Back
PremiumShare Market Updates: Indices felt the pressure of global cues on Wednesday and dragged as investors waited for the Fed decision on interest rates scheduled to be announced later today.
India's manufacturing growth slowed for a second straight month in October as demand eased, which alongside bigger increases in the cost of raw materials had an impact on business confidence, a private survey showed.
Oil edged higher after plunging more than 5% in the first two days of the week as a still-contained Israel-Hamas war caused attention to shift to a shaky global demand backdrop.
Indian shares fell on Wednesday, dragged by weakness in Metals due to weak economic data from China and on jitters ahead of the U.S. Federal Reserve's policy decision.
The NSE Nifty 50 index shed 100 pts to close below 19,000, at 18,990, while the S&P BSE Sensex fell 283 pts to end at 63,591. Nine of the 15 major Nifty sectoral indices declined.
The Fed is widely expected to hold rates in its policy decision after the bell on Wednesday, but any indication of keeping rates higher for longer will weigh on equities, especially IT stocks.
Asian Paint, JSW Steel and Maruti remained under pressure throughout the session as they shed around 1.5% each. Sun Pharma climbed 2.5% on the back of a strong quarterly earnings report. RIL and Bajaj Finserv also gained in today's session.
Media, Realty, PSU Bank and Pharma were among the few indices which gained in today's session with Realty and Media jumping more than a per cent each. Metal tumbled around 1.5% with Bank, IT and Auto also ending in the red.
Subdued stocks inched higher on Wednesday ahead of a policy decision from the Federal Reserve later in the day, while the yen was stuck near one-year lows against the dollar as Tokyo ramped up intervention warnings.
Japan's Nikkei share average posted its biggest rise in three weeks on Wednesday, as investors scooped up stocks amid relief that the Bank of Japan (BOJ) had refrained from major changes to stimulus settings a day earlier. The Nikkei finished up 2.41%, for its biggest percentage gain since Oct. 10. The broader Topix advanced 2.53%.
Hong Kong and China stocks finished on a mixed note on Wednesday on lingering worries about the Chinese economy, while traders were also awaiting the Federal Reserve's latest policy decision later in the day.
The Hang Seng Index dipped 0.06%. The Shanghai Composite Index gained 0.14% and the Shenzhen Composite Index on China's second exchange dipped 0.13%.
European shares rose to a near two-week high boosted by healthcare stocks, with investors gearing up for the U.S. Federal Reserve's to hold interest rates, as is widely expected, later in the day.
UK's FTSE 100 began November on a higher note on upbeat annual forecast from drugmaker GSK and retailer Next Plc, while carmaker Aston Martin's shares weighed on the index following a forecast cut.
WeWork Inc. shares fell as much as 42% in premarket trading following a report in the Wall Street Journal that the company plans to file for bankruptcy.
WeWork may file its Chapter 11 petition in New Jersey as early as next week, the Journal reported, citing people familiar with the matter who it didn’t name.
The company had one of the most dramatic trajectories of the last startup boom — reaching a valuation of $47 billion before a disastrous attempt at an initial public offering and challenges to its co-working model during the pandemic. (Bloomberg)
Meta Platforms Inc. is poised to encounter Europe-wide restrictions on utilizing the personal data of Facebook and Instagram users for targeted advertising, Bloomberg reported. The move, which is being enforced by a panel of European data privacy regulators, was approved on October 27 and builds upon existing temporary measures in Norway.
Ireland's Data Protection Commission, acting as the chief privacy overseer for Meta in the region, has a two-week window to impose a ban on processing personal data for behavioral advertising based on contractual and legitimate interest grounds, as per the report. (Read More)
Paradeep Phosphates Ltd (PPL) on Wednesday clocked a 76.25 per cent jump in net profit at ₹89.43 crore for the second quarter of the 2023-24 fiscal, on robust income.
The company's net profit stood at ₹50.74 crore in the same quarter previous fiscal year, according to a regulatory filing.
