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SBI Sees 14-15% Corporate Credit Growth in FY23 – Top Indian Market Updates

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

SBI sees 14-15% corporate credit growth in FY23

State Bank of India (SBI) expects corporate loans to grow at a pace of 14% to 15% this financial year (FY23) and 12% on average over the next two years. Demand for corporate loans is being driven by improved capacity utilisation, higher working capital, and a shift in demand from bond markets to bank loans. The bank saw a 21% increase in corporate credit in the July-September quarter (Q2).

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Tata Power Solar, Union Bank to help MSMEs for solar project financing

Tata Power Solar Systems Ltd (TPSSL) has partnered with Union Bank of India (UBI) to help micro, small, and medium enterprises (MSMEs) switch to solar solutions. The association will be implemented under UBI’s solar scheme called Union Solar, which helps MSMEs relieve the stress of higher power costs and grid exigencies. MSMEs can avail the dual services of Solar EPC by TPSSL, financed through a term loan facility by UBI.

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RBI Governor asks Indian banks to be vigilant about evolving macroeconomic situation

Reserve Bank of India (RBI) Governor Shaktikanta Das asked the country’s banks to remain watchful of the evolving macroeconomic situation (including global spillovers). He asked lenders to take mitigating measures proactively to minimise any impact on their balance sheets and contain financial stability risks. 

Recession fears have spooked investors as central banks globally have been hiking interest rates to bring down soaring inflation. A deepening energy crisis in Europe and continued lockdowns in China have also added to the global economic distress.

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Bharat Rasayan Q2 Results: Net profit falls 13% YoY to ₹23 crore

Bharat Rasayan Ltd reported a 13.37% year-on-year (YoY) decline in net profit to ₹22.93 crore in Q2 FY23. The chemical manufacturing company’s revenue from operations rose 8.14% YoY to ₹291.77 crore during the same period. Total expenses stood at ₹263.88 crore in Q2, up 12% YoY. 

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ICICI Bank hikes FD interest rates by 30 basis points

ICICI Bank has hiked fixed deposit (FD) interest rates for amounts below ₹2 crore on select tenors by up to 30 basis points (bps). The new interest rates are effective from November 16, 2022. The bank will now offer interest rates between 3% and 6.60% for tenors from 7 days to 10 years for regular investors.

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Hindustan Zinc announces interim dividend of ₹15.5 for FY23

Hindustan Zinc Ltd announced a second interim dividend of ₹15.5 per share for a face value of ₹2 per unit for the ongoing financial year (FY23). The dividend will amount to ₹6,549.2 crore. The company had declared November 24 as the record date for the interim dividend. Ex-date for the dividend will be November 23, which means that investors who wish to buy the stock for the dividend should do it before November 23.

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Wipro to set up a European Works Council

IT major Wipro Ltd has reached an agreement with employee representatives to set up a European Works Council (EWC). The creation of an EWC follows a request by employees under a European Union (EU) directive that establishes the opportunity in companies with more than 1,000 employees across multiple European locations. The first constitutional meeting will take place in Q1 FY24.

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Tata Motor’s JLR CEO Thierry Bolloré resigns

Tata Motor-owned Jaguar Land Rover (JLR) Chief Executive Officer Thierry Bolloré tendered his resignation from the company for personal reasons. He will leave the company on December 31, 2022. Adrian Mardell will take over as interim CEO from Wednesday. He has been part of JLR for 32 years and is currently a member of its executive board.

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SBI signs €150 million loan agreement with KfW

State Bank of India (SBI) has signed a €150 million (~₹1,240 crore) loan agreement with German development bank KfW to facilitate new and upcoming capacity in the solar sector. The long-term loan will facilitate new and upcoming capacities in the solar sector and further contribute to the country’s goals announced during COP26.

Read more here.

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Wipro Posts 9% YoY Fall in Net Profit in Q2 – Top Indian Market Updates

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

Wipro Q2 Results: Net profit falls 9% YoY to ₹2,660 crore

Wipro Ltd reported a 9.2% YoY decline in consolidated net profit to ₹2,659 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 14.6% YoY to ₹22,539.7 crore during the same period. In constant currency terms, the IT services segment revenue increased by 4.1% QoQ and 12.9% YoY. Wipro’s order bookings during the quarter grew by 23.8% YoY. Wipro’s results are below street estimates.

Read more here. 

Retail inflation rises to 5-month high of 7.41% in September

India’s retail inflation, measured by the Consumer Price Index (CPI), rose to a five-month high of 7.41% in September. CPI stood at 7% in August. Inflation in the food basket rose to 8.60% in Sept from 7.62% in August. The fuel and light segment rose 10.39% last month.

India’s factory output, measured by the Index of Industrial Production (IIP) witnessed a contraction of (-)0.8% YoY to 131.3 in August.

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HCL Tech Q2 Results: Net profit rises 7% YoY to ₹3,489 crore

HCL Technologies Ltd reported a 7.1% YoY (or 6.3% QoQ) increase in consolidated net profit to ₹3,489 crore for the quarter ended March (Q2 FY23). Its revenue from operations rose 19.5% YoY to ₹24,686 crore during the same period. The total contract value of deals rose 6% YoY and 16% QoQ to $2.38 billion in Q2. The IT company’s board has declared a dividend of ₹10 per share.

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Airtel tops 4G download speeds, Jio in coverage: OpenSignal

According to an OpenSignal report, Bharti Airtel users enjoyed the best quality of service on 4G networks with the fastest download speeds, while Reliance Jio had the best coverage. Users on Airtel clocked 13.6 Mbps download speeds, marginally faster than Vodafone Idea and Reliance Jio by 0.3-0.6 Mbps. Airtel delivered a superior experience in streaming videos, multiplayer gaming, and OTT services.

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Adani Renewable Energy Holding Four sets up two subsidiaries

Adani Green Energy Ltd’s arm Adani Renewable Energy Holding Four has incorporated two new subsidiaries. These two subsidiaries are Adani Renewable Energy Forty Four Ltd (ARE44L) and Adani Renewable Energy Forty Eight Ltd (ARE48L). The main objective of the subsidiaries is to generate, develop, distribute, transmit, and supply power or electrical energy using any renewable sources of energy.

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HFCL secures order worth ₹40 crore

HFCL has received purchase orders aggregating to ₹39.19 crore from Reliance Projects & Property Management Services. The order is for rolling out a long-distance fibre network by one of the leading operators in various telecom circles. The orders are to be executed by May 2023. HFCL is a technology company that makes high-end transmission equipment and optical fibre cables (OFC).

