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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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