The total income increased to ₹3,683.02 crore during the July-September quarter of the current financial year, from ₹2,863.69 crore in the year-ago period.
The company's overall expenses remained higher at ₹3,573.64 crore, as against ₹2,801.81 crore in the said period. (PTI)
GST revenue collection for October 2023 is second highest ever, next only to April 2023, at ₹1.72 lakh crore; records increase of 13% Y-o-Y.
With the US Federal Reserve expected to leave benchmark interest rates unchanged on Wednesday, November 1, it's unlikely that the domestic equity market will experience significant reactions to this event.
A majority of experts believe the Fed will maintain a pause on interest rates for the second consecutive time after the conclusion of the Federal Open Market Committee's (FOMC) two-day meeting on Wednesday.
In its previous policy meeting on September 20, the US central bank left the benchmark interest rates unchanged, with a range of 5.25 per cent to 5.50 per cent. (Read More)
China Evergrande has proposed a new debt restructuring plan for offshore bondholders, offering to swap their debts into about a 30% equity stake in each of the developer's two Hong Kong-listed subsidiaries, according to two sources familiar with the matter.
The property firm's offshore bondholders holding about $19 billion of debt are likely to take a major haircut on their investments if they agree to the new terms, said the two sources who declined to be named because they were not authorised to speak with media. (Read More)
Knight Frank, a leading international property consultancy, in its recent report ‘Prime Global Cities Index Q3 2023’ noted that Mumbai, New Delhi and Bengaluru, all the 3 Indian cities considered for the study recorded an increase in average annual prices of prime residential or luxury homes in Q3 2023. Mumbai recorded the 4th highest YoY growth in prime residential prices in Q3 2023. The 6.5% increase in prime residential prices has moved the city up by 18 places from 22nd rank in Q3 2022. New Delhi and Bengaluru too recorded an upward movement in their index rankings. NCR moved from 36th rank in Q3 2022 to 10th in Q3 2023 with a growth of 4.1% YoY. Bengaluru’s rank increased from 27th rank in Q3 2022 to 17th rank in Q3 2023 with a YoY growth of 2.2%.
Key Highlights from the report:
Median salary increments in India's corporate sector are projected to average 9.8% in 2024, marginally lower than the 10% rise in 2023, according to a recent report by global advisory firm WTW. Sectors like financial services, manufacturing , global capability centres, unlike the IT industry, are expanding their headcount and expected to roll out better increments than last year.
"Being an emerging market, salary increases in India continue to be the highest across Asia Pacific (APAC)," according to a report by the global advisory, broking and solutions company. (Read More)
Ajmera Realty & Infra India Ltd, (ARIIL) sales surged by 52% YoY in Q2 FY24, according to the statement released by the company.
Key Highlights for Q2 FY24:
• Sales Value stood at INR 252 crores, up 52% YoY
• Sales Volume stood at 1,20,787 sq. ft, up 51% YoY
• The expanded launch pipeline includes 7 projects admeasuring 1.3 mn sq. ft. of potential development with an estimated GDV of ~INR 2,750 crores
• Received OC for Ajmera Sikova and Ajmera Greenfinity, ahead of RERA Timelines
In the July-September quarter, leading pharmaceutical company Sun Pharma recorded a 5% year-on-year (YoY) increase in its consolidated net profit, amounting to ₹2,375.5 crore, compared to ₹2,262.22 crore reported in the corresponding period last year. Additionally, the company's revenue exhibited a notable growth of over 11% YoY, reaching ₹12,192 crore in the quarter under review, surpassing the previous year's figure of ₹10,952.3 crore.
Sun Pharma's performance exceeded market expectations, outperforming projections on both the profit and revenue fronts. (Read More)
Parliamentary Committee on IT may summon Apple on threat alerts issued by iPhone users, said sources as quoted by NDTV.
Oil advanced after slumping in the first two days of the week, as a still-contained Israel-Hamas war caused attention to shift to global demand.