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Coal India partners three PSUs for four gasification projects

Coal India Ltd (CIL) has signed agreements with Bharat Heavy Electricals Ltd (BHEL), Indian Oil Corporation Ltd, and GAIL (India) Ltd to set up four surface gasification projects. It aims to gasify 100 million tonnes (MT) of coal into syngas for use in the downstream production of value-added chemicals in the next eight years. In the first phase (from 2020-2024). 4 MT will be gasified with an investment of ₹20,000 crore. 

Sonata Software signs business transformation deal with Ireland-based eir evo

Sonata Software Ltd has signed an agreement with eir evo to support the standardization of their customer relationship management (CRM) platform, migrating them from Salesforce to Microsoft Dynamics. Ireland-based eir evo leading telecommunications and Information & Communications Technology (ICT) solutions provider.

Sonata Software and eir evo also plan to implement a long-term strategy for growing Microsoft Dynamics within the Irish market.

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Tata Power partners with 75F Smart Innovations for energy-efficiency solutions

Tata Power Trading Company Ltd (TPTCL) has signed an agreement with 75F Smart Innovations India to jointly promote automation and energy-efficiency solutions in the commercial building space. TPTCL is a wholly-owned subsidiary of Tata Power. The entities will help businesses optimize their energy consumption and usage. They will offer solutions in the areas of heating, ventilation, and air conditioning (HVAC) optimisation and smart building automation.

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Centre approves one-time compensation of ₹22,000 crore for OMCs to recover LPG losses

The government has granted a one-time compensation of ₹22,000 crore for Oil Marketing Companies (OMCs) in view of the rising under-recoveries due to rising LPG prices globally. LPG prices have surged globally up to 300%, while in India it has not gone up as much leading to under-recoveries of OMCs. The compensation will be rolled out to Indian Oil Corporation, Hindustan Petroleum Corporation, and Bharat Petroleum Corporation (BPCL).

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SpiceJet to Send 80 Pilots on Leave Without Pay – Top Indian Market Updates

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

SpiceJet to send 80 pilots on leave without pay

SpiceJet Ltd will send around 80 pilots on Leave Without Pay (LWP) as the airline finds itself with excess pilots. Around 40 pilots from the Boeing 737 fleet and 40 from the Q400 fleet have been asked to go on LWP for three months. The airline will call them back gradually as it deploys new aircraft into its fleet. SpiceJet plans to add seven new Boeing 737 Max starting from December 2022.

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Hero MotoCorp, HPCL to set up charging infrastructure for EVs

Hero MotoCorp Ltd has partnered with Hindustan Petroleum Corporation Ltd (HPCL) to set up charging infrastructure for electric vehicles across India. The companies will first set up charging stations in select cities and expand to other key markets to establish a high-density of EV charging station network. They will initially establish charging infrastructure at HPCL’s existing network of energy stations.

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Piramal Enterprises to raise ₹750 crores via NCDs

Piramal Enterprises Ltd’s board has approved a proposal to raise ₹750 crore through the issuance of non-convertible debentures (NCDs). It will raise market-linked NCDs on a private placement basis up to ₹100 crore along with an option to retain oversubscription of up to ₹650 crore. The debentures will be listed on the debt segment and capital market segment of NSE and BSE, respectively.

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C E Info Systems acquires 26% stake in KOGO

C E Info Systems Ltd (CEISL) has completed the acquisition of a 26.37% stake in Kogo Tech Labs Pvt. Ltd for ₹10 crore. This acquisition would help automotive OEMs deliver a premium and engaging user-first approach to travel experiences for their vehicle owners. Kogo is a gamified social travel commerce platform. Users earn KOGOCOIN as they step out and can spend it on hotels, experiences, and stores on the KOGO Marketplace.

Zydus Lifesciences launches cancer drug in the US

Zydus Lifesciences Ltd has announced the launch of Lenalidomide capsules in the US. The drug is used to treat various types of cancer. It works by slowing or stopping the growth of cancer cells. Lenalidomide can also treat anemia in patients with certain blood/bone marrow disorders. Zydus will maufacture the drug at its manufacturing facility at the Special Economic Zone (SEZ) in Ahmedabad.

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Adani pledges stake worth $13 billion in newly acquired Holcim cement units

The Adani Group has pledged shares valued at around $13 billion (~₹1.03 lakh crore) in two cement firms days after it completed the acquisition from Holcim Ltd. Stakes in two companies (57% of ACC and 63% in Ambuja Cements Ltd.) have been pledged for “the benefit of certain lenders and other finance parties”. The buyouts from Holcim earlier this year marked the group’s entry into the cement business.

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Adani Transmission to invest over ₹5,000 crore in FY24-25

Adani Transmission Ltd. is planning to invest over ₹5,000 crore to add more capacity in each of the next two financial years. The company aims to increase the share of its renewable energy capacity to 60% by FY26-27. Currently, Adani Trans holds a portfolio of 18,795 circuit kilometers (ckm) of transmission lines and 40,001 megavolt-amperes (MVA) of power transformation capacity across 13 states.

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Mindtree secures multi-year engagement with UK-based Currys

UK’s leading retailer of technology products and services, Currys, has selected Mindtree Ltd. to deliver a highly personalised shopping experience to its customers across multiple markets. Mindtree will design and implement an omnichannel solution that provides a unified customer experience across online, mobile, and in-store shopping while driving cross-channel fulfillment and inventory optimisation for Currys. 

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NPCI in talks with govt as Zomato, Swiggy plans entry into UPI space

The National Payments Corporation of India (NPCI) is worried over the delay in implementing its mandate requiring payment apps to hold no more than 30% market share in the UPI ecosystem. NPCI is in talks with the govt. and industry stakeholders over the effect of late implementation. The recent action comes at a time when Zomato and Swiggy are reportedly planning an entry into the UPI payments platform as third-party payments apps.

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Wipro, Finastra to power digital transformation for corporate banks

Wipro Ltd has partnered with UK-based Finastra to help corporate banks accelerate digital transformation. This partnership combines Wipro’s expertise in consulting and digital infrastructure with Finastra’s cutting-edge solutions to deliver modern API-enabled platforms for banks. The solution will help banks streamline and digitize core trade finance processes and reduce cost overheads.

