upside). You can also use a 200 exponential moving average (EMA) in the 5 mins chart to get more clarity.

Major weakness is being built up as both Nifty and Bank Nifty create lower lows and lower highs for more than a week.

I will be watching Nifty’s 19,500 (resistance), 19,360, 330, 300 (immediate support) and 19,250 (major support) tomorrow.

In Bank Nifty, let’s mark 44,100,44,200 (resistances) and 44,600 and 44,540 as major levels for expiry day.

Inflation (CPI) numbers have been a supporting factor for the Indian market for many months. Now, recently released above-expected inflation numbers are bringing more weakness to our market

What levels are you watching out for expiry tomorrow? Let us know in the comments section of the marketfeed app.

Don’t forget to tune into The Stock Market Show at 7 PM on our YouTube channel!

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ITC to Demerge Hotels Business – Top Indian Market Updates

itc

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

ITC board gives in-principle approval for demerger of hotels business

The board of FMCG major ITC has given in-principle approval for the demerger of its hotel business. Under the new scheme, ITC would hold around 40% stake and the balance will be held by the company’s shareholders (proportionate to their shareholding). ITC currently has over 120 hotels and 11,600 keys across over 70 locations.

Read more here.

Tata Steel Q1 Results: Net profit falls 92% YoY to ₹634 crore

Tata Steel reported a 92% YoY decline in consolidated net profit to ₹634 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 6% YoY to ₹59,490 crore during the same period. The company said its profitability was affected by non-cash deferred tax charges on account of buy-in transactions at British steel pension scheme.

Read more here.

TVS Motor Q1 Results: Net profit rises 46% YoY to Rs 468 crore

TVS Motor Company Ltd reported a 46% YoY increase in net profit to ₹468 crore for the quarter ended June (Q1 FY24). Its revenue from operations rose 20% YoY to ₹7,218 crore during the same period. The company posted its highest-ever operating EBITDA at ₹764 crore, with a growth of 27% YoY. Total expenses Q1 stood at ₹6,665 crore, up 19% YoY.

Read more here.

JLR India reports best-ever Q1 sales

JLR India reported its best-ever Q1 sales performance with a growth of 102% in Q1 FY24. The automaker sold 1,048 units in the first quarter of FY24. JLR attributed this growth to a rise of about 209% in Range Rover, Range Rover Sport and Defender sales. The three models contribute to 78% of the current order book.

Read more here.

Samvardhana Motherson to acquire assets, shares of Dr Schneider Group entities

Samvardhana Motherson International Ltd will acquire assets and shares of Germany-based Dr Schneider Group entities at an overall enterprise value of about 118.3 million euros (over ₹1,070 crore). Dr Schneider Group is a manufacturer of high-end, innovative, and integrated electronic interior polymer components and systems such as smart surfaces and lighting modules.

Read more here.

Canara Bank Q1 Results: Net profit rises 75% YoY to ₹3,535 crore

Canara Bank reported a 75% YoY increase in net profit to ₹3,535 crore for the quarter ended June (Q1 FY24). Its net interest income (NII) rose 28% YoY to ₹8,666 crore in Q1. Provisions for the first quarter fell sharply by 26% to ₹2,719 crore. The gross non-performing assets (NPAs) ratio improved to 5.15% in Q1 FY24, compared to 5.35% in Q4 FY23 and 6.98% in Q4 FY23.

Read more here.

Mahindra Group to help US companies set up manufacturing base in India

Mahindra & Mahindra said it will help American companies enhance their international footprint and expand by leveraging the advantages of India as a manufacturing hub. The assistance includes an integrated approach to manufacturing, plug-and-play offerings, regulatory guidance, and a focus on environmental, social, and governance (ESG) principles. 

Read more here.

IDBI Bank Q1 results: Net profit rises 62% to ₹1,244 crore

IDBI Bank reported a 62% YoY rise in net profit to ₹1,244 crore for the quarter ended June (Q1 FY24). The net interest income (NII) grew 61% YoY to ₹3,998 crore during the same period. The gross non-performing assets (NPAs) ratio improved to 0.44% in Q1 FY24, compared to 1.26% in Q1 FY23.

Read more here.