Global benchmark Brent traded above $85 a barrel, near where it was prior to the Oct. 7 attack, while West Texas Intermediate was over $81. Israeli forces continued moving gradually into the Gaza Strip, with the army reporting its first casualties since the start of the land assault.
US Secretary of State Antony Blinken will head back to Israel on Friday and make other stops in the region as part of diplomatic efforts that have so far helped stop the conflict from spreading across the Middle East. (Bloomberg)
Adani Wilmar, the Adani group company, on Wednesday reported a net loss of ₹130.73 crore in the second quarter of FY24 as compared to a net profit of ₹48.76 crore in the same quarter last fiscal. The company posted a net loss of ₹78.92 crore in the quarter ended June 2023.
The company’s net loss in the September quarter included a one-time loss of ₹53.5 crore.
“Profitability was adversely impacted due to loss in the edible oil segment, which was partially offset by better margins in the Food & FMCG and industry essential segments. Edible Oil losses are primarily driven by divergent trends in the spot (physical) and future prices, resulting in hedging losses," Adani Wilmar said in a release. (Read More)
Lively consumption patterns and increased spending are typical of India’s annual festival season. After the trend reversed during the pandemic years, a rebound was expected in 2023. But the festive spending cheer has not yet materialized, the latest consumer survey by pollster Axis My India suggests.
A majority of respondents said they were planning to spend less than in the previous year, and most were only eyeing small purchases. The ongoing conflict in West Asia and a long period of inflation may have contributed to poor consumer sentiment. Mint looks at the data. (Read More)
Indian tech giant Infosys is asking some employees to come into the office 10 days a month, taking a more lenient approach than many of its global peers.
In an email to select employees in entry- to mid-level roles, the company asked them to come in for that minimum number of days, starting November 20. Since the COVID-19 pandemic, they have been allowed to work remotely full-time, and the company’s other employees are still permitted to do so. (Read More)
Financial institutions are underestimating the most significant climate-related risks –with a potential financial impact of $1 trillion. Out of the 26 biggest banks in the world, none have disclosed the total share of finance directed towards climate solutions in their most recent year of reporting, according to a study of Transition Pathway Initiative Global Climate Transition Centre (TPI Centre).
Further, only one bank’s net zero commitments include both on- and off- balance sheet items and less than a quarter of banks have committed publicly to stop financing new coal capacities, according to a report titled ‘The Green Pill’ released by SBI CAPS. (Read More)
Hyundai Motor India on Wednesday said its total wholesales rose 18 per cent year-on-year to 68,728 units in October.
The South Korean automaker had dispatched 58,006 units in October 2022.
Its domestic sales increased by 15 per cent to 55,128 units last month, from 48,001 units in the same month a year ago.
Exports rose 36 per cent year-on-year to 13,600 units in October this year. (PTI)
Japan's Nikkei share average posted its biggest rise in three weeks on Wednesday, as investors scooped up stocks amid relief that the Bank of Japan (BOJ) had refrained from major changes to stimulus settings a day earlier.
Heavyweight automaker Toyota Motor gave additional momentum with a 4.71% gain after announcing strong earnings and a 100-billion-yen ($660.81 million) buyback during the afternoon session.
The Nikkei finished up 2.41% at the day's high of 31,601.65, a two-week closing peak, for its biggest percentage gain since Oct. 10.
The broader Topix advanced 2.53%. (Reuters)
Toyota Kirloskar Motor (TKM) on Wednesday said its sales increased by 66 per cent year-on-year to 21,879 units in October.
The company had dispatched 13,143 units in October 2022.
Last month, the company sold 20,542 units in the domestic market and exported 1,337 units, TKM said in a statement.
