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PremiumDefying predictions, RBI hits the pause button on rate hikes and sticks to the repo rate of 6.5%. Governor Das said that the GDP grew 7% in 2022-23 and added that the growth indicates the economic conditions are resilient. He added that the global economy is facing a renewed phase of turbulence
Indian stock market witnessed a sharp upside move after the announcement of RBI Governor Shaktikanta Das surprised India Inc and Dalal Street enthusiasts by keeping the repo rate unchanged at 6.50%.
As the market was expecting a 25 bps rate hike, Sensex and Nifty cheered this RBI policy meeting outcome and remained in green after the announcement for most of the session.
After hitting an intraday low of 59,520, BSE Sensex today bounced back strongly and closed at 59,832, a gain of 143 points. NSE Nifty today climbed 42 points to close at 17,599.
Bajaj Finance and Adani Enterprises topped the stock chart as they gained more than 3% each in today's session. Tata Motors climbed 2.5%. HCL Tech shed 1.6% followed by ONGC, ICICI Bank, and Axis Bank which shed more than a per cent each.
Among sectoral indices, Realty jumped almost 3%. Auto, Metal, Pharma, and Energy were among other prominent gainers with less than a per cent jump. IT struggled as it shed 0.7%. FMCG and Consumer Durable also ended in the red.
Japan's Nikkei share average ended at a two-week low on Thursday, led by a sell-off of exporters on the back of yen's overnight strength, while heavyweight technology stocks tracked the Nasdaq's weakness. The Nikkei index fell 1.22% to its lowest since March 24. The broader Topix lost 1.14%.
China stocks ended roughly flat on Thursday as investors weighed fresh evidence of economic recovery against simmering Sino-U.S. tensions, while chipmakers continued to soar. Hong Kong shares rose, led by healthcare and materials shares.
China's blue-chip CSI300 Index fell 0.2%, while the Shanghai Composite Index was little changed. Both Hong Kong's Hang Seng Index and the China Enterprises Index rose 0.3%. Tech stocks traded in Hong Kong gained 0.1%. Hong Kong's healthcare stocks jumped 2.6% while materials shares rose 2.4%.
European shares edged higher on Thursday, heading into a long Easter weekend break, as mining and oil and gas stocks helped outweigh concerns of a U.S. economic slowdown that were triggered by weak data.
UK's blue-chip index rose in early deals on Thursday, lifted by commodity-linked stocks, though most European markets were range-bound as worries of a possible recession in the U.S. caused an overhang ahead of the Easter break.
The largest gold loan NBFC in the country, Muthoot Finance on Thursday announced it has declared an interim dividend of ₹22 per equity share for the financial year FY23. In percentage terms, the dividend comes to around a 220 per cent.
"The Board of Directors of Muthoot Finance Limited at their meeting held today at the registered office of the Company has considered and approved payment of an interim dividend of Rs. 22 (Rupees Twenty-Two) per equity share (220%)." said Muthoot Finance in its regulatory filing. (Read More)
Small-cap firm Axita Cotton Limited operates in the textile industry. It is involved in the manufacture and trade of cotton seed ("Kapas"), cotton seed oil, cotton cake, etc., as well as the installation of machinery for the production of corn oil. Bangladesh has placed a USD 3.28 million (about INR 26.92 crore) order with Axita Cotton Ltd. Also, the firm has recently received orders for Indian raw cotton worth USD 2.71 million (about INR 22.21 crore) from several Bangladeshi spinning mills. As a result, the company's order book as of April 6th, 2023, is currently around USD 60,00,975.64. (INR Approx. 49.20 Crore).
“In terms of Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Company has received the orders for Indian Raw Cotton valuing aggregating US $ 3284883.80 approx from Bangladesh," said the Board of Axita Cotton in a stock exchange filing. (Read More)
India has recorded 5,335 new covid-19 cases in the last 24 hours, taking the total active cases to 25,587, the union health ministry said on Thursday. The country’s daily positivity rate has reached 3.32%.
India has reported 44.9 million covid cases and 530,929 deaths so far. According to epidemiologists, covid-19 infections in India are doubling every 4-5 days and this has now led to the reporting of over 5,000 covid cases each day. (Read More)
Vibrant Energy has tied up over ₹2,200 crore of project financing from state-run Power Finance Corporation (PFC) to build 300 MWac wind-solar hybrid projects in Madhya Pradesh and Karnataka.
