Latest News and Updates

14th Jul, 2022

Google would be granted privileged access to 7.11 billion shares, according to Bharti Airtel

Published on: 3:23 pm

  • According to a legal document made by the telecom giant on July 14, Bharti Airtel has authorized the preferential issuance of 7.11 crore shares to Google at an issue price of Rs734 per share. Bharti Airtel told the stock markets that the "Special Committee of Directors for Preferential Allotment," which convened earlier in the day, approved the move.
  • At an issue price of Rs734 per equity share (including a premium of Rs729 per equity share), the committee authorized the "allotment of 71,176,839 equity shares of the face value of Rs5 each fully paid up, on preferential basis to Google International LLC (Google)." Read more

Thomas Cook ties with Mastercard, HDFC Bank to launch campaign on South East Asia Holidays

Published on: 3:15 pm

  • Thomas Cook (India) Limited, India’s leading omnichannel travel services company has partnered with Mastercard and HDFC Bank to launch another exciting holiday campaign - #FunTasticAsia. This campaign provides an instant discount to customers when they book their holidays to South East Asian destinations of Singapore, Malaysia, Thailand and Indonesia.
  • The offer is exclusively available for payments made on HDFC Bank Mastercard debit or credit cards.
  • Easing of restrictions coupled with no visa/easy visa regime for short haul destinations have created strong demand for South East Asia. To capitalise on this strong demand and accelerate bookings, Thomas Cook has collaborated with Mastercard and HDFC Bank to offer attractive discounts across the Company’s South East Asian holidays to Singapore, Malaysia, Thailand and Indonesia. The promotion intends to target India’s families, millennials/young professionals, couples and honeymooners segments. Read more

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SEBI is seeking applications for 24 positions in the IT department

Published on: 3:03 pm

  • SEBI, the regulator of the capital markets, issued a call for applications on Thursday for up to 24 senior-level positions in the IT division. The Securities and Exchange Board of India (SEBI) will increase staff as a result of the recruiting drive in order to carry out its regulatory duty more quickly and effectively.
  • According to public notice, Sebi warned applicants not to fall for any dishonest characters who might try to trick them by making false promises of securing jobs with the regulator while inviting applications. Read more

CARE assigns ‘BBB-/Stable’ rating to International Combustions’ bank facilities; stock skids ~2%

Published on: 3:02 pm

  • International Combustions Limited informed that Care Ratings Limited assigned the long-term rating of ‘CARE BBB-’ on the fund-based and non-fund-based working capital credit facilities availed by the Company on a consortium basis.
  • The long-term rating outlook has been stated as Stable. CARE has also assigned the aforementioned facilities the short-term rating of CARE A3 (pronounced as CARE A three) [signifying a moderate degree of safety regarding timely servicing of financial obligations and carrying a higher credit risk as compared to instruments rated in the two higher categories].
  • CARE assigned the above ratings primarily based on the Company's experienced promoters with established track records in the material handling and industrial gear segments, reputed and diverse clientele, moderate order book position providing revenue visibility in the near term, and technological tie-ups with reputed global players that enhance the Company's competitive position. Read more

Maharashtra lowers VAT on petrol and diesel by Rs5 per litre and Rs3 per litre, respectively

Published on: 2:30 pm

  • Eknath Shinde, the chief minister of Maharashtra, has announced a reduction in value-added tax (VAT) on gasoline and diesel of Rs5 per liter and Rs3 per liter, respectively.
  • After the state Cabinet meeting at Mantralaya on July 14, the CM announced the price reduction, according to ANI. The judgment was praised as a "huge relief to Maharashtrian and Marathi Manus" by Devendra Fadnavis, Maharashtra's deputy chief minister. Read More

Sewa Grih Rin raises $20 million in Norway-based NMI led funding round

Published on: 2:17 pm

  • Sewa Grih Rin Ltd, a housing finance provider in Indonesia, has raised $20 million in funding led by Norway's Nordic Microfinance Initiative (NMI) and Women's World Bank Asset Management.
  • Existing investors HDFC Holdings, Oikocredit, and Omidyar Network Fund joined the round as well.
  • The funds will be used to expand the company's loan book, digitize its offerings, and expand operations in Odisha, Jharkhand, and other states. Read more