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India to grow at over 7% in FY23: CEA

Chief Economic Advisor V Anantha Nageswaran said the Indian economy will grow at 7% in FY23, down from the 8-8.5% growth rate projected in January. The aftereffects of the COVID-19 pandemic and Russia’s invasion of Ukraine are hurting economic growth. India can sustain the 7% growth rate for the rest of the decade, he added.

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Adani Ports’ Cargo Volumes Rise 18% YoY in August – Top Indian Market Updates

adani ports and sez

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

Adani Ports’ cargo volumes rise 18% YoY in August

Adani Ports & Special Economic Zone Ltd (APSEZ) handled 29.3 million metric tonnes (MMT) of cargo in August 2022, recording an 18% YoY increase. Dry bulk volume grew by 44% YoY and containers by 8% YoY last month. In the initial five months of FY23, the company managed 151.4 MMT of cargo, an 11% YoY increase over the corresponding period last year.

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Spicejet likely to receive around ₹225 crore next week as part of ECLGS

According to an ET NOW report, SpiceJet Ltd is likely to receive around ₹225 crore next week as a part of the Emergency Credit Line Guarantee Scheme (ECLGS). The funds will be used to clear statutory dues and lessor payments. The airline had applied for ₹280 crore loans under the ECLGS.

The ECLGS was launched by the Central Govt. in wake of the Covid-19 pandemic in 2020. It provides guarantee coverage to banks and NBFCs to enable them to extend emergency credit to various industries to meet their working capital requirements.

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IndusInd Bank partners with ADB to support supply chain financing

IndusInd Bank has announced a strategic partnership with Asian Development Bank (ADB) to promote supply chain finance (SCF) solutions in India. The bank has entered into a partial guarantee program with ADB with an initial outlay of ₹560 crore, exclusively towards promoting SCF solutions. Recently, the bank launched a state-of-the-art digital portal for SCF called ‘earlyCredit’. It enables 24×7 seamless processing of SCF transactions for corporates, suppliers, and dealers.

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State-run oil companies post strong August sales

State-run oil companies sold 16% more petrol and 23.5% more diesel in August over the previous year as economic activity gathered pace and sales at private retailers fell. Increased mobility for work and pleasure in an expanding economy has contributed to strong demand for petrol. The demand growth in retail sales of diesel is due to the bulk buyers shifting to petrol pumps to source cheaper supplies.

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Vodafone Idea partners with Maxamtech to launch gaming content

Vodafone Idea Ltd (Vi) has partnered with Maxamtech Digital Ventures to launch multiplayer and competitive gaming content under ‘Vi Games’ to align itself with evolving customer preferences. Vi Games now offers over 40 competitive and skilled multiplayer games. Widening the participation opportunity for multiplayer gaming on Vi Games, Vi has extended the service to non-Vi users as well in a bid to attract more users.

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Bank of Baroda raises ₹2,474 crore by issuing bonds

Bank of Baroda has raised ₹2,474 crore by issuing bonds at the rate of 7.88% through stock exchanges. The bank allotted a total of 2,474 unsecured Basel-III Additional Tier-I perpetual non-convertible bonds (NCDs), valuing ₹1 crore each. Perpetual bonds carry no maturity date and can be treated as equity rather than debt.

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Steel prices in India to remain under pressure over near future: ICRA

A research report from ICRA stated that steel prices are expected to remain under pressure in India over the near future as prices in the domestic market cannot be cushioned by global trends. The rating agency also expects steel demand in the domestic market to grow at 7-8% in the current financial year (FY23). Steel mills in India face a tough time ahead as the external environment is becoming more challenging in key global consumption markets.

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Wipro partners with Cisco to deliver hybrid cloud-as-a-service

Wipro Ltd has partnered with Cisco to accelerate cloud transformation for customers. The partnership will enable Wipro’s clients to deploy Wipro FullStride Cloud Service to enable a fully automated hybrid-cloud stack, reducing the implementation time and enhancing the user experience. Cisco and Wipro will bring together the edge, private, and public clouds to create an agile and adaptable hybrid cloud solution.

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Zydus Lifesciences, Lupin recall products in US market owing to manufacturing issues

Zydus Lifesciences Ltd and Lupin are recalling products in the US due to manufacturing issues. As per an Enforcement Report by US Food & Drug Administration (USFDA), Zydus is recalling 1,116 boxes of Fulvestrant Injection, a drug used to treat breast cancer. The company’s US-based unit is recalling the affected lot due to “Failed Impurities/Degradation Specifications.”

Meanwhile, Lupin Pharmaceuticals, Inc. is recalling 7,872 bottles of Rifampin Capsules, a medication used to treat infections caused by bacteria.

Read more here.

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CCI Clears Axis Bank-Citi Deal – Top Indian Market Updates

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

CCI clears Axis Bank-Citi deal

The Competition Commission of India (CCI) has approved Axis Bank’s proposed acquisition of Citi’s consumer business in India. Under the Rs 12,325 crore deal, the bank would take over Citi’s credit card, personal loans, and wealth management businesses. In March 2022, Axis Bank and Citi signed a definitive agreement for the deal, which is likely to be completed by September 2024. This acquisition will help Axis Bank gain access to 30 lakh new customers.

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L&T Q1 Results: Net profit rises 45% YoY to Rs 1,702 crore

Larsen & Toubro Ltd (L&T) reported a 44.93% YoY increase in consolidated net profit to Rs 1,702.07 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 22.2% YoY to Rs 35,853.2 crore during the same period. L&T secured orders worth Rs 41,805 crore at the group level in Q1, registering a growth of 57% YoY. The group’s infrastructure project segment received order inflows of Rs 18,343 crore, up 66% YoY.

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Sun Pharma expands tie-up with Cassiopea for acne cream to six countries

Sun Pharmaceutical Industries Ltd has expanded the scope of its partnership with Italy-based Cassiopea regarding a medication to treat acne. It has signed licensing and supply agreements for WINLEVI (clascoterone) cream 1% for six countries. Sun Pharma will receive the exclusive right to develop and commercialise WINLEVI in Japan, Australia, New Zealand, Brazil, Mexico, and Russia.

Read more here.

Bajaj Auto Q1 Results: Net profit rises 11% YoY to Rs 1,173 crore

Bajaj Auto Ltd reported a 10.5% YoY increase in net profit to Rs 1,173 crore for the quarter ended June (Q1 FY23). Net profit declined by 20% when compared to the previous quarter. Its revenue from operations grew 8% YoY to Rs 7,386 crore during the same period. EBITDA stood at Rs 8,324 crore in Q1, up 8% YoY. Bajaj Auto’s sales volumes fell 7% YoY (or 4% QoQ) to 9,33,646 units.

