Tag: wpi inflation

Categories
Market News Top 10 News

WPI Inflation Rises to -0.52% in August – Top Indian Market Updates

market updates | marketfeed

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

WPI inflation rises to -0.52% in August

India’s wholesale inflation remained in the negative territory for the fifth month in a row in August. The wholesale price index (WPI)-based inflation increased slightly to -0.52% in August, compared to -1.36% in July. This continued decline in wholesale prices can be attributed to the comparison with a higher base period. It is also mainly due to a fall in prices of mineral oils, basic metals, chemicals, textiles, and food products compared to the same month last year

Read more here.

Oil India to invest ₹25,000 crore for net zero by 2040

Oil India Ltd plans to invest ₹25,000 crore in clean energy projects that will help it achieve a net zero carbon emission goal by 2040. The company’s net zero plan includes a combination of cutting down the flaring of gas and commercialisation of stranded gas. It also consists of setting up renewable electricity generation capacity, building green hydrogen plants, and constructing biogas & ethanol plants.

Read more here.

Tata Motors to set up separate sales network for EVs

Tata Motors is planning to create a distinct sales network for its electric passenger vehicles (EVs) in the current financial year (FY24). The move aims to offer a specialised experience to customers opting for eco-friendly models. Tata Motors recently unveiled updated versions of its Nexon EV and Nexon with an internal combustion engine.

Read more here.

Maruti Suzuki partners with Indian Bank to provide financing solutions

Maruti Suzuki India Ltd has partnered with Indian Bank to provide financing solutions to its dealers. The two parties have signed a Memorandum of Understanding (MoU), which will empower over 4,000 Maruti Suzuki dealerships across the country with comprehensive inventory funding options for their working capital requirements.

Read more here.

DGCA raises concerns with P&W about issues in IndiGo plane engines

Following engine failure incidents with IndiGo aircraft, the Directorate General of Civil Aviation (DGCA) has asked Pratt & Whitney (P&W) to issue a service bulletin in the next 60 days with the fleet management action plan. IndiGo’s fleet of A320 planes is powered by P&W engines. A total of 11 engines were impacted due to the high-pressure turbine (HPT) hub issues, which were flagged by the engine maker in July.

Read more here.

Hamleys opens first store in Italy

Reliance Brands-owned Hamleys has opened its first exclusive retail store in Italy, in collaboration with franchisee GIOCHI PREZIOSI S.P.A (GP). GP holds the exclusive rights to operate Hamleys outlets throughout Italy. In 2019, Reliance Brands (a subsidiary of Reliance Industries) acquired the British toy retailer for approx. ₹620 crore then.

Read more here.

Paper industry revenue may dip 8-10% in FY24: Crisil

As per rating agency Crisil, Indian paper manufacturers’ revenue may decline 8-10% in FY24 despite gains in volume, as the average realisations are likely to soften on lower raw material prices and intense competition. The industry’s total volume is expected to rise 5-7% in FY24, similar to the last financial year. The operating margin will remain healthy at 18-19%, ensuring a stable cash flow generation.

Read more here.

Axis Finance approaches NCLAT against NCLT approval of Zee-Sony merger

Axis Finance has filed an appeal in the National Company Law Appellate Tribunal (NCLAT) against the National Company Law Tribunal’s (NCLT) approval of the Zee-Sony merger. This comes just over a month after the NCLT’s Mumbai bench approved the merger on August 10 by dismissing all applications against it.

Read more here.

India’s air traffic rose 22% in August

According to data released by the Directorate General of Civil Aviation (DGCA), Indian airlines carried 124.23 lakh passengers in August, a rise of 22.8% compared to July. IndiGo continued to hold the largest market share at 63.3%, followed by Air India and Vistara with a 9.8% share each. 

Read more here.

Categories
Market News Top 10 News

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.

Categories
Market News Top 10 News

WPI Inflation Eases to -3.48% in May – Top Indian Market Updates

market updates | marketfeed

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

May WPI inflation falls to -3.48%, lowest since November 2015

According to the Ministry of Commerce, India’s wholesale price index (WPI)-based inflation fell from -0.92% in April to -3.48% in May. WPI is at its lowest level since November 2015, marking the second consecutive month of negative wholesale inflation in India. Food wholesale inflation declined to -1.59%, while inflation in the fuel and power category reached -9.17%. Additionally, inflation in manufactured products decreased from -2.42% to -2.97% in May.

Read more here.

Indian Oil Corp to set up aviation fuel plant with LanzaJet in Haryana

Indian Oil Corp Ltd (IOCL) plans to establish an 80,000 tonnes sustainable aviation fuel plant in partnership with LanzaJet in Haryana. The project is estimated to require an investment of approximately $280.1 million (~Rs 2,300 crore). IOCL is currently undertaking a pilot project for green fuel in collaboration with Praj Industries in Maharashtra.

Read more here.

Ipca Labs receives 11 observations from USFDA for MP facility

The US Food and Drug Administration (USFDA) has raised concerns about Ipca Laboratories’ manufacturing facility in Ratlam, Madhya Pradesh. During an inspection conducted from June 5 to June 13, the USFDA issued 11 observations about the facility. These observations pertain to compliance with cGMP (Current Good Manufacturing Practices) regulations. This is crucial for ensuring the quality and safety of pharmaceutical products.

Read more here.

Gujarat Pollution Control Board revokes closure order to Heranba Industries

Heranba Industries announced that the Gujarat Pollution Control Board (GPCB) has lifted the order for the closure of its Vapi’s Pant units. The company had previously received an order from the GPCB instructing the prohibition and closure of operations at Unit-I and Unit-II located in Vapi. This development allows the company to resume its operations at the Vapi’s Pant units.

Read more here.