Hikal ordered to cease operations at Bharuch plant

Hikal Ltd. received an order from the Gujarat Pollution Control Board to cease operations of its plant in the Bharuch district. The order was issued in light of an alleged violation reported to have occurred in 2021. It is related to alleged violations of certain provisions of the Environment (Protection) Act of 1986.

Read more here.

Maruti Suzuki recalls 87,599 units of S-Presso and Eeco

Maruti Suzuki has recalled 87,599 vehicles of its S-Presso and Eeco models to replace defective steering tie rods. Affected vehicle owners will receive communication from Maruti Suzuki authorised dealer workshops for inspection and replacement of the faulty part, free of charge. The recall is effective today, i.e. 24th July, 2023.

Read more here.

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JSW Energy’s Net Profit Falls 48% YoY to Rs 290Cr in Q1 – Top Indian Market Updates

JSW Energy Q1 Results: Net profit falls 48% YoY to Rs 290 crore

JSW Energy reported a 48% YoY fall in consolidated net profit to ₹290 crore for the quarter ended June (Q1 FY24). Its revenue from operations fell 3.3% YoY to ₹2,927.85 crore. EBITDA rose 18% YoY to ₹1,307 crore during Q1. The revenue dropped as incremental revenue from the recently acquired assets of Mytrah Energy and renewable energy capacity additions was offset by lower realization in thermal operations amid a decline in coal prices.

Read more here.

Bandhan Bank Q1 Results: Net profit falls 19% YoY to Rs 721 crore

Bandhan Bank reported a 19% YoY decline in net profit to ₹721 crore in Q1 FY24. The net interest income (NII) fell 0.91% YoY to ₹2,491 crore during the same period. The bank’s gross non-performing asset (NPA) declined to 6.76% against 7.25% in Q4 FY23. However, Net NPA was up from 1.92% in Q1 FY23 to 2.18% in Q1 FY24.

Read more here.

India’s exports decline by 22% in June amid global demand 

According to the Ministry of Commerce, India’s exports in June witnessed a significant decline of 22% to USD 32.97 billion. In June last year, India’s exports stood at USD 42.28 billion. This drop can be primarily attributed to a slowdown in demand in global markets. Imports in June also experienced a decline of 17.48%, amounting to USD 53.10 billion.

Read more here.

Suzlon Energy bags new order for 100.8-MW wind power project from Everrenew Energy

Suzlon Energy Ltd received a new order for developing a 100.8-MW wind power project for Everrenew Energy Private Ltd. The company will install 48 wind turbine generators (WTGs) of its S120-2.1 MW platform with a hybrid lattice tubular tower. The company will install it at Velliyanani Phase II in Karur district and Vengaimandalam in Trichy, Tamil Nadu. The project is expected to be commissioned in March 2024.

Read more here.

Nestle India to set up Rs 894-crore food processing unit in Odisha

Nestle India Ltd received in-principle approval from the Industrial Promotion & Investment Corporation of Odisha Ltd (IPICOL) to set up a food processing unit in Mundaamba of Khordha district, Odisha. The food processing unit will come up at an investment of about ₹894.10 crores. The project is subject to the fulfilment of customary conditions by the company.

Read more here.

SEBI’s new disclosure norms for listed cos to take effect from Saturday

Securities and Exchange Board of India (SEBI) has put in place a stricter timeline for the disclosure of material events or information by listed companies. The regulator has asked companies to disclose agreements entered into by shareholders, promoters, related parties, directors, key managerial personnel, and employees of the listed entity or of its subsidiary, which can impact the management and control of such firms to stock exchanges.

Read more here.

USFDA completes inspection of Gland Pharma’s Hyderabad facility, issues Form-483 with one observation

Gland Pharma announced that the US Food and Drug Administration (USFDA) completed the inspection of its Dundigal facility in Hyderabad. The USFDA conducted a Good Manufacturing Practice (GMP) inspection at the Dundigal facility between July 3-14, 2023. Form 483 was issued along with one observation. The observations could be related to a pharma company’s facility, equipment, processes, products or employee practices.

Read more here.

