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July 08, 2022

Indonesian Co, Bara Daya Energi lowest bidder in CIL coal import tender
Banks working with CEIB on data sharing to curb frauds
Oil ministry to push for ₹44,000 crore compensation to offset LPG losses
Eateries may raise prices post CCPA's revised guidelines on service charges
Delhi govt buying e-buses at higher rate than price discovered in tender
Telecom Inc ups salary hikes amid talent war
Power tariff to rise 60-70 paise per unit for blending imported coal: RK Singh
MG Motor plans to raise funds in big India push
S&P, Nasdaq end higher as July hot streak continues
Heavy rain, thunder alert for next five days in Kerala: CM's office
G20 diplomats face unity headwinds on Ukraine, war's impact
Logistical issues hinder move to decriminalise personal drug use
A jump in forward premiums could ease pressure on Rupee
RBI Governor Shaktikanta Das asks states to find out effective ways to address debt issues
British International Investment to invest up to Rs 1,925 crore in Mahindra's four-wheeler EV business
ONGC hopes its Sakhalin-1 stake will not be affected by Russian takeover
Infibeam’s CCAvenue mobile app to convert Android phones into smart PoS terminals
Akasa Air gets air operator certificate from DGCA, to start operations late July
Ethnic wear brand Libas looks to raise Rs 150-200 crore for expansion
Proptech startup BuildNext raises $3.5 million from Pidilite Industries, others
Product complaints, unit closures, 'act fast, think later' culture led to recent Ola troubles, say former executives
Glenmark launches Sitagliptin for adults with Type-2 Diabetes in India
Safran to establish largest MRO facility for commercial aircraft engines in Hyderabad by 2025: CEO
GE Healthcare launches its first 5G Innovation Lab' in India
JSW Steel consolidated output rises 16% to 5.88 MT in April-June
Rajasthan CM Ashok Gehlot invites Japanese firms to invest in state, asks them to open skill development centres
ONGC hopes its Sakhalin-1 stake will not be affected by Russian takeover
After Boris Johnson quits, Joe Biden says US-UK relations to remain strong
Vladimir Putin says Russia just starting in Ukraine, peace talks will get harder
Tech Mahindra sets up oxygen plant at Vivekananda Polyclinic in Lucknow
Shriram City Union Finance gets shareholders', creditors' nod for merger
Rs 4,000 crore disbursed under PM SVANidhi Scheme for street vendors so far: Hardeep Singh Puri
Mother Dairy cuts prices of soyabean, rice bran oils
Shell sees refining profits nearly tripling, adding $1 billion to its bottom line
British International to invest Rs 19.25bn in M&M 4W EVs business
M&M has announced to Incorporate a wholly owned subsidiary of the Company (‘EVCo’) to undertake the 4 (Four) Wheel Passenger Electric Vehicles Business of the Company.
The Company and British International Investment Plc (‘BII’) have agreed to invest upto Rs. 19.25 bn each in EVCo in two tranches.
The First tranche of Investment by the Company and BII would be for an amount of upto Rs.12bn each.
The Second tranche of Investment by the Company and BII which would be for an amount of upto Rs. 7.25bn each will be subject to achievement of certain milestones to be agreed between the Company, EVCo and BII.
Post initial investment by the Company, EVCo will become a wholly owned subsidiary M&M. Post infusion of funds by BII as mentioned above, it will have a shareholding in EVCo in the range of 2.75% to 4.76% on a fully diluted basis.
The total capital infusion for the EV Co. is envisaged to be approximately Rs. 80bn / USD 1 bn between FY 24 and FY 27 for the planned product portfolio.
The funds infused by the Company and BII will be utilized by the EVCo primarily to create and market a world-class Electric SUV portfolio with advanced technologies.
British International Investment is the new name for the UK’s Development Finance Institution and was formerly known as CDC Group.
Global Indices - All three major stock indices closed higher on Thursday, with the Dow up 347 points, the S&P 500 booked a 1.5% gain and the Nasdaq ended 2.3% higher, with the latter two indices extending gains for the fourth session in a row.
Indian Indices - Market is now advancing towards another hurdle of the previous opening downside gap of June 13 at 16,175 levels, a sustainable move above 16,200 levels could open further sharp up move ahead, support is placed at 16,000 - Nagaraj Shetti
Economy & Policy - Centre allots ₹80,000 cr for interest-free loans to States. State govts taking up capital works in FY23 eligible for the loans; projects under PM Gati Shakti Master Plan to get priority
Industries & Sectors
Life insurers' new business premiums grow 4.1% in June to Rs 31,254 cr
IT services sector will see a sharp fall in revenue growth to 12-13% in FY23 from 19% in FY22 - Crisil
Coal-based power generation increased by 26.58% to 95,880 million units in June
Corporate News
Vedanta acquires debt ridden Athena Chhattisgarh Power for Rs 565 cr
Vedanta acquires debt ridden Athena Chhattisgarh Power for Rs 565 cr
Dr Reddy's Lab said its Andhra plant gets two observations from USFDA
Jaguar Land Rover reports 37% decline in retails sales in June quarter
PFC inked a loan pact for JPY 30 billion with Japan Bank for International Cooperation (JBIC)
Tata Power would spend Rs 75,000 crore in the next five years to expand the capacity of its renewable energy business
BHEL commissions 100-MW floating solar photovoltaic plant in Telangana
Nykaa said it's fashion segment was expanding into the men's innerwear and athleisure category with a new brand
JSW Steel consolidated output rises 16% to 5.88 million tonnes in Apr-Jun
Piramal Enterprises gets shareholders' nod to demerge, into two focused entities —financial services and pharmaceuticals
Valuation & Outlook - #SRF @ Rs 2072 The revenue from operations grew by 36.1% on a YoY basis to Rs 3,549.4 crore and net profit increased by 58.8% YoY to Rs 605.7 crore, during the quarter Chemical division forms 43% of the overall revenue followed by packaging film (39%), technical textile (15%) and others (3%). The company exports to more than 90+ countries 6 Months High / Low @ 2773 / 2022
Management Voice - Prashant Kumar, MD & CEO, YES Bank We are confident about achieving 75 bps ROA guidance. We would be inching towards its target of 1 per cent ROA in the current financial year. We are confident because in difficult times last year we were able to grow by 27 per cent in retail and MSME. There has been a growth of more than 30 per cent in medium enterprises.
Expert Market View - Mahesh Patil, CIO, Aditya Birla Sun Life AMC I think we will get a better picture after this first quarter or probably the second quarter where it will get priced in. Markets have been in the fair zone. There is some risk in the markets because of an earnings downgrade and to that extent, there could be some downside going forward. I think at least for the next one quarter or so, things will still be a bit volatile
Commodity - Gold futures settled higher on Thursday, after posting back-to-back losses, as the dollar stayed somewhat sluggish. Crude oil futures settled higher on Thursday, regaining ground after two successive days of losses, despite data showing an unexpected increase in U.S. crude supplies last week. The rupee declined 19 paise to close at 79.13 (provisional) against the U.S. dollar on Thursday, as the hawkish stance of the U.S. Federal Reserve increased the possibility of another aggressive rate hike this month.

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