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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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