GMR Power wins smart meter project in Uttar Pradesh

GMR Power’s subsidiary, GMR Smart Electricity Distribution Pvt. Ltd (GSEDPL), received a Letter of Intent (LOI) from Purvanchal Vidyut Vitran Nigam Ltd and Dakshinanchal Vidyut Vitran Nigam Ltd. The company will implement smart metering projects in Varanasi, Azamgarh Zone, Prayagraj, Mirzapur Zone, and Dakshinanchal (Agra and Aligarh Zone) areas of Uttar Pradesh. GSEDPL will install, integrate and maintain 75.69 lakh smart meters in the given area. The project will be completed in 10 years.

Read more here.

Granules India’s foreign subsidiary gets USFDA approval for pain relief drug

Granules India Ltd’s foreign arm has received approval from the USFDA for Acetaminophen and Ibuprofen tablets. These tablets are used for temporary relief of minor aches and pains due to headaches, toothache, backaches, menstrual cramps, muscular aches, and minor pain of arthritis. According to IRI multi-outlet market data, the bioequivalent drugs had combined sales of USD 70 million in the US for the most recent 12 months.

Read more here.

June WPI inflation in the negative territory for the third-straight month

India’s wholesale inflation (based on WPI) declined to -4.12% in June from -3.48 in May. The Wholesale Price Index or WPI measures the change in prices of goods that wholesale businesses sell to and trade in bulk with other companies. The decline in the rate of inflation in June 2023 is primarily due to a fall in prices of mineral oils, food products, basic metals, crude petroleum and natural gas and textiles.

Read more here.

Tata Steel offers Rs 83 lakh funding for R&D projects in low carbon segment

Tata Steel will fund research and development (R&D) projects in the low-carbon hydrogen segment under the partnership with British High Commission in India. As part of the ‘UK-India Hydrogen Partnership Sprint Series’, Tata Steel will grant 80,000 pounds (₹83 lakhs) funding for two innovative projects in the low-carbon hydrogen segment. The initiative is open to participants from India and the UK.

Read more here.

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LTIMindtree to Replace HDFC in Nifty 50 From July 13 – Top Indian Market Updates

nse

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

LTIMindtree to replace HDFC in Nifty50 from July 13

LTIMindtree will replace HDFC in the Nifty 50 index following its merger with HDFC Bank. The change will come into effect on July 13. HDFC Ltd will stop trading from July 13. Nuvama’s preliminary calculations expect LTIMindree to see an inflow of $150 million to $160 million. IT firm LTIMindtree is a subsidiary of Larsen & Toubro Ltd.

Read more here.

SBI gets approval for buyout of SBICAPS stake in SVL for Rs 708 crore

The Executive Committee of the Central Board (ECCB) of State Bank of India (SBI) has approved the acquisition of the entire stake held by SBI Capital Markets Ltd in SBICAP Ventures Ltd (SVL) for ₹708 crore. SBI Capital Markets Ltd (SBICAPS) is a wholly-owned subsidiary of SBI. The reason behind SBI’s acquisition of SVL is for better governance.

Read more here.

Indian Oil to consider fundraise via rights issue on July 7

Indian Oil Corporation’s (IOC) board is planning to consider raising capital. The capital raise will be through a rights issue of equity shares. The company will use the funds to meet the capital expenditure plan for its various projects. The company plans to host the board meeting on July 7.

Read more here.

REC set to raise $1 billion via loans

REC Ltd plans to raise about $1 billion through term loans to help fund infrastructure projects. The external commercial borrowing is split into two tranches, with the first expected to close this month amounting to $505 million. The company expects to raise the second tranche of $520 million in August, as it has applied to the RBI for approval.

Read more here.

Sun Pharma promoter creates pledge on 51.30 lakh shares on June 30

Sun Pharma created a pledge of 51.3 lakh equity shares on June 30, 2023. The company has pledged the shares in favour of Tata Capital Financial Services. The promoters have a shareholding of 54.48 %. Some large promoters of the company are Dilip Shanghvi with 9.6% shareholding, Shanghvi Finance Private Ltd with 40.3% shareholding, and AdityaMedisales Ltd with 1.67% shareholding.

Pledging of shares means taking a loan against the securities you own.

Read more here.

IDFC-IDFC First Bank merger gets board approval

IDFC First Bank has received approval from its board of directors for a merger with IDFC Ltd. The share exchange ratio for the amalgamation will be 155 equity shares of the face value of ₹10 each fully paid-up of IDFC First Bank for every 100 equity shares of the face value of ₹10 each fully paid-up of IDFC Ltd. The bank’s standalone book value per share would increase by 4.9%, as calculated on audited financials as of March 31, 2023.