SpiceJet’s financial woes deepen with $15 million judgment in UK court

SpiceJet is facing new troubles as two aircraft leasing companies, GASL Ireland and VS MSN, have obtained a summary judgment of $15 million against the airline in the London High Court. This judgment adds to the existing legal challenges faced by SpiceJet, as three more cases have been filed against the airline in the commercial courts in London. GASL Ireland and VS MSN are expected to seek enforcement of the UK court’s judgment through the National Company Law Tribunal (NCLT) in India.

Read more here.

Ramkrishna Forgings bags order worth 4.5 million euros in Europe

Ramkrishna Forgings has secured a contract worth 4.5 million euros from a well-known European passenger rail coach manufacturer. The contract entails supplying undercarriage parts, and the company expects the contract to be completed within a two-year timeframe. Kolkata-based Ramkrishna Forgings is a manufacturer and supplier of closed-die forgings of carbon and alloy steel, micro-alloy steel, and stainless steel forgings.

Read more here.

KEC International secures orders worth Rs 1,373 crore

KEC International Ltd has secured orders worth Rs 1,373 crore across multiple business segments. The orders include projects in the railways vertical, transmission and distribution (T&D), cable, and civil businesses. In the T&D segment, the company received orders for transmission projects in India and the United States, including a 400 KV transmission line order in India and the supply of towers, hardware, and poles in the US through its subsidiary, SAE Towers.

Read more here.

USFDA concludes inspection at Ahmedabad facility of Zydus Lifesciences with zero observation

Zydus Lifesciences Ltd has received a “Nil observation” from the US Food and Drug Administration (USFDA) for its Zydus Biotech Park in Ahmedabad. This indicates that the facility complies with the current Good Manufacturing Practices (GMP), ensuring the production of safe and effective products. In addition, Zydus Lifesciences has obtained final approval from the USFDA for Varenicline tablets, used to treat smoking addiction.

Read more here.

Anupam Rasayan secures Rs 2,195 crore supply deal from Japanese firm

Anupam Rasayan has secured a supply contract worth Rs 2,186 crore from a prominent Japanese specialty chemical company. The contract involves the supply of a life science active ingredient for five years. The supply is scheduled to begin in 2025. It is subject to successful product validation, which is expected to take place over the next 18 months. Anupam Rasayan will produce the active ingredient in its existing multipurpose manufacturing facilities.

Read more here.

Maruti Suzuki to launch its most expensive car in India

Maruti Suzuki is preparing to launch its most expensive car, ‘Invicto,’ with a starting price of over Rs 20 lakh. The three-row, seven-seater MPV is considered a twin of Toyota’s Hycross. Maruti Suzuki aims to capture a significant portion of the market with the Invicto, which will be available in petrol and hybrid variants. The three-row SUV/MPV segment stood at around 2.58 lakh units in FY22, with vehicles priced over Rs 20 lakh accounting for approximately 1.2-1.25 lakh units.

Read more here.

Categories
Market News Top 10 News

PVR Inox’s Net Loss at Rs 333 crore in Q4 – Top Indian Market Updates

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

PVR Inox Q4 Results: Net loss at Rs 333 crore

PVR Inox reported a net loss of Rs 333 crore for the quarter ended March 2023 (Q4 FY23), compared to a net profit of Rs 16.1 crore in Q4FY22. However, its operating revenue jumped 113% YoY to Rs 1,143 crore during the same quarter. EBITDA stood at Rs 285 crore in Q4FY23. This is the company’s first quarterly results after its merger with Inox.

Read more here.

WPI inflation falls to -0.92% in April

Wholesale price-based inflation, WPI declined to -0.92% in April on an annual basis from 1.34 % in March. Primary articles inflation slowed to 1.60%, and fuel & power inflation reduced to 0.93 % in April. Inflation in manufactured products declined to -2.42 % in April from -0.77 % in March.

Read more here.

Berger Paints Q4 Results: Net profit falls 16% YoY to Rs 186 crore

Berger Paints reported a 16% YoY fall in net profit to Rs 185.7 crore for the quarter ended Q4 FY23. Its revenue jumped 12% YoY to Rs 2,443.6 crore during the same quarter. EBITDA also rose 6% to Rs 368 crore during the quarter. The company’s board has recommended a dividend of Rs 3.2 per equity share.

Read more here.

SpiceJet subsidiary SpiceXpress to get USD 100 million from UK group

SpiceJet’s subsidiary, SpiceXpress and Logistics, will receive a $100 million investment from a UK-based group, SRAM & MRAM Group. This investment comes as SpiceJet faces financial difficulties and an insolvency plea from an aircraft lessor. The investment from SRAM & MRAM Group is part of a Memorandum of Understanding (MoU) following a debt restructuring agreement between SpiceJet and aircraft lessor Carlyle Aviation Partner, which acquired a stake in SpiceXpress at an expected future valuation of $1.5 billion.

Read more here.

Hikal receives zero observations from USFDA for Gujarat unit

Hikal announced that its Panoli unit in Gujarat, India, received a favorable inspection outcome from the US Food &  Drug Administration (USFDA) with no observations. This marks the third successful inspection at the facility, enabling Hikal to manufacture advanced intermediates and key starting materials.

Read more here.

Kalyan Jewellers Q4 Results: Net profit falls 1.6% YoY to Rs 71 crore

Kalyan Jewellers reported a 1.6% YoY decline in net profit to Rs 71 crore for Q4 FY23. However, its consolidated revenue rose 18.4% YoY to Rs 3,381 crore during the same quarter. EBITDA also rose 17.5% YoY to Rs 256.7 crore. The company’s board has recommended a final dividend of Rs 0.5 per equity share.

Read more here.

UltraTech Cement commissions factory in Rajasthan capable of 0.8 MT annual output

UltraTech Cement has commissioned a 0.8 MTPA brownfield cement factory in Neem Ka Thana, Rajasthan, through its subsidiary UltraTech Nathdwara Cement. With this addition, their grey cement capacity in Rajasthan reaches 17.05 MTPA, and their total grey cement manufacturing capacity in India is now 129.95 MTPA.

Read more here.