Online doctor consultation company Clinix is now owned by MediBuddy

Published on: 2:11 pm

  • On Wednesday, the digital healthcare platform MediBuddy announced that it has purchased Clinix, an online platform for medical consultations targeted at rural India, for an unknown sum.
  • Clinix serves the healthcare requirements of the rural population with a network spanning 20 tier 3 and tier 4 cities. The purchase of Clinix by MediBuddy would enable them to spread their services to rural India's interior and scale their operations even further. Read more

Genesys International ties with Esri India for building digital twins of Indian cities

Published on: 2:10 pm

  • Genesys International has announced their strategic alliance with Esri India. In December 2021, Genesys International launched its pan India program to make the Digital Twin of entire urban India.
  • The program, which will encompass accurate 3D data for the top 100 cities of the country, will lead to the first-time creation of this kind of highly accurate geometrical data. This will open up avenues for creating several high-end applications that could solve multiple problems facing urban India.
  • Esri India will become an enabler in this process by providing the most suitable, stable technology platform for 3D modelling, analysis of the data, and development of solutions that will help the stakeholders solve problems and provide better services to the citizens. This collaboration will enable high-definition mapping of Indian cities for better planning and governance. Read More

Ronnie Screwvala-led upGrad buys Bengaluru-based recruitment and staffing firm Wolves India

Published on: 1:56 pm

  • In the Indian startup ecosystem, upGrad Rekrut, a 100% subsidiary of online higher education platform major upGrad, on Thursday announced it has acquired recruitment and staffing firm Wolves India.
  • Further, the Bengaluru-based Wolves India specializes in placing high-quality tech talent across startups, along with mid and large-sized organizations in India and overseas.
  • In addition to this acquisition, upGrad Rekrut witnessed its learners receiving record-breaking CTCs during FY22 and thus the joining of Wolves India will give the firm an edge in the tech ecosystem. With 70 professionals, Wolves India has closed over 5,000 placements in the technology and product roles. Read more

Abhishek Kumar steps up as new Group CEO of Balaji Telefilms; stock jumps ~1.5%

Published on: 1:49 pm

  • Mr. Abhishek Kumar has been named Group Chief Executive Officer of Balaji Telefilms Limited, an entertainment conglomerate. Abhishek leaves Jupiter Capital, one of India's oldest homegrown Private Equity Funds, where he was the COO and General Partner of the group's new Funds.
  • Prior to joining Jupiter Capital, Abhishek was the Managing Partner of Rainforest Venture Network, as well as an Advisor and Partner to multiple family offices for technology and consumer investments.
  • Abhishek has over 20 years of experience in business strategy, M&A, operations, and investing in technology and media. He has worked with well-known companies such as Rainforest Ventures, Snapdeal, TV18 Broadcast Limited, and NDTV. Read more

Greaves Retail to launch Multi-Brand EV Retail Store ‘AutoEVmart’; stock slips ~1.5%

Published on: 1:44 pm

  • Greaves Retail, the retail arm of Greaves Cotton Limited, inaugurated AutoEVmart, its multi-brand EV retail store in Thiruvananthapuram, as part of the retail strategy to create a pan-India multibrand footprint.
  • This is consistent with Greaves' ongoing investment in various e-Mobility initiatives aimed at creating an unrivaled EV ecosystem, which includes superior electric 2W/3W, affordable vehicle finance, and a national network of after-sales and retail.
  • Sree Padmanabha Dasa Avittam Thirunal Adithya Varma, Prince of Travancore, inaugurated the store. Greaves' commitment to transforming last-mile mobility, reimagining the EV landscape, and fostering the zero-emissions vision in India will be strengthened by AutoEVmart. Read More

CARE reaffirms credit rating of Tata Chemicals’ bank facilities worth Rs3,300 crore; stock gains ~1%

Published on: 12:57 pm

  • Tata Chemicals Limited informed that the rating agency CARE Ratings Limited reaffirmed the ratings assigned to the company’s long-term and short-term bank facilities.
  • CARE ratings have assigned a ‘CARE AA+’ rating to the company’s long-term bank facilities worth Rs1,300 crore. Further, it assigned a Stable Outlook to the same.
  • The rating agency has reaffirmed a ‘CARE A1+’ rating to the company’s short-term facilities worth Rs2,000 crore. Read more