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123 GW of solar capacity either commissioned or in pipeline: Govt

India has commissioned 57.71 gigawatts (GW) of solar capacity, while another 48.71 GW has been in the pipeline since June-end. Minister of State for New & Renewable Energy Bhagwanth Khuba said a solar energy capacity of 123.11 GW has either been commissioned or is in the pipeline. The government aims to achieve 100 GW solar power capacity by December 2022. Meanwhile, renewable energy projects of 60.66 GW capacity are under various stages of implementation.

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Tata Power Q1 Results: Net profit rises 90% YoY to Rs 883 crore 

Tata Power Company Ltd reported a 90% YoY increase in consolidated net profit to Rs 883.54 crore for the quarter ended June (Q1 FY23). Its total income grew 42% YoY to Rs 14,638.78 crore during the same period. The company’s total expenses stood at Rs 14,660.14 crore in Q1, up 54% YoY. Tata Power plans a consolidated capital expenditure (capex) of Rs 14,000 crore in FY23, including a Rs 10,000 crore investment in the renewables sector.

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Tata Motors partners with Indian Bank to provide retail car loans

Tata Motors Ltd has signed a pact with Indian Bank to facilitate financing for its passenger vehicle (PV) customers as the festive season approaches. The lender will provide customised car loans from its 5,700+ branches across India for Tata Motors’ passenger vehicle range. Customers can obtain car loans at interest rates starting at 7.8% with an option to avail of up to 90% financing of the PVs. 

Read more here.

Ujjivan SFB Q1 Results: Net profit at Rs 203 crore

Ujjivan Small Finance Bank (SFB) reported a net profit of Rs 203 crore for the quarter ended June (Q1 FY23). It had posted a net loss of Rs 233 crore in the corresponding quarter last year (Q1 FY22). Its net interest income (NII) grew 56% YoY to Rs 600 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 6.51% in Q1 FY23, compared to 9.79% in Q1 FY22. The bank’s retail deposits rose 65% YoY to Rs 10,761 crore in Q1 FY23.

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Wipro bags five-year contract from Nokia for digital transformation

Wipro Limited has signed a new five-year contract with Finnish telecom equipment maker Nokia for digital transformation. The IT major will deliver global business services in support of Nokia’s renewed operating model. It will focus on process optimisation and enhanced user & customer experience across order management, supply chain, finance, and accounting operations.

Asian Paints Q1 Results: Net profit rises 80% YoY to Rs 1,036 crore

Asian Paints Ltd reported an 80.39% YoY increase in consolidated net profit to Rs 1,036.03 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 55% YoY to Rs 8,578.88 crore during the same period. The company’s total expenses stood at Rs 7,287.84 crore, up 48.9% YoY. The domestic decorative business experienced good consumer demand and recorded stellar revenue growth in Q1.

Read more here.

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Wipro Reports 21% YoY Decline in Net Profit in Q1 – Top Indian Market Updates

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

Wipro Q1 Results: Net profit falls 21% YoY to Rs 2,563 crore

Wipro Ltd reported a 20.9% YoY decline in net profit to Rs 2,563 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 17.9% YoY to Rs 21,528.6 crore during the same period. Compared to last quarter, its operating margin in the IT services segment fell by 200 basis points (bps) to 15% in Q1.

Read more here.

India cuts windfall taxes on fuel exports as global prices fall

The Central Govt has reduced windfall tax and exports levy after the oil prices softened in the international market. It has reduced the windfall tax on domestically produced crude to Rs 17,000 per tonne and also cut the levy on exports of diesel by Rs 2 and aviation-fuel exports by Rs 2 per litre. The move will offer relief for top fuel exporters like Reliance Industries and state-run Oil & Natural Gas Corp.

Read more here.

IndusInd Bank Q1 Results: Net profit rises 64% YoY to Rs 1,603 crore

IndusInd Bank Ltd reported a 64% YoY increase in net profit to Rs 1,603.29 crore for the quarter ended June (Q1 FY23). Its net interest income (NII) grew 16% YoY (or 4% QoQ) to Rs 4,125 crore during the same period. The gross non-performing assets (GNPA) ratio stood at 2.35% in Q1 FY23, compared to 2.88% in the previous quarter (Q4 FY22). Provisions fell 30% YoY to Rs 1,251 crore.

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NCLT admits Bank of India’s insolvency plea against Future Retail

The Mumbai bench of the National Company Law Tribunal (NCLT) has allowed the initiation of insolvency proceedings against Future Retail Ltd (FRL). In April 2022, Bank of India moved the tribunal seeking to initiate insolvency resolution proceedings against FRL, which has defaulted on loan repayments. FRL has defaulted on payments of Rs 5,322.32 crore to its lenders amidst the ongoing litigations with Amazon and other related issues.

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Gland Pharma Q1 Results: Net profit falls 35% YoY to Rs 229 crore

Gland Pharma Ltd reported a 35% YoY (or 20% QoQ) decline in net profit to Rs 2,563 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 26% YoY to Rs 857 crore during the same period. Core markets of the US, Europe, Canada, and Australia accounted for 82% of revenue during Q1. These markets posted a de-growth of 6% YoY.

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About 13 lakh electric vehicles registered in India: Nitin Gadkari

Union Minister Nitin Gadkari said more than 13 lakh electric vehicles (EVs) are registered in India, excluding those in Andhra Pradesh, Madhya Pradesh, Telangana, and Lakshadweep. Around 2,877 public EV charging stations have been sanctioned in 68 cities and 1,576 EV charging stations across 9 expressways and 16 highways. 

In other news, state-controlled Convergence Energy Services Ltd. is planning a $10-billion tender for 50,000 electric buses that will drive India’s plans to decarbonize public transport and help meet its goals for net zero emissions.

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Tata Steel, BHP to jointly explore ways to cut emissions in iron and steel production

Tata Steel Ltd has signed a Memorandum of Understanding (MoU) with Australia-based mining company BHP to jointly study and explore ways to reduce carbon emissions in iron and steelmaking. The two entities will work on ways to reduce emissions from blast furnaces. About 60% of the steel produced in India uses the blast furnace route for making iron. The technologies explored by the two entities could cut emissions of integrated steel mills by up to 30%.

Read more here.

ITC to revive restructuring plans for its hotel business

ITC Ltd is reviving plans to create an alternative structure for the hotel business due to improvement in the hospitality industry recovery post-Covid. The company runs India’s second-largest hotel chain with 113 properties. ITC has adopted an ‘asset-right’ strategy that provides greater thrust on management contracts through three brands— Welcomhotel, Mementos, and Storii. 