TKM Vice President of Sales and Strategic Marketing Atul Sood said the October sales were mainly driven by the festive season push, along with the strong market acceptance of the entire product lineup, resulting in higher volumes. (PTI)
Abhimanyu Bhattacharya, Partner at Khaitan & Co: This development follows the remark made by the Finance Minister in September permitting Indian companies to undertake a direct “foreign listing" in IFSCs, particularly in GIFT City. This will hopefully pave the way for Indian companies to list on other overseas exchanges as well. There are several advantages to for companies who want to directly list overseas which include attracting a larger and diverse pool of capital, improving corporate governance as well as benefits of dollar denominated trades which enables investors to save hedging and currency conversion costs. This should also help the Govt’s plan to reverse flip holding structures of Indian companies as well. Notification from the MCA is now awaited for the class of securities that public companies will be permitted to issue in permitted foreign jurisdictions.
Bajaj Auto on November 1 said its total sales increased by 19 percent year-on-year (YoY) to 471,188 units in October this year.
The company had dispatched a total of 395,238 units in October 2022.
Its total dispatches to dealers last month rose by 36 percent to 329,618 units compared to 242,917 units in the same month last year, Bajaj Auto said in a regulatory filing. (Read More)
Swarnendu Bhushan - Co-Head of Research, Prabhudas Lilladher Pvt Ltd. on Navin Fluorine International (NFIL IN) -
Rating: BUY | CMP: Rs3,430 | TP: Rs4,007
Q2FY24 Result Update – HPP & Specialty business key growth drivers
Quick Pointers:
§ Adjusting for ₹1bn, sales deferment, topline would have been ₹5.5-5.7bn.
§ EBITDA margin drop to 20.8%, given lower operating leverage & one-off expense of Rs60mn.
Navin Fluorine International (NFIL) reported better performance on YoY basis, led by HPP & specialty chemicals business. CDMO dragged performance for the quarter, however it is expected to improve sequentially going ahead. We believe, HPP and Specialty Chemicals segments will drive robust growth (at 28-30% CAGR over FY23-26), with increasing use of fluorine in the Pharma and Agro space, battery chemicals and performance materials. The stock is trading at 30x FY26E EPS of ₹133.6, with an expected improvement in RoE to ~20%, despite a huge capex (Rs8bn) over the next two years. We value the company at 30x FY26E EPS (earlier Target P/E at 40x) to arrive at our TP of ₹4007 (earlier ₹5064). We upgrade our rating from ‘Accumulate’ to ‘Buy’ as we believe stock has corrected in the near term.
India’s smaller stocks declined in October for the first time in seven months, as foreign investors fled the market on the deepening global retreat from risk.
BSE Ltd.’s small and mid-cap indexes fell 1.7% and 3.4%, respectively, in the latest month. The declines came as overseas funds sold $2.6 billion of Indian equity in October, on a net basis, their biggest withdrawal since January. The small- and mid-cap gauges are still up more than 20% this year, outpacing the 5% rise in the benchmark S&P BSE Sensex.
The flight to safety amid rising interest rates and threat of recessions has hit smaller growth stocks and emerging markets particularly hard. With some local uncertainty ahead of India’s national elections next year, traders may also have been tempted to take profits. (Bloomberg)
Jainil Shah of JM Financial views on Jupiter Life Line Hospitals | Winning in the West; Initiate with ‘BUY’
Initiating Coverage BUY INR 1,260
Jupiter Life Line Hospitals (‘Jupiter’) is among the key multispecialty and quaternary care hospital chains in Western India. Jupiter’s ‘all-hub-no-spoke’ model (300-500 beds per hospital) and an inclination towards “greenfield" expansion can facilitate superior clinical and financial outcomes, in our view. Led by its promoters Dr Ajay Thakker and Dr Ankit Thakker, the company has set up advanced medical infrastructure at its three hospitals (Thane, Pune, Indore) and offers 30+ specialties including certain niche and specialised quaternary services. Jupiter aims to scale up capacity to 2,500 beds (vs. ~1200 beds) in Western India over the next few years. Near-term drivers are brownfield bed additions in Pune/Thane, Indore ramp-up and price hikes. We expect these to drive Revenue/EBITDA CAGR of 16%/23% over FY23-26. Long-term growth levers are favourable industry tailwinds, the new Dombivli hospital (500 beds, FY27e) and potential “greenfield" asset additions which, in our view, provide a long runway to growth. We initiate ‘BUY’ with a Dec'24 TP of INR 1,260.