Glenmark and SaNOtize publishes their Phase 3 Clinical Trials result on novel nasal spray for COVID-

Published on: 12:44 pm

  • Glenmark Pharmaceuticals Limited and SaNOtize Research and Development Corp announced that The Lancet Regional Health Southeast Asia (TLRHSEA) – peer reviewed, high impact journal published the successful phase 3 clinical trial results of SaNOtize’s Nitric Oxide Nasal Spray (NONS) study titled: “SARS-CoV-2 accelerated clearance using a novel nitric oxide nasal spray (NONS) treatment: A randomized trial.
  • “We are excited to publish the study of the novel Nitric Oxide Nasal Spray, which positively impacts the lives of people, in The Lancet group of journals. The robust double-blind trial demonstrated significant efficacy and remarkable safety of NONS. Read more

WPI inflation declines to 15.18% in June

Published on: 12:43 pm

  • According to data provided by the commerce ministry on July 14, India's inflation based on the Wholesale Price Index (WPI) decreased to 15.18 % in June.
  • The May WPI inflation rate of 15.88% was the highest in at least three decades. WPI inflation was 12.07 % in June 2021. In June, wholesale price inflation reached double digits once more, making it 15 consecutive months that it has been above 10%. Read more

Infosys to take over Life Science Consulting and Tech Leader ‘BASE Life Science’

Published on: 12:12 pm

  • Infosys Limited, a global leader in next-generation digital services and consulting, announced a definitive agreement to acquire BASE life science in Europe, leading technology and consulting firm in the life sciences industry.
  • The acquisition reaffirms the company’s commitment to assisting global life sciences companies in generating business value from cloud-first digital platforms and data in order to accelerate clinical trials and scale drug development, thereby positively impacting lives and achieving better health outcomes.
  • BASE brings domain experts with commercial, medical, digital marketing, clinical, regulatory, and quality knowledge to Infosys. BASE, backed by a team of data science experts, is at the forefront of the most recent technological developments and trends. Read More

Mazda stock gains on commencement of production at new factory of food division

Published on: 12:07 pm

  • Mazda Ltd has announced in a  regulatory filing on Thursday regarding commencement of initital phase of production at new factory.
  • The Company has constructed a new factory for Food Division situated at Changodar, Ahmedabad, Gujarat and commenced initial phase of production, said company in a regulatory filing.
  • On Thursday at around 12:11 PM, Mazda was trading at Rs574.90 per share up by Rs4 or 0.7% from its previous closing of Rs570.90 per share on the BSE. Read more

Adani Ports handles record 100 MMT cargo in just 99 days, expects 60% growth by 2025

Published on: 11:51 am

  • Adani Ports and Special Economic Zone Ltd (APSEZ), India’s largest integrated transport utility, has clocked a cargo throughput of 100 MMT in the first 99 days of FY23. APSEZ hit this record volume on July 08, 2022.
  • The milestone is significant as it demonstrates the rapidly improving efficiency of APSEZ, which needed a year to achieve 100 MMT cargo volume FY2014.
  • “In 2021, we stated our ambition to emerge as the world’s largest private port company and India’s largest integrated transport utility by 2030,” said Mr Karan Adani, CEO and Whole Time Director of APSEZ. “When APSEZ’s operations spanned five ports, it took 14 years for the company to achieve 100 MMT of annual cargo throughput. Read more

Dabur India’s significant arm acquire remaining 24% stake in Asian Consumer; stock marginally up

Published on: 11:50 am

  • Dabur India Limited informed that M/s Dabur International Limited and M/s Dabur (UK) Limited (both wholly owned subsidiaries of Dabur India Limited) have decided to purchase 84,79,187 equity shares and 1,000 equity shares of M/s Asian Consumer Care Private Limited (a subsidiary company of Dabur India Limited) from the JV partner - M/s Advanced Chemical Industries Limited, respectively, under the JVA Termination and Share Purchase Agreement to be executed.
  • Shareholding in Target Company will be increased from 76% to 100% (by wholly owned subsidiaries of Dabur India Limited) following the termination of the JV agreement and the execution of a share purchase agreement.
  • The consideration for such acquisition is payable in cash of BDT 60,00,00,000 (approx. Rs50.90 crore). Read more