Read more here.

DoT clears Jio, Airtel, Vi, Adani as final bidders for 5G spectrum auction

The Department of Telecommunications (DoT) has approved Reliance Jio, Bharti Airtel, Vodafone Idea, and Adani Data Networks as the final participants in the first ever auction of 5G spectrum in India, scheduled to start on July 26. The Centre plans to auction 72 gigahertz (Ghz) of spectrum valid for 20 years worth Rs 4.3 lakh crore at base price. Jio has submitted an earnest money deposit (EMD) of Rs 14,000 crore, the highest among all the companies bidding for 5G airwaves.

Read more here.

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SpiceJet Calls for 10-15% Hike in Airfares – Top Indian Market Updates

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

SpiceJet to hike airfares up to 15% on fuel, forex costs

SpiceJet Ltd has called for a 10-15% hike in airfares to counter high fuel costs and a weak rupee. Operating costs have increased to unsustainable levels. The airline’s MD Ajay Singh noted aviation turbine fuel prices have increased by more than 120% since June 2021. He has called on the federal and state governments to cut taxes.

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IRB Infra’s arm achieves financial closure for Rs 6,538 crore expressway project in UP

Meerut Budaun Expressway Pvt. Ltd, a wholly-owned subsidiary of IRB Infrastructure Developers Ltd, has achieved financial closure for a Rs 6,538-crore project in Uttar Pradesh. The Ganga Expressway Group-1 is a greenfield project that will be carried out under Build, Operate, and Transfer (BOT) mode. A consortium of lenders extended financial support of Rs 2,659 crore for the six-lane greenfield expressway corridor of 129.7 km.

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Glenmark Pharma launches asthma drug

Glenmark Pharmaceuticals Ltd has launched a novel fixed-dose combination (FDC) drug for patients with uncontrolled asthma. It will be sold under the brand name Indamet. The drug will help manage uncontrolled asthma by improving lung function, better symptom control, and reducing exacerbations.

Read more here.

Dredging Corp secures maintenance contract worth Rs 250 crore

Dredging Corporation of India Ltd has secured a yearly maintenance contract worth Rs 250 crore for Mumbai and the JNPA navigation channel. It includes dredging of ~20 million cubic meters. The company is aiming at its highest ever turnover of Rs 1,000 crore for the financial year 2022-23 after the extension of the contract by Jawaharlal Nehru Port Trust (JNPT).

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TCS partners with QIAGEN for digital transformation

Netherlands-based QIAGEN has selected Tata Consultancy Services (TCS) as the strategic partner for its cloud transformation journey.  QIAGEN is a leading global provider of sample-to-insights solutions in life sciences and molecular diagnostics. TCS will assist QIAGEN with its deep contextual knowledge of the company’s infrastructure, applications, and systems.

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Lockdown in China may have an adverse impact on sales outlook in FY23: Tata Motors

In its Annual Report, Tata Motors Ltd stated that the recent lockdowns in parts of China due to the spread of Covid-19 are adversely impacting its supply chains. Suppliers are unable to produce or deliver products to them. The automaker also said it is witnessing a temporary decline in demand. They are anticipating a severe impact on its sales outlook in FY23.

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ICICI Bank hikes FD interest rates

ICICI Bank has raised its interest rates on fixed deposits (FD). The interest rates on amounts below Rs 2 crore have been increased effective from June 16, 2022. The bank now offers an interest rate between 2.75% to 5.75% for tenors from 7 days to 10 years. Term deposits with a maturity of 185 to less than one year now pay 4.60%. Those with a maturity of one year to two years will fetch 5.30% interest.

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5G network rollout likely in August: Telecom Secretary

Telecom secretary K Rajaraman said 5G rollout is expected to begin in August once the auctions are conducted in July. On Wednesday, the Union Cabinet cleared the 5G spectrum auctions after accepting the spectrum reserve prices recommended by the telecom regulator. Around 72 GHz of airwaves will be placed for auction to rollout 5G services in India. The auction will take place from July 26.

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Wipro partners with Eros Investments to scale AI & ML-based content localisation solution

Wipro Ltd has partnered with Eros Investments to evolve and scale an Artificial Intelligence (AI) and Machine Learning (ML)-based content localisation solution. The solution will automate the time-consuming process of subtitling and dubbing with near human-level accuracy. It will drive significant cost and time savings for global media organizations and direct-to-consumer over-the-top (OTT) streaming platforms.

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RBI Raises Repo Rate to 4.9% – Top Indian Market Updates

rbi

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

RBI raises repo rate to 4.9%

The Reserve Bank of India (RBI) has raised its key repo rate by 50 basis points (bps) to 4.90% to curb the rising inflation in our country. It is the second hike by the RBI in two months and is expected to hike borrowing costs for corporates and individuals. The government has entrusted RBI to ensure that retail inflation remains at 4%, with a margin of 2% on either side. 

Repo rate is the interest rate at which a central bank lends money to all the other banks in the country. A hike in repo rates makes bank loans costlier, leading to lower circulation of money in the economy.

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Ramkrishna Forgings secures order worth Rs 115 crore

Ramkrishna Forgings Ltd (RFL) has received an export order worth Rs 115 crore from a European Tier-1 supplier for a new differential housing case business. This order win will provide a boost to RFL’s geographical diversification strategy and strengthen its European order book. RFL supplies rolled, forged, and machined products.

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India’s coal production rises 34% YoY to 71.3 MT in May

India registered a 33.8% YoY increase in coal production to 71.30 million tonnes (MT) in May. Out of the top 37 coal-producing mines, 23 produced at more than 100% capacity. The performance of 10 mines stood between 80-100%. Coal-based power generation declined by 3.82% YoY to 98,609 million units (MUs) in May.

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Yes Bank to seek another term for CEO, restructure board

Yes Bank will seek shareholder approval for another three-year term for CEO Prashant Kumar and reconstitute the board by adding five new members. Three board members, including chairman and former AIG executive Sunil Mehta, will leave the bank. All three members were appointed by a government notification under a special scheme of restructuring after the bank nearly collapsed due to its failure to raise capital in March 2020.