Read more here.

HPL Electric bags orders worth Rs 903 crore for smart meters

HPL Electric and Power Ltd (HPL) has secured orders worth ₹903 crores for smart meters. With this contract, the company’s total pending pipeline order book stands at over ₹2,250 crores. HPL Electric claims these smart meters contribute to a greener and more sustainable future by empowering consumers and utilities to optimise energy usage.

Read more here.

Adani Green Energy to consider fundraise on July 6

Adani Green Energy will hold a board meeting to discuss and approve a fundraising proposal. The proposal involves issuing equity shares or other eligible securities through different methods, including private placement, qualified institutions placement, and preferential issue. However, the specific details regarding the amount to be raised and its utilisation are undisclosed. 

Read more here.

Chalet Hotels to raise up to Rs 600 crore

Chalet Hotels’ board of directors has approved raising funds of up to ₹500 crores. The purpose of this fundraising is to refinance the company’s high-cost debt. The company plans to raise the funds through non-convertible debentures (NCDs) or other debt instruments in multiple tranches. Additionally, the board has also authorised raising funds of up to ₹100 crores by borrowing from the company’s promoters. These funds will be utilised to cover expenses related to the residential project in Koramangala, Bengaluru.

Read more here.

Tata Steel’s NINL plant reaches 100% capacity utilisation within 1 year of acquisition

Tata Steel’s NINL plant has reached 100% capacity utilisation within one year of its acquisition by the company. The company completed the acquisition of Neelachal Ispat Nigam Ltd (NINL) through its subsidiary Tata Steel Long Products Ltd (TSLPL) for a consideration of ₹12,000 crores. After being shut down for almost three years, operations at the NINL unit were started by Tata Steel in October 2023.

Read more here.

Biocon Biologics launches biosimilar adalimumab in US

Biocon’s subsidiary Biocon Biologics has launched a biosimilar version of AbbVie’s top-selling biologic Humira in the US market under the brand HULIO. Adalimumab is used to treat certain inflammatory diseases like rheumatoid arthritis. Humira contributed $21.2 billion in sales to AbbVie for 2022, making it the world’s top-selling non-COVID prescription drug until recently.

Read more here.

Hero MotoCorp commences Harley-Davidson X440 bookings

Hero MotoCorp has started bookings for the Harley-Davidson X440 motorcycle across the country with deliveries expected to commence from October onwards. The 440-cc bike is being manufactured by Hero MotoCorp at its Neemrana plant. X440 is the smallest and most affordable Harley-Davidson bike to come to India ever since the Street 750. 

Read more here.

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Market News Top 10 News

Reliance in Talks for $2 Billion Loan – Top Indian Market Updates

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

Reliance in talks for $2 billion loan to fuel expansion

According to a Bloomberg report, Reliance Industries Ltd is in discussions with lenders to secure a foreign-currency loan of up to $2 billion. The company plans to utilise India’s dedicated external commercial borrowing route to obtain the loan. The maturity period of the facility is expected to be between 3-5 years, with the funds intended for capital expenditure and refinancing an existing loan set to mature in September. Notable lenders involved in the talks include Bank of America Corp, Citigroup Inc, and Standard Chartered Plc.

Read more here.

India’s goods trade deficit hits a 5-month high in May

According to government data, India’s trade deficit for May FY23 narrowed to $10.35 billion, compared to $12.20 billion in the same period in FY22. The trade deficit declined 35.41% for April and May combined. However, the merchandise trade deficit widened to $22.1 billion in May from $15.2 billion in the previous month. This is primarily due to a surge in goods imports, which reached a five-month high.

Read more here.

Godrej Properties to buy land for a luxury residential project in Kolkata

Godrej Properties Ltd has acquired a 7.44-acre land parcel in the premium residential locality of New Alipore, Kolkata, from West Bengal Housing Infrastructure Development Corporation Ltd. The land has a developable potential of approximately 9.8 lakh square feet, with an estimated revenue potential of nearly Rs 1,200 crore. This marks Godrej Properties’ second luxury development in the city.

Read more here.