Vedanta appoints Sonal Shrivastava as CFO from June 1

Vedanta Ltd has announced the appointment of Sonal Shrivastava as its chief financial officer (CFO), effective from June 1. Shrivastava previously served as the CFO for Asia Pacific, Middle East, and Africa operations at the Holcim group. In her new role, she will lead Vedanta’s financial strategy, overseeing accounting, tax, treasury, investor relations, financial planning, analytics, and driving digitalization and profitability.

Read more here.

NTPC to start feasibility study for 130-MW floating solar power plant in Tripura

NTPC Ltd is set to conduct a feasibility study for a 130-MW floating solar power plant on Dumbur Lake in Tripura’s Gomati district. The Tripura Renewable Energy Development Agency (TREDA) signed a Memorandum of Understanding (MoU) with NTPC to conduct the feasibility study. The study will assess the required waterbody area, identify transfer stations, and obtain forest clearance. The study is estimated to cost Rs 450 crore and is expected to be completed in a few months.

Read more here.

ONGC arm raises $500m in foreign currency loan

ONGC’s overseas subsidiary ONGC Videsh has secured a $500 million foreign currency loan from a consortium of banks including DBS, Bank of Baroda, and State Bank of India. The syndicated loan has a tenure of five years, is denominated in dollars, and is supported by ONGC’s guarantee. The funds raised through the loan will be used to repay $500 million in bonds that recently matured.

Read more here.

PSP Projects bags order worth over Rs 317 cr

PSP Projects has secured a contract worth Rs 317.13 crore from Gujarat’s Narmada, Water Resources, Water Supply, and Kalpsar Department. The project involves developing the Dharoi Dam region into a sustainable tourist and pilgrimage destination, including infrastructure, roads, and an adventure water sports arena. The company aims to complete the project within 18 months.

Read more here.

Categories
Market News Top 10 News

WPI Inflation Eases to 1.34% in March – Top Indian Market Updates

market updates | marketfeed

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

WPI Inflation eases to 1.34% in March

The wholesale price index (WPI)-based inflation rate dropped to a 29-month low of 1.34% in March, down from 3.85% in February. This decline was attributed to a higher base effect and a decrease in the prices of manufactured products. This marks the sixth consecutive month of single-digit wholesale inflation after 18 months of double-digit inflation. 

Read more here.

Passenger vehicle exports from India rise 15% in FY23: SIAM

According to data released by the Society of Indian Automobile Manufacturers (SIAM), passenger vehicle exports from India witnessed a 15% increase in the financial year 2022-23, with Maruti Suzuki India being the leader in this segment. The total passenger vehicle exports reached 6,62,891 units in FY23, compared to 5,77,875 units in FY22. Passenger car shipments grew by 10% to reach 4,13,787 units, while utility vehicle exports saw a 23% growth with 2,47,493 units exported during FY22.

Read more here.

Ashok Leyland bags order of 1,560 trucks from VRL Logistics

Ashok Leyland has received an order of 1,560 trucks from VRL Logistics Ltd (VRL). The trucks are equipped with advanced features aimed at enhancing efficiency and profitability for VRL’s growing fleet. With this order, VRL aims to reduce maintenance time, minimise stop-overs, and improve overall efficiency. This is expected to result in better uptime and increased profitability for VRL.

Read more here.

Vedanta joins 20 Korean display firms for electronics manufacturing hub in India

Vedanta Group has signed Memorandum of Understandings (MoUs) with 20 Korean companies from the display glass industry for the development of an electronics manufacturing hub in India. The proposed electronics manufacturing hub has the potential to attract over 150 companies and generate more than 1 lakh direct and indirect jobs. Vedanta’s greenfield display fab would be one of the anchor projects for this proposed hub.

Read more here.

Adani-Total’s Dhamra LNG terminal to start commercial operations at May-end

Adani Group and TotalEnergies’ newly built liquefied natural gas (LNG) import facility at Dhamra on the Odisha coast in India will begin commercial operations at the end of May. The terminal has the capacity to handle 5 million tonnes of LNG per year and received its first shipment of LNG on April 1. The LNG will be used for various purposes, including steel production, fertilizer production, compressed natural gas (CNG), and cooking gas.

Read more here.

EIL secures business worth Rs 4,500 crore in FY23, a 165% jump

Engineers India Ltd (EIL) secured business worth Rs 4,500 crore in FY23, marking a significant jump of 165% YoY. The company attributed this growth to its expanded presence in the traditional hydrocarbon sector and its entry into emerging areas such as green hydrogen and niche chemicals. EIL also secured Rs 600 crore worth of business from international clients in FY23, a substantial increase from Rs 50 crore in FY22.

Read more here.

Hathway Cable & Datacom Q4 Results: Net loss at Rs 14.61 crore

Hathway Cable & Datacom Ltd reported a consolidated net loss of Rs 14.61 crore in Q4 FY22-23. It posted a net profit of Rs 28.42 crore in Q4 FY22. The company’s revenue from operations stood at Rs 459.59 crore, up 2.40% YoY. The revenue from the broadband business was Rs 159.16 crore, while the revenue from the Cable TV business was Rs 300.43 crore in Q4. Total expenses increased by 8.24% YoY to Rs 484.49 crore.

Read more here.

Tata Power discom arm signs 200-MW hydropower pact with NVVN

Tata Power Delhi Distribution Ltd (Tata Power-DDL) has signed a 200-MW medium-term hydropower purchase agreement with NTPC Vidyut Vyapar Nigam Ltd (NVVNL) to meet the projected peak demand. NVVNL, the trading arm of NTPC Ltd, will supply hydropower to Tata Power-DDL for the next five years, specifically from May to September 2023.

Read more here.

M&M recasts top management roles of auto business

Mahindra & Mahindra (M&M) has restructured the roles of senior officials and created a new position of CEO for the automotive business to focus on internal combustion engine-powered SUV operations. The company has also appointed a Chief Operating Officer (COO) for its electric vehicle business to oversee the emerging electric SUV portfolio, reflecting its increased focus on electric mobility and sustainability.