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Wipro, TCS to work at IBM’s Kochi centre to co-create AI-based automation tech

Tata Consultancy Services (TCS) and Wipro will work at IBM’s new automation innovation centre in Kochi to develop artificial intelligence (AI)-based solutions. The new centre will allow IBM and its ecosystem partners to build automation solutions through their lifecycle— product design, engineering, and support. It will help clients in the areas of business automation, Artificial intelligence for IT Operations (AIOps), and integration.

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Tata Power Solar commissions 450 MW project in Rajasthan

Tata Power Solar has commissioned a 450 megawatt (MW) capacity solar plant for Brookfield Renewable India in Rajasthan. The project will produce over 800 gigawatt-hour (GWh) of clean energy annually and help reduce up to 600,000 tons of annual CO2 emissions. With the commissioning of this project, the company’s total utility-scale solar project portfolio touches 9.7 gigawatt-peak (GWp).

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BLS International’s arm to acquire Zero Mass

BLS E-services Pvt. Ltd (BEPL) will acquire a 100% stake in Zero Mass Pvt. Ltd (ZMPL) for Rs 120 crore. ZMPL undertakes business correspondent services for various banks for last-mile connectivity. BEPL is a wholly-owned subsidiary of BLS International Services, a trusted global tech-enabled services partner for governments and citizens.

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Ujjivan SFB’s board to raise Rs 1,500 crore via NCDs

Ujjivan Small Finance Bank Ltd’s board has approved a proposal to raise up to Rs 1,500 crore through the issue of non-convertible debentures (NCDs). The issue will be on a private placement basis in one or more tranches (rounds).

Lupin gets USFDA approval for cystic fibrosis drug

Lupin Ltd has received tentative approval from the US Food & Drug Administration (USFDA) to market Ivacaftor tablets in the U.S. The drug is used to treat cystic fibrosis (a disorder that damages the lungs, digestive tract, and other organs). As per IQVIA March 2022 data, Ivacaftor tablets had estimated annual sales of $109 million in the US.

Read more here.

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India’s Coal Output Rises 29% in April – Top Indian Market News

India’s coal output rises 29% in April

India’s coal output rose 29% YoY to 66.58 million tonnes (MT) in April. Dispatch of coal to power utilities grew 18.15% YoY to 61.81 MT last month. The Ministry of Coal has been observing a decline in the prices of imported coal since the end of October 2021. India is witnessing a power crisis as coal reserves in several states are running out amid high electricity demand. 

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Asian Paints Q4 Results: Net profit at Rs 850 crore

Asian Paints Ltd reported a consolidated net profit of Rs 850.42 crore for the quarter ended March (Q4 FY22). The company had posted a net profit of Rs 852.13 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations grew 20.6% YoY to Rs 7,889.94 crore in Q4 FY22. Asian Paints faced an exceptional loss of Rs 115.70 crore towards its Sri Lanka business and expected delay in receivable subsidy from the govt. The paint manufacturer’s board has declared a dividend of Rs 15.5 per share.

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Polycab India Q4 Results: Net profit rises 14% YoY to Rs 322 crore

Polycab India Ltd reported a 14.47% YoY increase in consolidated net profit to Rs 322.15 crore for the quarter ended March (Q4 FY22). Net profit rose 2.4% when compared to the previous quarter. Its revenue from operations rose 35% YoY to Rs 3,979 crore during the same period. Polycab India’s board has declared a dividend of Rs 14 per share.

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ICICI Bank partners with Santander for India-UK business ease

ICICI Bank has announced a strategic partnership with Santander UK to facilitate the banking requirements of corporates operating across India and the UK. The private sector bank will provide banking solutions across trade, cross-border payments, supply chain, treasury solutions, and retail banking to the UK corporates operating in India. Santander UK will support Indian corporates and new-age businesses with their banking requirements in the UK.

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Ajanta Pharma Q4 Results: Net profit falls 5% YoY to Rs 151 crore

Ajanta Pharma Ltd reported a 5% YoY decline in consolidated net profit to Rs 151 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 15% YoY to Rs 870 crore during the same period. The pharma company’s board has approved the issue of bonus shares in the ratio 1:2. [One equity share (of the face value of Rs 2) will be issued for every 2 shares (of Rs 2 each) held in the firm.]

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Cipla signs pact with Genes2Me to launch Covid-19 RT-PCR test kit

Cipla Ltd has launched a Covid-19 RT-PCR testing kit in partnership with diagnostics firm Genes2Me. The pharma company will be responsible for the distribution of ‘RT Direct’ kits in India and has commenced supply of the same. The test protocol does not require any RNA extraction process and delivers results in just 45 minutes. 

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MRF Q4 Results: Net profit falls 50% YoY to Rs 165 crore

MRF Limited reported a 50.26% YoY increase in consolidated net profit to Rs 165.21 crore for the quarter ended March (Q4 FY22). Net profit rose 10.6% when compared to the previous quarter. Its revenue from operations rose 10.1% YoY to Rs 5,304.82 crore during the same period. The tyre manufacturer’s board has declared a final dividend of Rs 144 per share.

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Wipro renews IT transformation deal with Crédit Agricole

Wipro Ltd has extended its strategic agreement with Crédit Agricole CIB to fuel the next stage of growth. The IT major will help Crédit Agricole CIB to adopt cloud technologies and agile practices to achieve faster speed-to-market on new products and services. Crédit Agricole CIB is the corporate and investment banking arm of France-based Crédit Agricole Group.

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Vodafone Idea Q4 Results: Net loss at Rs 6,563 crore

Vodafone Idea reported a net loss of Rs 6,563.1 crore for the quarter ended March (Q4 FY22). The company had posted a net loss of Rs 7,022.8 crore in the corresponding quarter last year (Q4 FY21). Its revenue from operations rose 6.46% YoY to Rs 10,271.8 crore in Q4 FY22. The average revenue per user (ARPU) stood at Rs 124 in Q4 FY22, compared to Rs 115 in the previous quarter (Q3 FY22). Vi’s average daily revenue growth stood at 7.7% QoQ.

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Mutual Funds see Rs 72,847 crore net inflows in April: AMFI

The Indian mutual fund industry witnessed net inflows of Rs 72,847 crore in April 2022, compared to a net withdrawal of Rs 69,883 crore in March. Equity mutual funds attracted net inflows of Rs 15,890 crore in April, compared to Rs 28,463 crore in March. The monthly Systematic Investment Plan (SIP) contribution dropped to Rs 11,863 crore in April compared to Rs 12,328 crore in March. The data was released by the Association of Mutual Funds in India (AMFI).

Read more here.

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Maruti Suzuki Reports 58% YoY Rise in Q4 Net Profit – Top Indian Market News

"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."

