The Nifty January 50 futures contract on the Singapore Exchange signals a positive start for domestic stocks on Wednesday. The futures contract was trading at 18,164.50, up 53.5 points or 0.30% from the previous close.
Adani Ports and SEZ: The company handled 25.1 million tons of cargo in December, an 8% year-over-year growth. For the 9 months ended December, the Adani Group firm saw an 8% year-over-year growth in cargo volumes to 253 million tonnes.
Marico: FMCG Major Marico said Wednesday that the company’s December quarter annualized consolidated sales will be in the low single digits due to a moderate recovery in rural demand amid high inflation. Marico noted that the FMCG sector saw some improvement in demand in the quarter, which was more visible in specific categories due to festive fervor and the approaching winter season. “Urban and premium categories maintained their steady growth rate. However, the recovery in rural demand was not as noticeable as retail inflation remained at a high level,” Marico said in his registration file.
Reliance/GAIL: Major green hydrogen energy players will benefit after the government on Wednesday approved the National Green Hydrogen Mission with an allocation of Rs 19,744 crore, aimed at producing 5 million tonnes of green hydrogen per annum by 2030. the total allocation, the center would provide incentives worth Rs 17,490 crore for the production of both electrolysers and green hydrogen over a period of five years. The government expects the mission to attract investments worth Rs 8 trillion and create six lakh jobs by 2030.
Mahindra & Mahindra Fin. Services: The Reserve Bank of India (RBI) on Wednesday lifted restrictions related to Mahindra & Mahindra Financial Services (M&M Finance) on collection operations through third-party collection agencies. The lifting of the restrictions followed comments from M&M Finance and its pledge to strengthen recovery practices and outsourcing arrangements, while tightening the process of onboarding external agents and strengthening the accountability framework, the company said in a filing.
Ashok Leyland/JBM Auto: Ashok Leyland-backed Switch Mobility, JBM Auto and commercial vehicle maker PMI Electro Mobility have emerged as likely winners in the tender from state-owned Convergence Energy Services Ltd (CESL) at a cost of Rs 30 billion (about $362.40 million). CESL also opened a new tender for 4,675 electric buses on Wednesday. These companies had participated in a tender issued by CESL on September 21, 2022 for the supply of 465 e-buses for six states. This tender was part of India’s goal to deploy 50,000 e-buses over the next 4-5 years at an estimated cost of ₹1 trillion ($12 billion).
Avenue Supermarts: Avenue Supermarts Ltd, which owns and operates the D-Mart retail chain, has reported a 24.7 percent increase in its standalone revenue from operations to Rs 11,304.58 crore for the third quarter ended 31 December 2022 The company had revenue from operations of Rs 9,065.02 crore in the October-December quarter a year ago, Avenue Supermarts said in a filing on Tuesday. “Standalone revenue from operations for the quarter ended 31 December 2022 was Rs 11,304.58 crore,” it said while sharing a quarter-end update.
NTPC/HPCL: NTPC Green Energy Ltd (NGEL) has signed an agreement with Hindustan Petroleum Corporation Ltd (HPCL) for the development of renewable energy based energy projects. Under the agreement, NTPC said its renewable energy arm – NGEL – will also supply 400 MW to HPCL 24 hours a day. “NGEL and HPCL have signed a non-binding memorandum of understanding (MoU) for the development of renewable energy based energy projects to tap business opportunities in RE (sector) and supply 400 MW of round-the-clock renewable energy for requirements of HPCL,” NTPC said in a statement.
RBL Bank: RBL Bank has posted double-digit year-over-year growth in both advances and deposits for the quarter ended December 31, 2022 (Q3FY23), according to the latest preliminary data. RBL Bank’s retail loan portfolio was up 12% year-on-year in the quarter under review, while the wholesale portfolio was up 17% year-on-year. According to the regulatory filing, RBL Bank posted gross advances of Rs 68,371 crore in Q3FY23 – a growth of 14% from Rs 59,967 crore in the same quarter a year ago. Consecutively, gross advances increased by 6% from ₹64,608 crore recorded in the September 2022 quarter.
Coal India: Coal India Limited (CIL) and the four central unions BMS, HMS, AITUC and CITU on Wednesday signed a Memorandum of Understanding (MoU) recommending 19% Minimum Guaranteed Benefit (MGB) to its 2.38 lakh non- executive employees as part of the ongoing National Coal Wages Agreement -XI (NCWA-XI). MGB of 19% is on emoluments as of June 30, 2021, including base salary, variable dearness allowance, special dearness allowance and attendance bonus, the Coal Ministry said.
IRB Infrastructure Developers: IRB Infrastructure Developers said on Wednesday that the board has approved the equity amendment proposal by splitting the existing shares with a par value of Rs 10 per share into 10 shares with a par value of Re 1 each. The company said in a statement that it will now initiate shareholder approval and regulatory kinks for the stock split to take effect for exchange trading.
Aurobindo Pharma: Aurobindo Pharma said Wednesday that its wholly owned subsidiary – Eugia Pharma Specialties – has received final approval from the U.S. Food and Drug Administration (US FDA) to manufacture and market Azacitidine for single-dose 100 mg injection. Azacitidine is in a class of medications called demethylating agents. These drugs work by helping the bone marrow to make normal blood cells and by killing abnormal cells in the bone marrow.
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