Read more here.

Categories
Daily Market Feed Post Market Analysis

INFY Falls 9%, WPI at 29-Month Low! – Post-Market Analysis

NIFTY started the day at 17,863 with a gap-down of 35 points. The index was down nearly 250 points at 10 AM. It took support at 17,574 (the day’s low), and from there, it slowly moved up to 17,700 levels. NIFTY closed at 17,706, down by 121 points or 0.68%.

BANK NIFTY started the day at 42,603 with a gap-up of 471 points. The index fell below a major level of 42,000 in the morning. But from the day low (41,800), it recovered 1% to end in green. Bank Nifty closed at 42,262, up by 130 pts or 0.31%.

Nifty PSU Bank (+3.1%), Nifty FMCG (+1.03%), and Nifty Realty (+0.99%) moved up the most. NIFTY IT (-4.7%) fell heavily.

Major Asian markets closed in green. European markets are currently trading in green.

Today’s Moves

Nestle India (+4%) was NIFTY50’s top gainer. The stock has neared its 52-week high ahead of the record date for dividend payout. 

ITC (+1.15%) hit an all-time high of Rs 402 today.

Jubilant Ingrevia (+3.5%) moved up after the company commissioned a new chemical manufacturing plant in Gujarat.

Infosys (-9.4%) crashed after posting disappointing financial results for Q4 FY23. Other IT stocks TechM (-5.2%), Persistent Systems (-4.2%), Coforge (-3.4%), and HCL Tech (-2.7%) also fell heavily.

HDFC Bank (-1.52%) moved down after it reported a 20% year-on-year (YoY) rise in net profit to Rs 12,047 crore in Q4.

ZEEL (-2.07%) fell after 5.48 crore shares (5.7% equity) worth Rs 1,119.7 crore changed hands in a block deal window.

Markets Ahead

The morning fall was majorly caused by IT giant Infosys as its Q4 results were weak and its revenue outlook wasn’t promising. The gap-down opening in INFY was a result of a more than 10% fall in its American Depositary Receipt (ADR). ADRs are securities which are equal to one or more shares of a foreign company and it helps Americans to invest in foreign companies.

On the other hand, today’s fall can be considered an inevitable pullback. Smaller pullbacks are highly beneficial in the long run. What will be the Nifty’s formation in the coming weeks- head and shoulder pattern or Higher Lows and Higher Highs?

Though it showed weakness, overall market sentiments are still positive with HDFC Bank posting good results and better wholesale inflation data. WPI came out at 1.34% in March 2023 vs 3.85% in Feb.

I am expecting a consolidation this week with a max range of 300 points (17,500-17,800).  

How did your stock investments perform in FY23? Let us know in the comments section of the marketfeed app!

Categories
Market News Top 10 News

WPI Falls to Over Two-Year Low of 3.85% in Feb – Top Indian Market Updates

market updates | marketfeed

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

Wholesale inflation falls to over two-year low of 3.85% in Feb

India’s Wholesale Price Index (WPI)-based inflation fell to a 25-month low of 3.85% in February 2023. WPI stood at 4.73% in Jan. The government has attributed the decline in inflation rate to a fall in prices of crude petroleum & natural gas, food products, minerals, computers, electronic and optical products, chemicals and chemical products, electrical equipment & motor vehicles, trailers and semi-trailers. 

Read more here.

Mahindra unit in Bangladesh winds up operations, ceases to exist

Mahindra & Mahindra has shut down its wholly-owned unit Mahindra Bangladesh Pvt Ltd (MBPL). MBPL convened the final extraordinary general meeting of its shareholders on March 14, 2023, and approved the final voluntary winding up. It had zero income from operations as on March 31, 2022. The net worth of MBPL stood at Rs 3.18 crore as of March 31, 2022.

Read more here.

Coal India ready to meet dry fuel demand from power sector

Amidst a rise in industrial demand for electricity, state-owned Coal India Ltd (CIL) has geared up to meet the demand for dry fuel from the power sector. CIL is hoping to supply 156 million tonnes of coal to the power sector during the April-June quarter of FY24. This would be 25.6% of the enhanced annual dispatch target of 610 million tonnes (MT) slated for the sector in 2023-24.

Read more here.

Jaguar Land Rover partners with Tata Technologies to accelerate its digital transformation

Jaguar Land Rover is partnering with Tata Technologies to accelerate the digital transformation of its industrial strategy. The first phase will include UK core production facilities, with solutions subsequently deployed to other global locations. Tata Technologies will deliver end-to-end integrated Enterprise Resource Planning (ERP) to transform Jaguar Land Rover’s manufacturing, logistics, supply chain, finance and purchasing modules.

Read more here.

L&T Finance invites bids for ₹880 crore Xrbia loans

L&T Finance is seeking buyers for a distressed real estate portfolio comprising loans given to the Pune-based Xrbia Group. The company has invited offers for a loan book of ₹880 crore given to five Xrbia Group companies. The five accounts comprise Xrbia Developers with a debt of ₹435 crore, Xrbia Chakan Developers with ₹164 crore, Xrbia Warai Developers with ₹156 crore, Xrbia Ambience Realty LLP with ₹107 crore, and Eiffel Lifespaces with ₹18 crore.

Read more here.

HPCL signs pact to manufacture Chevron’s lubricants

Hindustan Petroleum Corporation Ltd (HPCL) has entered into a long-term licensing agreement to manufacture, distribute and market lubricants of global supermajor Chevron in India. This collaboration encompasses the licensing, production, distribution, and marketing of Chevron’s lubricant products under the Caltex brand, including Chevron’s proprietary Havoline and Delo branded lubricant product.

Read more here.