Maruti Suzuki Q4 Results: Net profit rises 58% YoY to Rs 1,839 crore 

Maruti Suzuki India Ltd (MSIL) reported a 58% YoY increase in net profit to Rs 1,839 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 11% YoY to Rs 25,514 crore during the same period. The automaker sold 4,88,830 vehicles in Q4, registering a 0.7% YoY decline. Lower sales promotion costs helped MSIL outweigh the impact of high raw material costs and global semiconductor shortages.

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IRDAI hikes exposure limit for insurers in BFSI sector to 30%

The Insurance Regulatory and Development Authority of India (IRDAI) has permitted insurers to have exposure to financial and insurance activities up to 30% of their investment assets. This move will give insurance companies more flexibility to invest and could help improve returns. IRDAI has also proposed rationalisation and standardised administration of group health policies.

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IndusInd Bank Q4 Results: Net profit rises 55% YoY to Rs 1,361  crore

IndusInd Bank reported a 55.3% YoY increase in consolidated net profit to Rs 1,361 crore for the quarter ended March (Q4 FY22). Its net interest income (NII) rose 13% YoY (or 5% QoQ) to Rs 7,860 crore during the same period. [NII is the difference between the interest income a bank earns on loans and the interest it pays depositors.] The bank’s provisions and contingencies declined by 21.5% YoY to Rs 1,464 crore in Q4.

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UltraTech Cement Q4 Results: Net profit rises 47% YoY to Rs 2,614 crore

UltraTech Cement Ltd reported a 47% YoY increase in net profit to Rs 2,613.75 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 9.45% YoY to Rs 15,767.28 crore during the same period. Sales volumes fell 0.3% YoY to 27.69 million tonnes (MT) in Q4. The cement manufacturer’s board has declared a dividend of Rs 38 per equity share. 

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IDBI Bank privatisation process on: DIPAM Secretary

DIPAM Secretary Tuhin Kanta Pandey said IDBI Bank’s privatisation process is on, and the quantum of stake sale will be decided after the roadshow is complete. The government may decide to sell its entire stake in one go or in tranches depending on the investors’ response. The Indian government holds a 45.48% stake in the bank, while LIC holds a 49.24% stake.

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Wipro Q4 Results: Net profit rises 4% YoY to Rs 3,092 crore

Wipro Limited reported a 4% YoY increase in consolidated net profit to Rs 3,092 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 28% YoY to Rs 20,860 crore during the same period. The IT company closed 37 large deals resulting in a total contract value (TCV) of over $2.3 billion in FY22.

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Tata Motors unveils Avinya concept EV

Tata Motors has unveiled a new electric SUV Concept named “Avinya” based on its latest Pure EV third-generation architecture. The concept promises more than 500 km range on a single charge cycle. It could come with dual electric motors, each powering one axle and sending power to all four wheels. The automaker aims to introduce the new EV by 2025.

Read more here.

SBI Cards Q4 Results: Net profit jumps 231% YoY to Rs 581 crore

SBI Cards & Payment Services Ltd reported a 231% YoY jump in consolidated net profit to Rs 581 crore for the quarter ended March (Q4 FY22). Its revenue from operations rose 22.91% YoY to Rs 2,319 crore during the same period. Earnings before credit costs increased by 25% YoY to Rs 1,172 crore in Q4. Total operating costs stood at Rs 1,577 crore, up 23% YoY.

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PVR to bring opera-inspired auditorium concept Oma Cinema to India

PVR Cinemas has entered into an exclusive partnership with Oma Cinemas to roll out opera house-inspired cinemas in India. Oma Cinemas is a premium auditorium concept created by noted French architect Pierre Chican. Its unique tiered balconies (or pods) provide viewers with a sociable cinema experience while enjoying a perfect view of the screen.

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Varroc Engineering to sell Europe, Americas 4-wheeler lighting business for $631 million

Varroc Engineering Ltd will sell its four-wheeler lighting system operations in the Americas and Europe to France’s Compagnie Plastic Omnium for $630.96 million. The company will continue to operate its China joint venture and its other businesses in countries such as Italy, Vietnam, Poland, and Romania. The divestment is part of its strategy to focus on the two-wheeler sector globally and electric vehicle product lines.

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Hero MotoCorp, BPCL to Set Up EV Charging Infra – Top Indian Market News

Hero MotoCorp partners with BPCL to set up EV charging infra across India

Hero MotoCorp has partnered with Bharat Petroleum Corp Ltd (BPCL) to set up charging infrastructure for electric two-wheelers across India. The two entities will first establish a substantial charging infrastructure within the existing nationwide energy station network. They may broaden the collaboration to develop more synergies within the EV ecosystem and adjacent business verticals.

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Godrej Agrovet introduces new insecticide, eyes increased market presence

Godrej Agrovet Ltd (GAVL) has announced the launch of Gracia, an insecticide that helps control chewing and sucking pests in a variety of pulses and vegetable crops. The company believes the product will help strengthen its presence in the insecticides market. Gracia is a wide-spectrum product discovered and developed by Nissan Chemical Corporation Japan.

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Wipro invests in US-based AI start-up vFunction to boost cloud migration

Wipro Ltd has formed a joint go-to-market partnership with vFunction, a US-based start-up that has developed a scalable, AI-based technology platform. The partnership aims at modernising Java applications and accelerating migration to the cloud. Wipro Ventures, the IT major’s corporate investment arm, has invested in vFunction’s Series A funding round to deepen the strategic partnership.

Adani Group signs MoU with Ballard Power for hydrogen fuel cell JV

The Adani Group has signed a non-binding Memorandum of Understanding (MoU) with Ballard Power Systems to evaluate making a joint investment for the commercialization of hydrogen fuel cells in various mobility and industrial applications in India. Both parties will examine several options to cooperate, including potential collaboration for fuel cell manufacturing. Efforts under this MoU will be anchored by Adani New Industries Ltd (ANIL), a newly formed subsidiary of Adani Enterprises Ltd.

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Bharti Airtel likely to raise up to Rs 5,000 crore via rupee bonds

According to an ET report, Bharti Airtel Ltd is likely to raise up to Rs 5,000 crore through rupee-denominated bonds from the local market. The telco seeks to refinance high-cost debt and strengthen its balance sheet ahead of the 5G spectrum auction. It will be part of the Rs 7,500 crore fundraising plan announced by Bharti Airtel earlier this month.