Vibrant Energy (Vibrant), which develops corporate renewable energy solutions, in a statement said that the financing will stand out as one of the largest project financing deals in the Indian Renewables Industry in 2023.
Srinivasan Viswanathan, CEO of Vibrant Energy, said that the company is hopeful of enabling more green energy solutions for corporate India. (PTI)
Layoffs continued at Amazon this week with 100 employees from the company's video games unit losing their jobs. The news comes weeks after Amazon announced a second round of mass layoffs, piling on to a wave of job cuts that has swept the technology sector as a rough economy forces companies to get leaner.
Job cuts within Amazon have so far affected more than 27,000 people. The company had announced plans to lay off 18,000 people in November last year. This was followed in late March by a second round of layoffs involving 9,000 people. The 9,000 job cuts, which will be completed by mid to late April. (Read More)
State-owned HLL Infra Tech Services Ltd (HITES) reported a 58% jump in net profit with total turnover climbing 19% to ₹361.38 crores during the financial year ended 31 March.
“HITES reported profit after tax at ₹27.76 crores in 2022-23 compared with ₹17.60 crores a year ago – a significant feat for a Miniratna subsidiary with net worth of just ₹2 crore which was incorporated merely nine years ago," the Ministry of Health and Family Welfare said.
According to the health ministry, these significantly positive results were achieved largely due to the infrastructure development business which saw the completion of the new All India Institute of Medical Sciences (AIIMS) at Bhatinda, Gorakhpur and Guwahati and upgrading of multiple projects during the last fiscal year. (Read More)
Nearly two-thirds (63%) Indians are cutting back on non-essential purchases to provision more money to spend on daily essentials, according to India-specific findings of a PwC survey.
“Consumers globally are weighed down by concerns around cost of living and personal finances. Around 74% of Indian respondents say they are concerned about their personal finance situation, as opposed to 50% globally. 63% of Indian consumers are cutting back non-essential spending altogether," according to the 2023 PwC Global Consumer Insights Pulse Survey released Thursday. (Read More)
Billionaire Anil Agarwal’s plan to build a $19 billion chipmaking plant in India is floundering as his venture struggles to secure a technology partner and faces challenges in obtaining financial incentives from the government.
Seven months after Agarwal announced a chip partnership between his Vedanta Resources Ltd. and Taiwan’s Hon Hai Precision Industry Co., the venture is yet to tie up with a fabrication unit operator or license manufacturing-grade technology, people familiar with the matter said. One of those is required for the venture to receive the significant financial incentives the government has pledged for such projects. (Read More)
Abheek Barua, Chief Economist, HDFC Bank: The RBI successfully delivered a hawkish pause in todays’ policy announcement keeping the policy rate unchanged at 6.5% while keeping the door open for further rate action. The central bank kept its stance unchanged at “withdrawal of accommodation", justifying it by still looming inflationary risks. Growth was surprisingly revised upwards to 6.5% for FY24 while inflation forecast for Q4 FY24 was revised down – most likely on account of base effects. We expect that growth could be lower at 6% this fiscal while there are upside risks to the RBI’s inflation forecast, especially given the impending risks around oil prices and the performance of monsoons.
Going forward, the RBI could go for “the higher for longer" narrative – staying on an extended pause in FY24 while tightening liquidity conditions. Therefore, short-term rates could remain under pressure over the coming months. For the 10-year yield we could see some pressure return once the governments’ borrowing program kicks in and a range of 7.20-7.30% is likely in the first quarter.
Viswanatha Gowd, MD & CEO of LIC Housing Finance: Keeping repo rates the same is a welcome decision. This may put to rest the anxiety amongst the borrowers that emanated with the EMI increase consequent to a series of repo rate hikes. Today’s move sends a positive signal and improves the sentiments. We expect the real estate along with other sectors to build up on this as it has come at the beginning of the new financial year. The prospective homebuyers will now be encouraged to crystallise their buying decision.
Shishir Baijal- Chairman & Managing Director, Knight Frank India
Pause in repo rate hike: Big cheer for the real estate industry!