Jindal Stainless plans sale of green bonds to repay debt: Report

Jindal Stainless (JSL) is planning a sale of green bonds to repay existing debt of around ₹2,800 crore. The stainless steel producer has initiated discussions with consultants to arrive at sustainability-oriented targets that could make it eligible for availing cheaper financing through the green bond route. However, it has not mandated banks or started investor roadshows.

Read more here.

Glenmark Pharma receives USFDA approval for generic antibiotic drug

Glenmark Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for Clindamycin Hydrochloride Capsules. The product will be distributed by its subsidiary, Glenmark Pharmaceuticals Inc, in the US. According to IQVIA sales data for the 12 months ended Jan 2023, Cleocin Hydrochloride Capsules achieved annual sales of around $33.6 million.

Read more here.

Suzuki Motor increases stake in Maruti Suzuki via open market transactions

Japanese auto major Suzuki Motor Corporation (SMC) has increased its stake in Indian subsidiary Maruti Suzuki India Ltd (MSIL) to 56.48% by purchasing shares from the open market. Suzuki purchased 3.45 lakh equity shares during March 10-13. Currently, MSIL has a cumulative production capacity of 15 lakh units per annum.

Read more here.

PNC Infratech bags new highway project worth Rs 1,260 crore from NHAI

The National Highways Authority of India (NHAI) has declared PNC Infratech Ltd as the lowest bidder for a highway project worth Rs 1,260 crore. The project includes the construction of the 6-lane Varanasi-Ranchi-Kolkata Highway from Pachmon village to Anarbansalea village under the Central govt’s Bharatmala Pariyojana project. The project is to be constructed in 24 months and operated for 15 years.

Read more here.

Categories
Market News Top 10 News

WPI Inflation Eases to 4.95% in December – Top Indian Market Updates

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

India’s WPI inflation eases to 22-month low of 4.95% in December

India’s wholesale price-based inflation (WPI) declined to a 22-month low of 4.95% in December 2022, mainly due to a fall in prices of food articles and crude petroleum. The Wholesale Price Index (WPI)-based inflation was 5.85% in November 2022 and 14.27% in December 2021. Inflation in food articles was (-)1.25%, while it was 18.09% in the fuel & power segment during Dec 2022.

Read more here.

​​Maruti Suzuki announces price hike across all models

Maruti Suzuki India Ltd (MSIL) will hike the prices across all its models by around 1.1% with effect from January 16. In Dec, the automaker announced its intentions to hike prices in January due to increased cost pressure driven by overall inflation and recent regulatory requirements. As per reports, car makers Honda, Hyundai, and Tata Motors also plan to hike prices in January.

Read more here.

Bank of Maharashtra Q3 Results: Net profit doubles to ₹775 crore

Bank of Maharashtra reported a 139% year-on-year (YoY) jump in net profit to ₹775 crore for the quarter ended December (Q3 FY23). The net interest income (NII) rose 30% YoY to ₹1,980 crore during the same period. The gross non-performing assets (GNPA) ratio improved from 4.73% in Q3 FY22 to 2.94% in Q3 FY23. The bank’s total deposits grew 12% YoY to ₹2.08 lakh crore.

[NII is the difference between the interest income received on loans and the interest paid to depositors.] 

Read more here.

Bharti Airtel launches 5G services in five UP cities

Bharti Airtel announced the launch of 5G services in Agra, Meerut, Gorakhpur, Kanpur, and Prayagraj in Uttar Pradesh. The telecom operator’s services are already live in Lucknow and Varanasi. Customers with 5G-enabled devices can enjoy the high-speed Airtel 5G Plus network at no extra cost until the rollout is more widespread.

Read more here.

RIL suspends latest auction of gas from east coast block

Reliance Industries Ltd (RIL) and its partner BP plc suspended a planned auction for the sale of natural gas from their KG-D6 block following changes in gas marketing rules. E-bidding for the sale of 6 million standard cubic meters per day of gas was to happen on January 18. On Jan 13, the Ministry of Petroleum & Natural Gas published new rules for the sale and resale of gas produced from discoveries in deep sea, ultra-deepwater, and high pressure-high temperature areas with marketing and pricing freedom.

Read more here.

HG Infra secures project from Delhi Metro Rail Corporation

HG Infra Engineering Ltd has secured an order worth more than ₹412 crore from the Delhi Metro Rail Corporation Ltd. (DMRC). The company will design and construct an elevated viaduct and four elevated Delhi Metro stations. The construction work on the 3.512 km stretch is likely to be completed in 24 months.

Read more here.

Dr. Reddy’s acquires trademark rights of breast cancer drug from Pfizer India

Dr. Reddy’s Laboratories Ltd. has acquired the trademark rights of the breast cancer drug PRIMCYV from Pfizer Products India. PRIMCYV slows down or stops the growth of cancer cells. The pharma company will manufacture the drug at its facilities approved by the US Food & Drug Administration (USFDA). It also plans to roll out a unique ‘patient assistance program’ to support long-term therapy of the patients on PRIMCYV.

Read more here.

GPT Infraprojects secures order worth ₹216 crore

GPT Infraprojects Ltd has secured a contract worth ₹216 crore from the Maharashtra Rail Infrastructure Development Corporation Ltd., Mumbai. The company will construct the proposed extensions of the Ghatkopar Cable Stayed Road Over Bridge. This order win is worth two-thirds of the company’s total market valuation of ₹323 crore. 

Read more here.

Leading European airline selects RateGain to expand to new markets

Greek airline SKY Express has selected RateGain Travel Technologies Ltd’s solution AirGain for real-time pricing insights as the airline looks to expand its footprint across Europe. AirGain will allow the airline to respond promptly to market shifts and deliver the most cost-effective service. 

Read more here.

KPI Green Energy signs Power Purchase Agreements with three clients for solar power sale

KPI Green Energy Ltd (KGEL) has signed new Power Purchase Agreements (PPAs) for the sale of 6.3 megawatts (MW) of solar power in the interdependent power producer (IPP) segment. It has signed the long-term PPAs with three private companies— Heubach Colour Pvt. Ltd (2.9 MW), Sachin Paper Mills (0.4 MW), and Alembic Pharmaceuticals Ltd (3 MW). KGEL develops, operates, and maintains captive solar power projects for its clients.