Cochin Shipyard wins Rs 580 crore order for cargo vessels

Cochin Shipyard’s subsidiary Udupi Cochin Shipyard Limited (UCSL) has secured an international order from Norway-based Wilson Shipowning AS. The order is for the design and construction of six new-generation diesel-electric 3800 DWT general cargo vessels. The contract includes an option for an additional eight vessels. Wilson Ship Management AS is one of the largest short-sea fleet operators in Europe, with a fleet of around 130 vessels.

Read more here.

Titagarh Wagons-BHEL consortium signs ₹24,000 crore contract with Indian railways

A consortium of Titagarh Rail Systems Ltd (TRSL) and Bharat Heavy Electricals Ltd (BHEL) has secured an order worth ₹24,000 crore from Indian Railways to manufacture and supply 80 Vande Bharat sleeper trains. They are responsible for manufacturing fully assembled trains by 2029 and maintaining them for 35 years. The trains’ final assembly, testing, and commissioning will occur at the Indian Railway facilities in Chennai. Each train will consist of 16 coaches, accommodating over 880 passengers.

Read more here.

Dilip Buildcon Completes Highway Upgrade Project

Dilip Buildcon has announced the completion of the Chandikhole-Bhadrak Section of National Highway 5 (NH5) in Odisha. The project involved the rehabilitation and upgrade of the highway to a six-lane highway. The subsidiary, DBL Chandikhole Bhadrak Highways Ltd, executed the Rs 1,522 crore project under the hybrid-annuity model as part of the National Highways Development Project Phase V.

Read more here.

TVS Motor Company sells 43.54% stake in Emerald Haven Realty

TVS Motor Company Ltd has announced the sale of its entire stake of 43.54% in Emerald Haven Realty Ltd. The company sold its holding of 11.12 crore equity shares on June 14, 2023.

In other news, the Indian Navy has partnered with TVS Motor Company for a motorcycle expedition in Ladakh as part of the ‘Azadi ka Amrit Mahotsav’ celebrations.

Read more here.

Jindal Stainless signs deal with Germany’s Dassault Systemes 

Jindal Stainless Ltd (JSL) has entered into a partnership with Germany-based Dassault Systemes to enhance its production and operational functions at its Hisar and Jajpur units. The agreement aims to strengthen JSL’s production planning, scheduling, and execution processes by leveraging Dassault Systemes’ expertise. With the recent merger and capacity expansion, JSL seeks to seamlessly manage end-to-end production and operations between its facilities in Hisar, Haryana, and Jajpur, Odisha.

Read more here.

Ashok Leyland partners with Aidrivers for autonomous electric terminal trucks

Ashok Leyland has partnered with Aidrivers to manufacture autonomous electric terminal trucks. This collaboration aims to address the port industry’s requirements for net-zero emissions. By combining their expertise, both companies will work towards sustainable autonomous transportation in ports. The initial fleet of vehicles will be manufactured at Ashok Leyland’s facilities. The fleet is projected to be operational for terminal operations by early next year.

Read more here.

ONGC signs MoU with IndianOil for petrochemicals

ONGC has partnered with Indian Oil Corporation (IOC) to explore opportunities in the petrochemicals sector. The Memorandum of Understanding (MoU) aims to investigate downstream prospects, including greenfield projects and acquisitions, in the petrochemical industry. ONGC already operates two downstream petrochemical plants through its subsidiaries.

Read more here.

Tata Steel, Germany’s SMS group to explore low carbon steel-making technology

Tata Steel has partnered with Germany’s SMS group to collaborate on the development of a low-carbon steelmaking process. Under a Memorandum of Understanding (MoU), the two companies will engage in technical discussions and take steps towards conducting a Joint Industrial Demonstration of the EASyMelt technology, created by SMS group. Tata Steel plans to demonstrate at its Jamshedpur plant’s E Blast Furnace, aiming to achieve a CO2 emission reduction of over 50% compared to the furnace’s current operation.

Read more here.

Coal stock grows 44% to over 110 MT

The Ministry of Coal has reported that the total coal stock has increased by 44% YoY to 110.58 million tonnes (MT) . This significant rise in coal stock demonstrates the commitment to ensuring an abundant supply of this essential fuel, which is crucial for electricity generation. The current stockpile at mines, thermal power plants, and in transit has substantially increased compared to the stock of 76.67 MT on the same day last year, emphasizing the improved availability of coal resources.

Read more here.