For the next 75 days, every adult will receive a free Covid booster dose starting on Friday

Published on: 11:36 am

  • Officials announced on July 14 that starting on July 15, all adults would be eligible to get free booster doses of the coronavirus vaccination at government facilities as part of a special campaign.
  • The government's "Azadi Ka Amrit Mahotsav" celebrations to honor the 75th anniversary of India's Independence will include an effort to increase third-dose coverage.
  • Less than 1% of the 77 crore-strong target population in the age bracket of 18 to 59 years have received the precautionary dosage yet. Read more

ZF Steering Gear India's subsidiaries allotted industrial land by MIDC

Published on: 11:21 am

  • ZF Steering Gear (India) Limited has informed to the exchanges regarding acquisition of industrial land by wholly-owned subsidiaries of the company.
  • According to the regulatory filing, the company had formed two Wholly Owned Subsidiaries to acquire Industrial Land. The Industrial Land has been allotted by the Maharashtra Industrial Development Corporation (MIDC), Nashik, in MIDC industrial area situated at Supa Parner Industrial Park, District Ahmednagar, Maharashtra to both the Wholly Owned Subsidiaries of the Company DriveSys Systems Private Limited and NexSteer Systems Private Limited. Read more

Hindustan Zinc zooms 6% after announcing an interim dividend of Rs21

Published on: 11:21 am

  • Early on Thursday, when the corporate board approved an interim dividend for the fiscal year 2022–2023, shares of Hindustan Zinc rose as high as 6%.
  • An interim dividend of Rs21 per share has been declared by the zinc and other metal miner. The interim dividend's record date is July 21, which is also the payment date.
  • Shares of Hindustan Zinc soared about 6% after the report, reaching Rs287.80, before trading at Rs284.35 at 11.20 am. The stock ended Wednesday's trading session at Rs271.85. Read more

Reduced excise taxes, postponed monsoon increased India's fuel demand in June

Published on: 11:05 am

  • Strong demand for fuels was seen in June as a result of the Central Government's cut in excise duty on gasoline and diesel and the postponed arrival of the monsoon.
  • In order to give customers much-needed respite, the Center cut excise duty on gasoline and diesel on May 21 by Rs8 per litre and Rs6 per litre, respectively. As a result, the exchequer lost an additional Rs1 trillion in revenue.
  • India's demand for oil products increased by 704,000 barrels per day, or 16.3% annually, in June, according to S&P Worldwide Commodity Insights, a global energy, and commodities-related service provider. Read more

Relicab Cable Manufacturing fixes record date for 74:100 bonus issue; Stock hits 52-week high

Published on: 11:00 am

  • Relicab Cable Manufacturing Ltd has fixed Monday, July 25, 2022 as the record date for the purpose of ascertaining the eligibility of shareholders for issuance of bonus shares in the proportion of 74 fully paid-up equity shares for every 100 existing fully paid-up equity share held subject to the approval of shareholders which is being obtained through Postal Ballot process.
  • The Postal Ballot voting will end on Thursday, July14, 2022 and the voting result will be announced latest by Saturday, July 16, 2022, the company said in a regulatory filing on Wednesday. Read more

Ministry of Power accords pre-investment approval of Rs973 crore for NHPC; stock surges ~2%

Published on: 10:44 am

  • NHPC Limited informed that the Ministry of Power, Govt. of India has accorded investment approval for pre-investment activities for Sawalkot HE Project (1856 MW) in UT of Jammu & Kashmir for an amount of Rs973 crore at November 2021 price level.
  • NHPC is responsible for implementing the Project.
  • The company has grown to become India's largest hydropower development organization, capable of handling all aspects of hydropower project development, from conceptualization to commissioning.Read More

HDFC raises Rs2,500 crore via issue of secured NCDs; stock rises

Published on: 10:41 am

  • Housing Development Finance Corporation Limited informed that it has issued secured redeemable Non-Convertible Debentures through Private Placement.
  • The company has issued debentures worth Rs2,500 crore.
  • The objective of the issue is to expand the long-term resources of the company. The proceeds of the present issue would be utilized for financing/refinancing the housing finance business requirements of the Corporation. Read more