Mahindra & Mahindra Ltd (M&M), a leading player in the automotive industry, has reported a significant growth in total auto sales for October 2023, amounting to 80,679 vehicles, marking a notable 32% increase from the 61,114 units sold in the corresponding month last year.
The company's domestic passenger vehicle (PV) sales witnessed a robust upsurge of 35% in October 2023, reaching 43,708 units, compared to 32,298 units sold in October 2022.
Furthermore, Mahindra & Mahindra achieved the highest sales in the Utility Vehicles segment for the fourth consecutive month, with 43,708 vehicles sold in the domestic market, reflecting a growth of 36%. Overall, including exports, the company recorded sales of 44,264 vehicles. (Read More)
Nokia Oyj has initiated legal action against Amazon.com Inc. and HP Inc., alleging the unauthorised use of its technologies in streaming services and devices, Bloomberg reported.
In a statement on their website, Nokia's Chief Licensing Officer Arvin Patel said the lawsuits were filed in the United States, Germany, India, the UK, and the European Unified Patent Court.
The Allegations: Patel added that the legal action targets Amazon's alleged use of Nokia's technologies in streaming services and devices. Additionally, a separate lawsuit was filed against HP Inc. in the US over video-related technologies. (Read More)
India's manufacturing growth slowed for a second straight month in October as demand eased, which alongside bigger increases in the cost of raw materials had an impact on business confidence, a private survey showed.
The Manufacturing Purchasing Managers' Index, compiled by S&P Global, dropped to an eight-month low of 55.5 in October from 57.5 in September, confounding expectations in a Reuters poll for an uptick to 57.7.
That did, however, mark the 28th consecutive month the index has been above the 50-mark separating expansion from contraction.
A recent Reuters poll showed demand during the festive season would bring some cheer to the economy but would not be enough to ramp up the speed of what is already the world's fastest-growing major economy. (Reuters)
Avdhut Bagkar, Derivatives & Technical Analyst, StoxBox: Since the morning session, 43000 CE and 42700 CE have seen intense writing as they both stood top contender in higher OI. If the spot fails to sustain over 42700, we may see Nifty Bank sliding towards 42600, eventually testing the 42600 PE, which seems to fascinate additional longs.
Likewise, 42800 CE and 42900 CE aren’t showcasing any enticing long build-up, so the probability of Nifty Bank clearing these hurdles remains highly uncertain.
We would advocate taking a long position in Nifty Bank 42700 PE only if Nifty Bank negates 42600 mark. On the flipside, if Nifty Bank succeeds to cross 42800, would recommend to Short 43000 CE.
China’s manufacturing activity contracted in October, according to a private survey, signaling that an economic recovery is losing momentum and pressuring policymakers who are trying to shore up growth.
The Caixin manufacturing purchasing managers’ index fell to 49.5 from 50.6 in September, missing economists’ forecast of 50.8. The 50 line separates expansion from contraction.
The data mirrored the official reading from the National Bureau of Statistics released just Tuesday, which also showed factory activity slipping back into contraction at 49.5. The disappointing numbers have stoked concerns about the fragility of the economy’s recovery and fueled calls for more policy support. (Bloomberg)
Tata Steel is anticipated to declare a notable decline in profitability for the second quarter of FY24, with the financial results set to be announced today, November 1. The broader steel sector is expected to exhibit a mixed performance in Q2FY24, influenced by diminished seasonal demand and reduced average selling prices (ASP) stemming from decreased ferrous prices. However, analysts suggest that this decline might be somewhat mitigated by the reduction in coking coal costs. (Read More)
Indian government bond yields moved sideways in a thinly-traded market early Wednesday, as investors awaited the U.S. Federal Reserve's monetary policy decision and forward guidance.