Read more here.

Categories
Market News Top 10 News

WPI Inflation Eases to 12.41% in August – Top Indian Market Updates

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

WPI inflation eases to 12.41% in August

India’s wholesale inflation eased to 12.41% in August 2022, compared to 13.93% in July. The Wholesale Price Inflation (WPI) continues to remain in double digits for the 17th consecutive month (since April 2021). The food articles segment witnessed a spike of 12.37% in August, compared to 10.77% in July. The fuel & power segment eased to 33.67% last month from 43.75% in July.

Read more here.

Tata Power to develop 4 MWp solar project at Pune plant

Tata Power has entered into a Power Purchase Agreement (PPA) with Tata Motors to establish a 4 megawatt-peak (MWp) on-site solar project at the automaker’s Pune plant. The installation is expected to generate 5.8 million units of electricity, potentially mitigating over 10 lakh tonnes of carbon emission. 

In other news, Tata Power Solar Systems has secured an order worth ₹596 crore from NHDC to set up a 123 MWp floating solar project in Madhya Pradesh.

Read more here.

Bharti Airtel partners with IBM to deploy edge cloud services

Bharti Airtel has partnered with IBM to deploy the telco’s edge computing platform ahead of its 5G network rollout in key cities. The platform will enable enterprises across multiple industries (including manufacturing and automotive) to accelerate innovative solutions. Bharti Airtel’s edge cloud computing platform in India includes 120 network data centers across 20 cities under its data center arm Nxtra Digital.

Read more here.

Coromandel’s venture capital arm invests in drone startup Dhaksha

Dare Ventures, the venture capital arm of Coromandel International Ltd, has invested an undisclosed amount in Chennai-based drone startup Dhaksha Unmanned Systems Pvt. Ltd. The startup plans to use the funding for talent acquisition, research & development, and increase production. It has the capacity to manufacture 250-300 drones a month and aims to scale up to 1,000 a month within a year.

Read more here.

CCI dismisses CUTS plea against PVR-INOX merger

The Competition Commission of India (CCI) has dismissed a plea filed by Consumer Unity & Trust Society (CUTS) challenging the PVR-INOX merger. A complaint was filed by CUTS stating that the proposed deal will have anti-competitive effects on the industry. They also demanded a detailed probe into the proposal. The CCI said the apprehension of the likelihood of the anti-competitive practices cannot be subjected to inquiry.

Read more here.

Mindspace REIT announces ‘MindspaceforAthletes’ sports fellowship

Mindspace REIT announced the launch of ‘MindspaceforAthletes’, an initiative that assists sportspersons and strengthens sports culture in India. In its inaugural phase, the entity will support athletes from the Somnath Ghosh Table Tennis Academy in Telangana. This fellowship provides for coaching, training infrastructure, physio, diet & nutrition, and travel expenses.

Read more here.

RattanIndia launches its first anti-drone ‘Defender’

RattanIndia Enterprises Ltd has launched its first anti-drone product ‘Defender’. The product was developed by the company’s step-down subsidiary Throttle Aerospace Systems. Defender will be a 70% indigenous product with a 30% import component of brushless DC (BLDC) motors and batteries. The anti-drones will be manufactured at Throttle Aerospace’s facility in Bengaluru.

Read more here.

KPI Green Energy signs PPAs with six companies to supply green power

KPI Green Energy Ltd has signed power purchase agreements (PPAs) to supply a total of 15.88 MW of wind-solar hybrid power from its projects to six companies. The company will supply power from the upcoming wind-solar hybrid power project (comprising 16.10 MW wind capacity and 10 MW solar capacity) at Bhungar site in Bhavnagar district, Gujarat. The project was established under the Gujarat Hybrid Power Policy of 2018.

Read more here.

HFCL secures advance purchase orders worth ₹448 crore from BSNL, RailTel

HFCL has received advance purchase orders aggregating to ₹447.81 crore from Bharat Sanchar Nigam Ltd (BSNL) and RailTel Corporation of India Ltd. The order from BSNL includes the supply, installation, and commissioning of a Control User Plane Separation Broadband Network Gateway (CUPS BNG). Meanwhile, the order from RailTel comprises the supply, installation, and commissioning of an IP-based Video Surveillance System (VSS) at 180 railway stations.

Read more here.

Harsha Engineers IPO subscribed 2.87 times on first day

Harsha Engineers’ IPO was subscribed 2.87 times on the first day of bidding. The portion reserved for retail investors was subscribed 3.22 times. Non-institutional investors (NIIs) have subscribed 5.83 times against their reserved portion.

Harsha Engineers International is the largest manufacturer of precision bearing cages in terms of revenue in the organised sector in India. The company has fixed ₹314-330 per share as the price band for the ₹755 crore IPO.

Categories
Market News Top 10 News

WPI Inflation Eases to 13.93% in July – Top Indian Market Updates

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

WPI inflation eases to 13.93% in July

India’s wholesale inflation fell to 13.93% in July due to easing prices of food and manufactured products. The wholesale price index (WPI) stood at 15.18% in June and at a record 16.63% (revised) in May. Inflation in the food articles segment eased to 10.77% in July, compared to 14.39% in June. The fuel and power segment surged 43.75% last month from 40.33% in June.

Read more here.

Adani Ports’ arm acquires inland container depot Tumb for Rs 835 crore

Adani Logistics has acquired inland container depot (ICD) Tumb from Navkar Corporation for Rs 835 crore. ICD Tumb is one of the largest inland container depots and has a capacity of 0.5 million Twenty-foot Equivalent Units (TEUs). The ICD is strategically located between the Hazira Port in Gujarat and the Nhava Sheva Port in Mumbai. Adani Logistics is a wholly-owned subsidiary of Adani Ports & Special Economic Zone Ltd (APSEZ).