Aditya Vision expands its showroom market in Jharkhand; Stock trades higher

Published on: 10:41 am

  • Aditya Vision Limited stocks in focus after the announcement of new showroom launch in Jharkhand by the company.
  • As per the regulatory filing, the company informed that on Wednesdy it has opened its 84th Showroom at Sagar Heights, Tata Kandra Road, Adityapur, Jamshedpur- 831013, Jharkahnd. Read more

In early trade Gold, and silver prices are down

Published on: 10:15 am

  • Early on July 14, the price of gold dropped by Rs104, with 10 grams of 24-carat gold selling for Rs50,950. The cost of 10 grams of 22-carat gold has decreased by Rs100, and it is now being sold for Rs46,700.
  • Silver's cost also decreased from the closing of the previous day by Rs6,100 per kg, with the commodity selling for Rs56,400 on Thursday. Read more

For the fourth straight session, the rupee sets a new record low

Published on: 10:08 am

  • On July 14, after faster-than-expected June inflation statistics fanned rumors that the Federal Reserve may hike key interest rates by as much as one percentage point in the forthcoming meeting, the Indian rupee set a new record low versus the US dollar for the fourth consecutive session. The national currency has hit record lows seven times this month.
  • At 9.20 am, the rupee was down 0.17 % from its previous closing of 79.64, trading at a lifetime low of 79.77. The 10 Year Bond Yield, on the other hand, increased 4 basis points from its previous closing of 7.338 % to reach 7.38 %. Bond prices and yields follow opposing trends. Read more

High US inflation fuels bets on 100 bps fed rate hike this month

Published on: 10:05 am

  • After Wednesday data from the Labor Department showed rising costs of gas, food and rent drove the consumer price index (CPI) up 9.1% last month from a year earlier, views may be evolving that The US Federal Reserve may ramping up its battle with 40-year high inflation with a supersized 100 basis points rate hike this month.
  • “Everything is in play,” Atlanta Fed President Raphael Bostic told reporters in St. Petersburg, Florida after inflation report. Asked if that included raising rates by a full percentage point, he replied, “it would mean everything."
  • Investors upped bets the central bank could raise rates by 100 basis points at its July 26-27 meeting, which would be the largest increase since the Fed started directly using overnight interest rates to conduct monetary policy in the early 1990s. Read more

In the first half of the year, trade between India and China surged to over $67 billion

Published on: 10:03 am

  • According to official trade data issued today, the India-China trade is on track to surpass USD 100 billion for the second straight year after rising to USD 67.08 billion in the first half of this year despite a significant increase in Chinese exports.
  • As per trade data issued by China's General Administration of Customs, exports from China to India increased to USD 57.51 billion, up 34.5 percent from the previous year, while exports from India to China decreased to USD 9.57 billion, down 35.3 percent from last year (GAC). Read more

JSW Energy’s wholly-owned arm receives LOA for 300 MW of Wind Capacity from SECI; stock zooms ~2%

Published on: 9:59 am

  • JSW Neo Energy Limited, a wholly owned subsidiary of JSW Energy Limited, has received a Letter of Award (LoA) from Solar Energy Corporation of India Limited (SECI) for a total wind capacity of 300 MW in response to a Tariff-based Competitive Bid invited by SECI for the establishment of 1200 MW ISTS-connected Wind Power Projects (Tranche - XII).
  • As a result, the company's total power generation portfolio grows to 7.3 GW, with renewable energy accounting for 57% of the total clients.
  • The company is currently building approximately 2.0 GW of wind energy projects. Projects totaling 1.26 GW (tied up with SECI) are expected to begin phased commissioning in the current quarter.
  • JSW Energy has set an ambitious goal of reducing its carbon footprint by 50% by 2030 and reaching Carbon Neutrality by 2050 by transitioning to renewable energy. Read More

Yes Bank calls media reports ‘Speculative’ for ARC stake approval by RBI

Published on: 9:55 am

  • Yes Bank Limited issued a clarification to the exchanges on Wednesday, denying media reports that the Reserve Bank of India (RBI) had given the bank in-principle approval to hold a 20% stake in an asset reconstruction company (ARC).
  • The reports have been labeled speculative by the private lender. It stated that the earlier news agency reports contained no genuine references.
  • The bank stated that, as previously stated, it had begun the process of selecting a partner for an ARC by soliciting public expressions of interest. Read more