The 10-year benchmark bond yield was at 7.3548% as of 10:00 a.m. IST, after ending at 7.3558% in the previous session.
The Fed decision is due after close of Indian bond market on Wednesday. Investors expect no change in interest rates in the world's largest economy, but there is a 25% probability of a hike in December.
The Fed has raised rates by 525 basis points since March 2022 as it battled inflationary pressures.
U.S. Treasury yields rose, with the 10-year above the 4.90% mark. (Reuters)
Blue Jet Healthcare's IPO was listed on the stock exchanges at a premium on Wednesday, with the share price on the NSE opening at ₹380, marking a 9.8% increase from the issue price of ₹346. Similarly, on the BSE, the Blue Jet Healthcare share price was listed at ₹359.90.
During the subscription period, which ran from Wednesday, October 25, to Friday, October 27, the Blue Jet Healthcare IPO was subscribed 7.94 times. The retail investors portion was oversubscribed by 2.22 times, the NII portion by 13.59 times, and the Qualified Institutional Buyers (QIB) portion was oversubscribed by 13.72 times. This signifies strong market interest and investor confidence in the company's prospects. (Read More)
Sterling Tools Limited, an automotive fastener manufacturer. announced its unaudited standalone and consolidated results for the quarter and half year ended 30th September 2023.
Key Standalone Financial Highlights:
Atul Aggarwal, Whole Time Director of Sterling Tools Limited stated, “he consolidated revenues grew by 22.8% from ₹353.8 crore in H1FY23 to Rs. 434.4 crore in H1FY24. The EBITDA has also witnessed a growth of 12.6% to ₹54.4 crore during the first half of the fiscal year. Our Sterling Gtake E-Mobility (SGEM) subsidiary contributed 30% of consolidated revenue in H1 FY24 vs 17% in H1 FY23, an indication of how well this new business has performed for us."
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: With the ground war in Gaza intensifying, the uncertainty surrounding the West Asian crisis is at its peak. Now we don’t know how and when this war will end and what the consequences will be. Therefore, investors should continue with a cautious strategy.
It is important to understand that equity markets globally are being impacted more by the spike in US bond yields rather than the Israel-Hamas conflict. The US 10-year bond yield above 4.9% will continue to be a major headwind for stock markets, particularly for those in emerging markets. Sustained selling by FIIs is likely to continue weighing on markets.
The crash in Brent crude to $85 is a big positive for India. Aviation, paints and tyre stocks will respond positively to this news.
Investors may watch the trends in high-quality large caps like Maruti, ICICI Bank, HDFC Bank, RIL, ITC and L&T, which have come out with good Q2 results. These companies have good earnings visibility and, therefore, will witness substantial institutional buying when normalcy returns."
Britannia, Tata Steel, Sun Pharma, Hero Moto among stocks that will post Q2 earnings today.
Mandar Bhojane, Research Analyst, Choice Broking: The benchmark Sensex and Nifty indices are expected to open marginally lower on November 1, as indicated by trends in the GIFT Nifty. This suggests a negative start for the broader index with a potential loss of 50 points.
Nifty experienced a sharp correction after a gap-up opening and formed a long bearish candle on the daily chart. This formation indicates significant selling pressure from the crucial resistance level of 19,200. Currently, Nifty is facing resistance in the range of 19,200-19,250, while immediate support levels are observed at 19,000 and 19,900.
Further analysis of the market reveals that the Relative Strength Index (RSI) momentum indicator is currently indicating weakness, hovering around the 37 level. Additionally, the index is trading below all short-term and mid-term exponential moving averages (EMA) of 20, 50, and 100 on the daily chart. The price is finding support at the 200 EMA, which is at the 18,835 level, and it is expected to act as a support level.