Today’s pause in the rate hike cycle is a very positive and welcoming move by the RBI. The consumer inflation in the economy has sustained above the RBI’s upper threshold of 6% and is more likely to remain sticky in the next few months following the recent crude oil production cut by the OPEC countries and Russia. Consumer inflation arising from such events is beyond the central banks’ control. Any further hike in the repo rate and lending rates along with sustained inflation could potentially reduce the spending capacity of the consumers which in turn can dampen India’s economic growth. Therefore, the RBI’s decision to pause its rate hike cycle is supportive of economic growth. India’s economy is expected to grow at 6.5% in FY24; which is an optimistic outlook for the economy amidst ongoing global financial market volatility and economic slowdown anxieties.
From a real estate market perspective, the sector has weathered multiple home loan interest rate increases from a low of 6.5% to 8.75%, supported by favourable house purchase affordability and the strong desire towards home ownership. Therefore, a pause in any further rise in the lending rates should support the existing growth momentum in the housing sector.
Infrastructure engineering, procurement and construction company KEC International said it has bagged new orders worth ₹1,213 crore across its various businesses.
The RPG group company’s transmission and distribution (T&D) business has secured new orders in the transmission and distribution project segment in India, SAARC, Middle East, East Asia Pacific and Americas.
In civil business, it has secured an order in the urban infra segment in India while the company has got secured orders for various types of cables in India and overseas. (Read More)
Cyrus Mody, Founder & Managing Partner, Viceroy Properties: The RBI’s announcement was a prudent one as the governor kept the repo rate unchanged at 6.5%, bringing the total hike since May 2022 to 250 basis points, including six hikes. The economy is showing signs of improvement but the central bank wants to keep inflation in check. It is expected that going ahead the RBI will pause the rates at this level and start easing the rates from CY25. The central bank is aiming to strike a balance between growth rate and inflation.
We hope that a regular monsoon year will help with lower inflation thereby ease in the interest rates. MMR as a market will continue to witness strong demand as various transit infrastructure projects see completion and commissioning in the next 12-18 months. Also, projects developed by reputed names will continue to see demand due to their quality construction and timely delivery.
Colin Shah, MD, Kama Jewelry: The RBI taking a pause in their rate hike cycle was a prudent step. The development will be a big positive for most sectors. It will help push the prices of precious metals to the higher side. The move will help them assess the impact of the previous rate actions. The central bank has already hiked rates by 250 bps, as they have hiked rates 6 times since May 2022. The expected economic growth of 7% for FY23, moderating inflation and the other deficits under control allow the central bank to pause and act later if the situation warrants so.
A robust rabi crop will most likely ease the pressure on inflation. A steep rate hike will hurt growth. Today's move also raises hope of a rate ease cycle to start as early as the October-December quarter.
Dabur shares slumped after the Indian consumer goods company informed a mid-single-digit revenue growth in its Q3FY23 result update on Thursday. The company shares were down by 3.25 per cent at ₹530.15 apiece on BSE in intraday trading today. The FMCG major didn't perform well in the third quarter of FY23 as well. Dabur reported a 5.49 per cent decline in its consolidated net profit in Q3FY23.
Dabur's F&B business is expected to grow at strong levels and recur strong-double digit growth, said the company in its stock filing. It also hinted of growth in its Healthcare portfolio as well. However, Dabur's HPC business continued to suffer as it is expected to report low single-digit-revenue growth on the account of slowdown in the personal care categories. The company showcased a mid-single-digit net profit in the last quarter of FY23. (Read More)
Seshagiri Rao, Joint Managing Director and Group CFO will step down from the board of JSW Group on superannuation after more than 25 years of service, JSW Steel informed the bourses in a regulatory filing. He joined JSW Group in 1997 as Chief Financial Officer and has played active role in the growth strategies of JSW Group since then, the company said in a statement,
"Mr. Seshagiri Rao M.V.S has also superannuated from the services of the Company and has consequently stepped down from the Board. He ceases to be a Director w.e.f April 6, 2023. He will however continue to be associated with the group as ‘Group CFO’, the company said in a regulatory filing. (Read More)
Anitha Rangan, Economist, Equirus: In a surprising move RBI indicated a pause in the monetary policy keeping Repo unchanged at 6.5% with “Readiness to Act should the situation so warrant" with a unanimous vote maintaining stance of “Withdrawal of Accommodation". Again governor emphasized that the pause is in this meeting only.
With inflation revised downward and growth upwards raising the question of why pause? Four reasons we can think of a) government borrowing program which has just begun needs support b) Currency led by global factors is giving some elbow room to pause c) Watch the Fed policy in May. d) allow some time for genuine transmission of policy hikes done so far.