The Indian economy would expand by 7.1% to 7.6% in FY23: Deloitte India

Published on: 9:54 am

  • Despite altering geopolitical conditions across the world, the Indian economy is expected to expand by 7.1% to 7.6% this fiscal year, according to research released by leading consultant Deloitte India on Wednesday. It said that as 2021 came to a close, there was hope in the air; however, the euphoria was shaken early this year when a wave of Omicron infections swept the nation and Russia's invasion of Ukraine took place in February.
  • The issues that already existed, such as rising inflation, supply shortages, and altering geopolitical realities worldwide, were made worse by these events, and there was no sign of a solution in sight. Read more

Bonds purchased by LIC help Indiabulls Housing raise Rs500 crore

Published on: 9:47 am

  • In order to increase the number of loans granted to homebuyers, Indiabulls Housing Finance obtained Rs500 crore through the sale of local bonds.
  • According to reports, Life Insurance Corporation purchased the bonds, which were given an ICRA rating of AA (Stable).
  • These 10-year bonds are offering 9.70%. The money will probably go toward expanding the loan book. The domestic financier acquired $100 million from the State Bank of India via an offshore transaction two weeks ago. Read more

Markets trade higher led by pharma, healthcare stocks; Nifty around 16k

Published on: 9:36 am

  • Indian markets was trading on a positive note on the back of mixed global cues despite US inflation data boosts recession fear around the globe. In both benchmarks Sensex and Nifty 50, a broad-based buying has been recorded with pharma, healthcare and FMCG stocks outperforming. However, IT, realty and banking sectors are under pressure during early trading hours.
  • US inflation surged to a new four-decade high in June. Investors' worries increases as a report showing US annual consumer prices jumped 9.1% in June because of rising prices for gas, food and  rent, raising risks for economy worldwide.
  • Moreover, Indian rupee opened at fresh record low on July 14. The currency hit 79.73 per dollar in the opening trade against previous close of 79.63. Read more

The next round of public sector bank mergers is expected to begin soon

Published on: 9:34 am

  • After reviewing thorough research that has been commissioned on the results of amalgamation in state-run banks, the government intends to start the next phase of public sector bank mergers, a senior official from the finance ministry communicated to ET.
  • According to the source who asked to remain anonymous, the goal is to have 4-5 sizable banks that are as sizable and powerful as the State Bank of India (SBI), the nation's largest lender.
  • There are currently five minor public sector banks and seven larger ones. Read more

Maximus International to expand footprint in East Africa with a triple capacity; stock climbs ~6%

Published on: 9:31 am

  • Maximus International Limited (MIL) has devised an over Rs25 crore expansion strategy for its East African operations over the next 2-3 years. This plan is intended to increase its manufacturing capacity by establishing a new cutting-edge manufacturing facility. It will also allow MIL to expand into high-potential African markets.
  • The company intends to increase its top-line by more than 20% CAGR over the same time period, as well as increase its manufacturing capacity from 20,000 to 60,000 kilolitres per year over the next 2-3 years.
  • MIL is a market leader in the manufacturing and distribution of lubricants, with a strong presence in Africa and the Middle East. Quantum Lubricants EA Ltd, MIL's step-down subsidiary, operates in Kenya and other African markets (QLL). Read more

DCB Bank opens new branch in Amravati, Maharashtra

Published on: 9:25 am

  • DCB Bank Ltd. announced the opening of its first branch in Amravati, Maharashtra's Vidarbha region, marking a significant milestone for the new-generation private-sector bank.
  • The branch in Dastur Nagar, Amravati, will help DCB Bank achieve its goal of expanding its branch network across the state and reaching out to a greater number of MSMEs, small businesses, and traders.
  • Pavneet Kaur (IAS), District Collector, Amravati, and Avinash Bargal (IPS), Superintendent of Police, Amravati, inaugurated the branch (Rural). Senior DCB Bank officials, including Mr. Anand Kalkonde, Regional Head, Agri & Inclusive Banking, DCB Bank Ltd, and bank employees, also graced the event with their presence. Read more