Bank Nifty has also experienced sustained selling pressure following a pullback rally. The momentum indicator has displayed a negative crossover, which is considered a bearish signal. Overall, we anticipate this negative momentum to persist and foresee short-term targets of 42,000.
Tesla Inc. shares have seen a significant decline, losing nearly one-fifth of their value or $145 billion, in less than two weeks, Bloomberg reported. This drop is due to increasing worries about a weakening demand for electric vehicles (EVs), it added.
While the whole EV industry has seen pain, Tesla's decline has been particularly pronounced, with shares plunging over 17% since the October 18 report. In contrast, the S&P 500 Index dropped by 2.8%, and the Nasdaq 100 fell by 3.4%. As a result, Tesla's stock price decrease has wiped out around $130 billion from the company's market capitalization. (Read More)
Protean eGov Technologies, previously known as NSDL E-Governance Infrastructure, has established the price band for its upcoming initial public offering (IPO) at ₹752-792 per share, with the aim of raising ₹490.3 crore. The company is scheduled to launch the three-day IPO on November 6, concluding on November 8. Notably, the process for anchor investors' bidding for the IPO will commence on November 3.
Having obtained approval from the Securities and Exchange Board of India (SEBI) in November last year, Protean eGov Technologies filed preliminary papers with the markets regulator in December 2021 to initiate fundraising through the IPO. (Read More)
The public shareholders of home appliances manufacturer Butterfly Gandhimathi Appliances Ltd, on Tuesday rejected a plan to merge the company with its promoter firm, Crompton Greaves Consumer Electricals Ltd.
The public disapproval pushed shares of Butterfly Gandhimathi by 7% before they closed at ₹1085.4 apiece on the NSE. Shares of Crompton Greaves too closed marginally lower at ₹282 apiece.
Despite holding a 75% stake in Butterfly Gandhimathi, the promoter --Crompton Greaves, failed to secure public investors’ approval for its proposed merger with the company. (Read More)
Lucy Roychoudhury, head of sales, marketing, and CRM of Runwal Group on the Mumbai home sales data: As per the Government data, Mumbai home sales numbers in October 2023 indicate a more than 20% increase YOY. This is a positive sign for the real estate sector and shows the rising demand for homes in the city. The current upswing is also due to the festive season and the demand spike usually associated with it. But we expect the positive sentiment to continue as the demand is coming in from domestic as well as NRI buyers. Across our portfolio, our flagship projects across MMR have received OC and have therefore witnessed a significant increase in demand.
Adani Logistics Ltd on Tuesday said it has acquired a 50 per cent stake in Veracity Supply Chain Private Ltd (VSCPL).
VSCPL, which was incorporated on Tuesday, has an authorised and paid-up share capital of ₹10,00,000.
"Adani Logistics Ltd, a wholly-owned subsidiary of the company, has subscribed 50,000 equity shares (50 pc) of Veracity Supply Chain Private Ltd (VSCPL) incorporated on October 31, 2023 (11:48 AM IST)," Adani Logistics Ltd said in a BSE filing.
VSCPL has been incorporated to provide last-mile connectivity to customers from in-land container depot, powered by digital transport management system, as per a statement. (PTI)
AM Green, a hydrogen and ammonia producer owned by the founders of Indian renewable company Greenko Energy Holdings, is planning to raise around $1 billion to fund its growing business, according to people familiar with the matter.
The firm is working with an adviser on the fundraising to bolster its ability to produce green hydrogen and other chemical compounds, the people said, asking not to be identified as the information is private. AM Green aims to build a million tonnes a year of green methanol capacity, one of the people said.
Singapore sovereign wealth fund GIC Pte and the renewable energy arm of Malaysian state oil giant Petronas Nasional Bhd. announced an investment in AM Green Ammonia Holdings, according to a statement Sunday confirming a Bloomberg News report. The project is set to produce 5 million tons of green ammonia a year, the statement showed. (Bloomberg)