While there may be many reasons to pause, the fact that RBI has noted their “readiness to act should the situation warrant" and “job is not yet finished" suggests that the pause in all likelihood is temporary. If Fed hikes RBI will be bound to hike once more. The recent oil supply action from OPEC is a reminder of global uncertainty. There may be room to pause but not led the guard down!
Nitin Bavisi, CFO, Ajmera Realty & Infra India Ltd: The RBI decision to keep the repo rate unchanged comes as a positive surprise for most sectors. Real estate will rejoice in the move the most. The central bank has already hiked the rates 6 consecutive times since May 2022, cumulatively 250 bps. There were concerns that the move was affecting the recovery and growth of the economy.
Given the current setup, we expect inflation to moderate going forward. Inflation being a primary concern of the RBI, the repo rate check shall continue. The economic activity is expected to grow at a rate of 7% of the previous fiscal. Add to that the ease in rates, which will further support growth.
Dunzo has announced that it will cut its workforce by 30%, resulting in almost 300 layoffs. The grocery delivery platform has also secured funding worth $75 million, with Google and Reliance Industries believed to be among the investors, as per media reports. Livemint could not independently verify the development.
Dunzo informed its employees of the job losses during a town hall meeting on April 5, stating that it was looking to pivot its business strategy to achieve profitability ahead of the IPO. The move is aimed at helping Dunzo turn a profit before its planned initial public offering (IPO) in 2025. (Read More)
Churchil Bhatt, Executive Vice President & Debt Fund Manager, Kotak Mahindra Life Insurance Company: The MPC’s unanimous pause is a reflection of the economic uncertainties surrounding policy making today. However, as emphasized by the RBI Governor, this pause may not be interpreted as the end of battle against inflation. Bond market narrative will now shift focus on how long will the MPC need to persist with existing tightness in monetary policy. In absence of a major global event, we expect an extended pause in domestic repo rate. This is because, while the inflation is likely to soften in FY24, we are far from MPC’s eventual target of 4% headline CPI. Overall, we expect domestic yields to remain range bound till a clarity over future direction of policy rates emerges. Additionally, ongoing steepening trend in the sovereign yield curve will be reinforced as a result of this policy. We expect 10-year GSec to trade in 7.10%-7.40% range in the near term.
Sandeep Bagla - CEO, Trust Mutual Funds: RBI/MPC has, take a pause, kept the repo rates unchanged, against majority market view. The stance remains unchanged at the enigmatic withdrawal of accommodation’. We expect both GDP and inflation to be significantly below RBI year-end estimate of 6.5% and 5.2% respectively. Interest rates are likely to soften considerably from current levels. Bonds will perform well this year generating capital gains over and above the coupon rates. Passive investments like fixed deposits will underperform debt funds."
Rising interest rates translating to expensive home loans have played spoilsport for the affordable housing segment in the recent past. On the other hand, segments such as premium housing have been showcasing demand resilience.
Data from property consultants and visibly high activity in the premium housing market suggests record pre-sales are likely for majority of listed developers in Q4FY23, said analysts at Jefferies India Pvt Ltd in a report dated 4 April. On a year-on-year basis, companies such as DLF Ltd, Oberoi Realty Ltd and Sobha Ltd are expected to report higher pre-sales in Q4FY23. (Read More)
Nilesh Shah, MD, Kotak Mahindra Asset Management Company Ltd: The RBI’s pause is like Sachin stroke on a tricky pitch but with eyes set in and having the luxury of hitting the ball where ever he wanted. The RBI had the option of a rate hike or a pause. The pause was not entirely unexpected.
The RBI will watch developments and data before taking the next call. The market expects the RBI to fetch maximum run and win the match on inflation and growth, no matter which direction they hit the ball.
Thailand, Vietnam, India and Cambodia have emerged as early winners this year from US moves to secure its semiconductor supply chain.
US imports of chips grew 17% from last year to $4.86 billion in February, according to US Census data, with Asia accounting for 83% of that total. India saw its semiconductor shipments increase 34 times to $152 million, while Cambodia clocked in an impressive 698% growth, falling just shy of Japan at $166 million, an amount that would be unheard of in years past.
Vietnam and Thailand, which both have much bigger slices of the chipmaking market, increased their US trade in the sector by 75% and 62%, respectively. Vietnam has accounted for over 10% of US imports for seven straight months.