With an investment of Rs2,500 crore, Odisha likely to receive a banknote paper plant

Published on: 9:21 am

  • A manufacturing facility will be built in the Balasore area of Odisha by Bank Note Paper Mill India, a joint venture between Security Printing and Minting Corporation of India Ltd and Bharatiya Reserve Bank Note Mudran Pvt Ltd.
  • It stated that an investment of Rs2,500 crore would likely be required to construct the projected bank note paper plant.
  • Thalikerappa S, the managing director of BNPM India, met Chief Minister Naveen Patnaik at his home during the day and briefed him on the project, according to the CMO. According to the Chief Minister's Office, the business intends to invest Rs2,500 crore in the construction of the banknote paper mill in the Balasore district. Read more

Tata Power’s TP Saurya to set up 600 MW Hybrid Project for SECI at Karnataka; stock adds ~1%

Published on: 9:19 am

  • TP Saurya Limited (TPSL), a wholly owned subsidiary of Tata Power Company Limited, has received a 'Letter of Award' (LoA) from Solar Energy Corporation of India (SECI) for the establishment of a 600 MW hybrid (wind and solar) power project in Karnataka.
  • Tariff-based competitive bidding was used to award the letter, which was then followed by an e-Reverse auction. The project will be completed within 24 months of the execution date of the PPA.
  • Dr. Praveer Sinha, CEO & MD of Tata Power, commented on the project win, saying, "We are ecstatic with the win of the 600 MW hybrid project for SECI because it reaffirms Tata Power's commitment to building a sustainable ecosystem for transitioning to a greener future. Read more

Delhivery wins US patent for its proprietary unique address identification system

Published on: 9:18 am

  • Delhivery, India's largest and fastest-growing fully-integrated logistics services provider has been awarded a US Patent. The patent - 'System and method for assigning a unique identification for an address,' covers Delhivery's innovation in uniquely identifying different forms of the same address.
  • This is the second patent that the company has been granted following the Addfix announcement, the company said.
  • Delhivery receives the same address in varying structures and spellings from different channels. The unique address identification system (UAID) breaks down and compares each new address string with a previously serviced location, allowing us to map the delivery time accurately, bundle packages for the same address, and drive greater service efficiency. Read more

Hyundai Motor unveils its new electric vehicle to compete with Tesla

Published on: 9:18 am

  • Hyundai Motor Co. unveiled its first electric sedan, the Ioniq 6, on Thursday in an effort to gain a larger portion of the electric vehicle (EV) market, which is currently dominated by Tesla Inc. The South Korean manufacturer is placing its bets on the Ioniq 6.
  • In order to win a predicted 12% of the worldwide EV market, the Hyundai Motor Group, which consists of Hyundai Motor, its sister firm Kia Corp, and premium brand Genesis, wants to launch more than 31 electric cars by 2030.
  • Hyundai will battle against Tesla head-to-head in a popular segment with its sedan, which will increase its EV lineup beyond its present crossovers and SUVs. Read more

UGRO Capital board approves NCDs issue of Rs25 crore; Stock soars 2.6%

Published on: 9:17 am

  • UGRO Capital Limited has informed to the exchanges regarding issuance of non-convertible debentures on private placement basis.
  • According to the filing, the Investment and Borrowing Committee of the Board of Directors of UGRO Capital Limited at its meeting held on Wednesday, July 13, 2022 has approved issuance of 250 senior, secured, rated, listed, redeemable, taxable Non-convertible Debentures each bearing a face value of Rs10 lakh aggregating up to Rs25 crore for cash, at par, in dematerialised form, on a private placement basis. Read more

HDFC Bank partners with NIIT to train and hire Data Engineers

Published on: 9:16 am

  • NIIT Institute of Finance, Banking and Insurance (NIIT IFBI) - a subsidiary of NIIT Limited, on Wednesday has announced a strategic partnership with HDFC Bank to build new age Digital Talent for the banking industry.
  • The partnership will aim to nurture talent in the new-age tech field of data science and empower them to leverage data meaningfully and deliver useful business insights. The learning programs will be delivered through live, instructor-led sessions, and guest lectures from senior executives of HDFC Bank. The first learning program to be launched is the HDFC Bank Data Digits-Post Graduate Program in Data Engineering. Read more