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India expects fuel demand to grow 5.5% in FY23

Initial government estimates show that India’s fuel demand is likely to grow 5.5% in the next financial year (FY23). This reflects a pick-up in industrial activity and mobility after months of stagnation. India’s fuel consumption in FY23 (a proxy for oil demand) could rise to 214.5 million tonnes (MT) from the revised estimates of 203.3 MT for the current fiscal year. The estimates were released by the Petroleum Planning and Analysis Cell (PPAC).

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Marksans Pharma gets UK MHRA approval for Bells Healthcare’s all-in-one oral solution

Marksans Pharma Ltd. announced that UK Medicines and Healthcare products Regulatory Agency (MHRA) has granted market authorization to its subsidiary Bell Sons & Co. (Druggists) Ltd for Bells Healthcare All-in-One Oral Solution. The drug provides short-term symptomatic relief for colds, chill, and influenza. Mumbai-based Marksans Pharma is a global pharmaceutical company.

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There is a buzz and interest in market for LIC IPO, will go ahead with it: FM Sitharaman

Finance Minister Nirmala Sitharaman said the government will go ahead with the initial public offering (IPO) of Life Insurance Corp. of India despite market volatilities. “There is a buzz and interest in the market for the LIC IPO and we will be going ahead with it,” she said. LIC filed the draft red herring prospectus (DRHP) for its IPO with market regulator SEBI earlier this month.

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Samco Mutual Fund under fire from SEBI for misleading investors

Newly launched asset management company (AMC) Samco Mutual Fund has come under fire from SEBI for misleading investors during their maiden New Fund Offer (NFO). In January, Samco MF had kicked off their first NFO, Samco Flexi Cap Fund, publicizing it as a ‘pure’ equity scheme. 

Besides the equity component, the scheme intended to allocate up to 35% in TREPS (Tri-party repo dealing & settlement). Any allocation to TREPS is considered a cash call by the mutual fund scheme. Thus, SEBI is of the view was that any scheme with such a high cash allocation fails to be called a ‘pure’ equity scheme.

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GAIL to Connect Srinagar to Gas Grid – Top Indian Market News

GAIL to connect Srinagar to gas grid; Mumbai-Nagpur line by May 2023

GAIL India Ltd has announced plans to lay a pipeline to Srinagar to take natural gas to the Kashmir Valley. The company is doubling down on efforts to expand infrastructure to support the government’s vision of a gas-based economy. By May 2023, GAIL will complete a 700-km pipeline from Mumbai to Nagpur. This will enabe the flow of gas to central India. GAIL is on track to meet the target of mid-2022 for completing major portions of the Urja Ganga project.

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India’s mineral production rises 3% in December

India’s mineral production rose 2.6% in December 2021 over the corresponding month a year ago. The index of mineral production of mining and quarrying sector stood at 120.3. As per provisional data from the Indian Bureau of Mines (IBM), there was a cumulative growth of 16% YoY during the April-December period of 2021-22. The production of important minerals that showed year-on-year growth during December includes magnesite (73.2%), gold (71%), bauxite (27.1%), and lignite (21.4%).

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Mankind Pharma to acquire Combihale, Daffy brands of Dr Reddy’s Labs

Mankind Pharma has signed a pact with Dr. Reddy’s Laboratories to acquire two brands— Combihale and Daffy. Combihale is used for the treatment of asthma and chronic obstructive pulmonary disease. Meanwhile, Daffy is a soap-free moisturizing bar for infants. Mankind Pharma said the market for Combihale is valued at Rs 900 crore, growing at 14%. The total market for Daffy is valued at Rs 1,000 crore and growing at 18%.

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Cyient launches private 5G networks CoE; signs MoU with IIT-H 

Cyient Ltd announced the launch of its Private 5G Networks Center of Excellence (CoE). It has signed a Memorandum of Understanding (MoU) with the Indian Institute of Technology, Hyderabad, as a research partner for the CoE. The CoE will combine Cyient’s enterprise and network experience with IIT-H’s research and technology expertise to develop and test private 5G network solutions. 

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Vodafone Idea appoints SBI Cap to negotiate loan recast of up to Rs 23,000 crore

Vodafone Idea Ltd has appointed SBI Capital Markets to negotiate the restructuring of loans worth Rs 20,000-23,000 crore that it is due to repay within the next four years. The cash-strapped telco has also sought an additional half-billion dollars as loans for capital expenditure (capex) requirements critical to expanding its 4G network.

TCS partners with MATRIXX Software to offer subscription management platform for CSPs

Tata Consultancy Services (TCS) has announced a partnership with US-based MATRIXX Software. The IT firm will integrate TCS HOBS, its plug-and-play digital business platform for subscription, device, and data management, with the cloud-native capabilities of the MATRIXX digital commerce platform. The integrated solution will help Communication Service Providers (CSPs) transform their prepaid and postpaid businesses for superior customer experience and growth.

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India wants Tesla to buy $500 million of local auto parts: Report

According to a report from ET, Tesla Inc. would need to commit to sourcing at least $500 million of auto components from India for the electric carmaker’s request for an import tax cut on its vehicles to be considered. The EV maker would need to agree to ramp up Indian parts purchases by around 10-15% a year until a satisfactory level is achieved. The govt has formally told Tesla to ramp up domestic sourcing. However, it is yet to relay a procurement target to the company.

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Wipro secures $150 million deal from ABB

Wipro Ltd has secured a five-year strategic engagement to drive transformation for ABB’s Information Systems digital workplace services. The agreement is worth over $150 million (~Rs 1,126.7 crore). Wipro will help ABB’s Information Systems deliver enhanced, consumer-grade digital experiences for its 105,000 employees in over 100 countries.

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BSE collaborates with 4 regional associations to promote EGRs, International Bullion Exchange

BSE Ltd has collaborated with four regional associations from Maharashtra and Tamil Nadu to promote Electronic Gold Receipts (EGRs). These pacts are aimed at providing a boost for the growth and development of the commodities segment in general and the proposed EGR market. Apart from knowledge sharing and research, the collaboration will help standardise EGRs for Indian markets at the regional level and enhance transparency in pricing.

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Tata Motors’ JLR partners with Nvidia for AI-powered vehicles

Jaguar Land Rover (JLR), a subsidiary of Tata Motors, announced a partnership with Nvidia for all new vehicle platforms slated for production beginning in 2025. Future JLR vehicles will be based on the Nvidia Drive Hyperion 8 platform featuring the Orin-based computing system. It combines safety, security, networking, and sensors systems required for autonomous driving. 

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