Read more here.

SpiceJet enters into settlement agreement with Goshawk Aviation, affiliates

SpiceJet Ltd has entered into a settlement with aircraft lessor Goshawk Aviation and its affiliated entities related to two Boeing 737 MAX aircraft and one Boeing 737-800 NG aircraft. This settlement will allow two more fuel-efficient Boeing 737 MAX aircraft to enter SpiceJet’s fleet. Goshawk Aviation Ltd is one of the main lessors (an entity that leases a property to another) of MAX aircraft of SpiceJet.

Read more here.

Wockhardt initiates phase-III clinical study of new antibiotic candidate

Wockhardt Ltd has initiated a global Phase-III clinical study of its new antibiotic candidate WCK 5222. The company has completed the first site initiation visit for the study. WCK 5222 is an entirely new class of antibiotic known as “β-lactam ENHANCER”. It is targeted for the treatment of hospitalised adults with complicated urinary tract infections. 

Read more here.

Concord Biotech files DRHP with SEBI for Rs 2,000-2,500 crore IPO

Concord Biotech, a fermentation-based active pharmaceutical ingredient (API) maker, filed a Draft Red Herring Prospectus (DRHP) with market regulator SEBI for an initial public offering (IPO). As per reports, the IPO’s size would be Rs 2,000-2500 crore. The issue with a face value of Rs 1 per equity share is a complete offer for sale (OFS) aggregating to 2.09 crore equity shares by Helix Investment Holdings Pte. Ltd.

Read more here.

Unichem Labs gets USFDA nod for Schizophrenia drug

Unichem Laboratories Ltd has received approval for Quetiapine extended-release (ER) tablets from the US Food & Drug Administration (USFDA). The tablets are used to treat schizophrenia, bipolar disorder, and adjunctive treatment of Major Depressive Disorder (MDD). The product will be commercialized from Unichem’s plant in Goa.

Read more here.

Future Consumer defaults on Rs 51.85 cr payment towards debentures

Future Consumer Ltd (FCL) has defaulted on the payment of Rs 51.85 crore towards principal and interest due on non-convertible debentures (NCDs). The default includes an interest amount of Rs 10.73 crore and a principal amount of Rs 41.12 crore. The NCDs were allocated on February 15, 2018, with a coupon rate of 11.07% per annum. As of June 30, 2022, the total financial indebtedness of FCL (including short-term and long-term borrowings) was Rs 446.82 crore.

Read more here.

Indian Oil aims to restart Paradip refinery from mid-Sept: Report

As per a report by Economic Times (ET), Indian Oil Corporation Ltd (IOCL) will restart crude processing at its 300,000 barrels per day Paradip refinery in eastern Odisha from mid-September after a 45-day maintenance turnaround. While the crude unit was shut from Aug. 1, the naphtha hydrotreater, continuous catalytic reformer, diesel hydrotreater, coker, and alkylation units were shut sequentially.

Read more here.

Amul, Mother Dairy hikes milk prices by Rs 2 per litre

Leading milk suppliers Mother Dairy and Amul have increased milk prices in Delhi-NCR and other cities by Rs 2 per litre due to a rise in its procurement and other input costs. Prices of toned milk will increase to Rs 51, while double toned milk will rise to Rs 45 per litre. Cow milk prices have been hiked to Rs 53 per litre.

Read more here.

Categories
Market News Top 10 News

WPI Inflation Eases to 15.18% in June – Top Indian Market Updates

inflation - market updates | marketfeed

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

WPI inflation eases to 15.18% in June

India’s wholesale inflation eased to 15.18% in June 2022. The Wholesale Price Index (WPI) had surged to 15.88% in May, while WPI for April was revised to 15.38%. Inflation in the food articles segment witnessed a spike of 14.39% in June, primarily due to a rise in vegetable prices. The fuel and power segment eased to 40.38% in June, compared to 40.62% in May. The manufactured goods segment eased from 10.11% in May to 9.19% in June.

Read more here.

L&T Infotech Q1 Results: Net profit rises 27% YoY to Rs 634 crore

Larsen & Toubro Infotech (LTI) reported a 27.6% YoY increase in consolidated net profit to Rs 634.4 crore for the quarter ended June (Q1 FY23). Its revenue from operations grew 30.6% YoY (or 5.1% QoQ) to Rs 4,522.8 crore during the same period. The IT company’s EBITDA stood at Rs 830.8 crore, up 28.3% YoY. LTI secured four large deal wins in Q1, with a net total contract value (TCV) of $79 million.

Read more here.

Bharti Airtel’s board approves preferential allotment of 7.11 crore shares to Google

Bharti Airtel Ltd’s board has approved the preferential allotment of 7.11 crore shares to US-based tech major Google at Rs 734 per share. Google will hold 1.2% of the total post-issue equity shares of the telecom company. In January 2022, the search engine giant announced an investment of $700 million (~Rs 5,600 crore) to acquire a 1.28 percent stake in Bharti Airtel. Google will also invest another $300 million in multi-year commercial agreements.

Read more here.

Torrent Power secures Rs 2,600 crore wind energy project from SECI

Torrent Power Ltd has secured a 300 megawatts (MW) wind energy project in Karnakata from Solar Energy Corporation of India (SECI). The estimated cost of the project is Rs 2,600 crore. The Power Purchase Agreement (PPA) term is 25 years from the scheduled commercial operation date at a tariff of Rs 2.94 per kilowatt hour (kWh).

Read more here.

Marico expects better demand, margins in H2 FY23

Marico Ltd expects demand and margin trends to improve towards the second half of FY23 on the likely easing of crude and edible oil prices in the next few months. The FMCG firm will closely watch rural growth and is hopeful of a demand recovery due to a good harvest season, typical monsoon forecast, and government spending. Marico expects consolidated operating margin to be in the range of 18-19% in FY23.