By March, India's inflation rate could drop to 5%, according to an SBI Report

Published on: 9:08 am

  • According to the State Bank of India research report Ecowrap's most recent release, the likelihood of a global recession is only 20–30%, and the likelihood of an extended period of stagflation in the economy is higher. This report also predicted that India's inflation rate would approach 5% by March 2023.
  • "The concern is that spiraling inflation and a monetary tightening cycle may trigger a recession, especially in the US economy. But the worry is baseless, "It read.
  • Retail inflation in India exceeded the Reserve Bank of India's upper tolerance band of 6% in June for the sixth month running. In June, the retail inflation rate was 7.01%. Read more

Cabinet approves Taranga Hill-Ambaji-Abu Road new rail line project

Published on: 8:52 am

  • The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has approved the construction of Taranga Hill-Ambaji- Abu Road new rail line to be constructed by Ministry of Railways at an estimated cost of Rs2798.16 crore.
  • According to the government released data, the total length of the new rail line will be 116.65 kms.  The project will be completed by 2026-27. The project will generate direct employment during construction for about 40 lakh mandays.
  • In line with Prime Minister Narendra Modi ji’s vision of a New India, the project is going to enhance connectivity and improve mobility leading to overall socio economic development of the region. Read more

$350 million raised by Continuum Green Energy

Published on: 8:50 am

  • A renewable energy platform called Continuum Green Energy said on July 13 that it has obtained USD 350 million (about Rs2,786 crore) in debt through bond issuance. The money would be used to grow its solar hybrid and wind projects.
  • According to an official release, the company, which has a portfolio of 1.3 GW of assets that are either operating or about to be commissioned, issued senior secured variable rate notes to two renowned worldwide institutional investors. Read more

ED investigating into alleged irregularities in import remittance transactions at IndusInd Bank

Published on: 8:47 am

  • On July 13, private sector lender IndusInd Bank announced that the Enforcement Directorate has opened an investigation into alleged financial irregularities involving a number of firms and some bank employees.
  • According to the lender's exchange note, a First Information Report (FIR) was submitted to Chennai Police on July 9, 2022, against some of these individuals and organizations as well as a few bank employees.
  • According to the lender, there is no credit exposure of the bank to these firms. The alleged fraudulent remittance transaction occurred between 2011 and 2014. Read more

US inflation surges to 9.1%, the highest level in 41 years

Published on: 8:32 am

  • The US inflation rate increased more than expected in June, highlighting the ongoing price pressures that will put the Federal Reserve on the path to raising interest rates further, later this month.
  • According to data released by the Labor Department on Wednesday, the consumer price index increased 9.1% from a year earlier in a broadly based increase, marking the biggest increase since 1981's end. The widely used inflation indicator jumped by 1.3% from one month earlier, which is the highest increase since 2005 and reflects rising petrol, housing, and food prices.
  • Based on the Bloomberg survey medians, economists predicted a 1.1% gain from May and an 8.8% increase from year to year. Above expectations, the so-called core CPI, which excludes the more erratic food and energy components, increased by 0.7% from the previous month and by 5.9% from a year earlier. Read more

Markets may begin the day in Red today

Published on: 8:30 am

  • Indian equity markets are likely to open in the red today. US inflation rate for June is more than expectations. Inflation rate in June in the country stood at 9.1%. This is the highest monthly inflation rate that the country has recorded since 1981. US Federal Reserve is therefore very likely to maintain its hawkish stand on inflation. An interest rate hike, that is more than expectations, will further strength FPI outflows from Indian equity markets. On the positive side, any further decline in equity markets is a good opportunity for long term investors to buy stocks at lower prices.
  • US markets ended in the red as inflation beat estimates to hit a red hot reading of 9.1%.Markets reacted negatively to this. Dow Jones saw intra day fall of over 465 points before recovering all the losses till profit booking in the last hour saw it close, down by 200 points.Nasdaq traded lower by over 250 points before closing almost flat, down by 17 point .Bond yields hit 3.05% in intra day before closing lower at 2.90%. Read more

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