Read more here.

ACC Q2 Results: Net profit falls 60% YoY to Rs 227 crore

ACC Limited reported a 60.07% YoY decline in consolidated net profit to Rs 227.35 crore for the quarter ended June (Q2 CY23). The cement manufacturer follows the January-December financial year cycle. Its revenue from operations grew 15% YoY to Rs 4,468.42 crore during the same period. Total expenses stood at Rs 4,221.74 crore in Q2, up 32.94% YoY.

Read more here.

Adani Ports, Israel’s Gadot to acquire Haifa Port

A consortium formed of India’s Adani Ports & Special Economic Zone (APSEZ) and Israel-based Gadot has won a tender for the privatization of the Port of Haifa, one of Israel’s largest seaports. The group will acquire the port for 4.1 billion shekels ($1.18 billion). In recent years, Israel has been selling its government-owned ports and allowing private piers to be built to shorten wait times for cargo ships and lower import costs.

Read more here.

RIL partners with AFI to support holistic development of Indian athletes

Reliance Industries Ltd (RIL) has partnered with the Athletics Federation of India (AFI) to enable the holistic growth of athletics in India. The partnership aims to discover, nurture and develop Indian athletes from across the country and provide them with world-class facilities, coaching, and medical support. The Reliance Foundation has been working closely with multiple partners to develop an ecosystem of Indian sports through improvements in infrastructure, skill development, and digital empowerment.

Read more here.

Tata Elxsi Q1 Results: Net profit rises 63% YoY to Rs 184 crore

Tata Elxsi Ltd reported a 62.9% YoY increase in net profit to Rs 184.7 crore for the quarter ended June (Q1 FY23). Net profit rose 15.4% when compared to the previous quarter. Its revenue from operations grew 30% YoY (or 6.5% QoQ) to Rs 725.9 crore during the same period. The IT company’s EBITDA stood at Rs 238.2 crore in Q1, up 58.8% YoY. Tata Elxsi crossed the 10,000 employee mark with 771 net additions.

Categories
Market News Top 10 News

WPI Inflation Rises to Record-High of 15.88% in May – Top Indian Market Updates

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

WPI inflation rises to record-high of 15.88% in May

Inflation based on the Wholesale Price Index (WPI) hit a record high of 15.88% in May 2022, compared to 15.08% in April. The surge is mainly driven by inflation in vegetable prices, which grew from 23.24% in April to 56.36% in May. Inflation in the fuel and power segment jumped to 40.62% in May from 38.66% in April. Food inflation rose to 10.89% in May, compared to 8.88% in April.

Read more here.

Adani Group, TotalEnergies to invest $50 billion in green hydrogen

French energy major TotalEnergies will invest at ~$12.5 billion for a 25% stake in Adani Group’s new clean energy services company, Adani New Industries Ltd (ANIL). ANIL will be created by Adani Enterprises Ltd, in partnership with TotalEnergies. The new venture aims to invest over $50 billion over the next 10 years in green hydrogen and associated ecosystems. It will develop a green hydrogen production capacity of 1 million tonnes per annum before 2030.

Read more here.

LIC increases stake in Capri Global to over 7% with Rs 221 crore investment

Life Insurance Corporation of India (LIC) has increased its stake in Capri Global Capital from 5.043% to 7.059% during the Feb-June period with an investment of ~Rs 221 crore. Capri Global is a non-banking finance company (NBFC) with a presence in the construction finance, affordable housing, and indirect retail lending segments.

Read more here.

Dr. Reddy’s Labs launches Sorafenib tablets in the US

Dr. Reddy’s Laboratories Ltd has launched Sorafenib tablets in the US market after getting approval from the US Food & Drug Administration (USFDA). The drug is used in the treatment of liver, kidney, and thyroid cancer. The product is a therapeutic generic equivalent of Bayer HeathCare Pharma’s Nexavar tablets.

Read more here.

Infosys partners with Harvard Business Publishing to offer digital courses

Infosys Ltd has partnered with Harvard Business Publishing to empower India’s next generation with essential digital and life skills. This initiative will be brought forward via Infosys Springboard, a platform that provides critical digital and life skills. Students and young professionals can now access select Harvard Business Review articles, videos, and podcasts. 

Read more here.

Ashok Leyland’s arm Switch Mobility to raise $300 million; unveils e-bus platform

Ashok Leyland Ltd’s electric vehicle arm, Switch Mobility, is in talks with investors to raise about $300 million (~Rs 2,340 crore). Around $200 million will be utilised for capital expenditure requirements, and $100 million will go towards its subsidiary, Ohm Global Mobility. Switch Mobility has also launched its next-gen electric bus platform ‘Switch EiV 12’ for the Indian market.

Read more here.

Shriram City to raise up to Rs 300 crore by issuing bonds

Shriram City Union Finance Ltd (SCUFL) will raise up to Rs 300 crore by issuing debt securities on a private placement basis. The Banking & Securities Management Committee of SCUFL has approved the issuance of principal-protected market-linked non-convertible debentures (PP-MLD) for Rs 50 crore with a green shoe option up to Rs 250 crore. 

Read more here.

SBI hikes deposit, lending rates

State Bank of India (SBI) has raised its deposit and lending rates following the Reserve Bank of India’s repo rate hike last week. The lender’s interest rates have been raised by 0.20% on domestic term deposits of below Rs 2 crore for select tenors. SBI will offer an interest rate of 4.60% for deposits of 211 days to less than one year, compared to 4.40% earlier.

Read more here.

NTPC to begin commercial operations of 15 MW solar capacity at Kawas Solar Project

NTPC Ltd will commence commercial operations of its 15 megawatts (MW) solar capacity at Kawas Solar Project in Gujarat on Wednesday. With this, the standalone installed and commercial capacity of NTPC will rise to 54,666.68 MW. Meanwhile, its group installed and commercial capacity will become 69,031.68 MW.

Read more here.