The February figures are the latest to show the US diversifying its electronics supply chain, including through moves such as Apple Inc.’s gradual shift of iPhone production out of China to places like India. Malaysia, a traditional stronghold for chip packaging, still held the lead in US imports but saw its share drop to 20% of the February total. (Bloomberg)
Indian rupee forward premiums declined on Thursday after the Reserve Bank of India unexpectedly opted to keep its key policy rate unchanged.
The March forward premium declined to 1.9350 rupees, from 2.01 rupee before RBI's policy announcement.
The 1-year implied yield declined to 2.48%, down about 10 basis points from before the policy announcement, according to traders.
India's central bank held its key repo rate at 6.50% after having raised it at each of six previous meetings. (Reuters)
The Reserve Bank of India Governor Shaktikanta Das said that the MPC has decided to keep pause on rate hike only for this meeting. He said that it is now necessary to evaluate the action of past rate hikes.
The Reserve Bank of India said it stood ready to act against inflation if conditions warranted, with Governor Shaktikanta Das saying the decision to pause was "for this meeting only", signalling further rate hikes were still possible. Monetary Policy Committee will not hesitate to take any action in future, says RBI Governor after hitting pause button on rate hike.
India government bond yields dropped today, with the benchmark bond yield crashing to its lowest in nearly seven months after the RBI maintained status quo on policy rates. The 10-year benchmark bond yield dropped to 7.1469%, its lowest since Sept. 15, immediately after the policy decision. It was ay 7.2857% before the decision. Yields however were off their day's low, after Governor Das said the pause in rates was for this policy meeting only.
The shares of FSN E-Commerce Ventures Ltd, which operates Nykaa, headed a slow start in the opening session of stock markets on Thursday. After gaining around 8 per cent on Wednesday, Nyka shares opened at ₹134 a piece on BSE today. The company stock is currently trading 2.38 per cent lower at ₹133.30 on BSE.
Nykaa shares have been under pressure since the end of the lock-in period of pre-IPO investors. And the e-retailer of fashion and cosmetics announced its fourth-quarter revenue update for FY23. The company projected a strong growth in the last quarter of the previous financial year. The Beauty & Personal Care categories sustained a healthy demand in Q4FY23. The company expects overall FY 23 revenue growth rates to be in sync with the 9MFY23 performance. And hence, it expects FY23 revenue growth rates in the early 30%. (Read More)
Gold rate today witnessed some profit booking in the early morning session and retraced from its lifetime high of ₹61,145 per 10 gm that it climbed on 4th April 2023. The gold future contract for June 2023 on Multi Commodity Exchange (MCX) opened lower at ₹60,679 levels and went on to hit an intraday low of ₹60,574 per 10 gm. In the international market, the gold price is quoting nearly 0.47 per cent lower at $2,011 per ounce level.
According to commodity market experts, gold price today is under heat due to a retreat in the US dollar rate today. US Dollar Index today gained 0.17 per cent in early morning deals and hit 101.710 levels. However, they maintained that the overall outlook for gold is bullish and one can continue buying on dips. They advised gold investors to buy gold at around ₹60,500 per 10 gm levels for an immediate target of ₹61,200 levels. In the international market, gold prices have strong support at around $2,000 levels and one can buy around support levels for short-term gains. (Read More)
Avenue Supermarts, the company behind the popular retail chain DMart, has announced a standalone revenue of ₹10,337 crore for the fourth quarter ending in March.
This represents a growth of 20% compared to the same period last year, during which the company earned ₹8,606 crore. In the December quarter, the company reported revenues of ₹11,569 crore.
As of the end of the March quarter, Avenue Supermarts had a total of 324 stores, up from 306 stores at the end of the previous quarter in December. (Read More)
Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services: The recent rally which has taken the Nifty around 600 points from the March lows has been driven by reasonable valuations and short covering. FIIs turning buyers ( ₹4261 crores during the last 4 trading sessions) also has been supportive. Global support for the rally will depend on the payrolls data from the US tomorrow. Already ISM services data has come below expectations. So it is possible that tomorrow’s payrolls data may indicate a slowing economy and this can prove to be positive from the market perspective. Today’s MPC decision is likely to be a dovish hike of 25bp. The RBI commentary and inflation projections have to be closely watched. Bank Nifty continues to exhibit strength.
In a significant victory, India was overwhelmingly elected to the UN Statistical Commission, returning to the world organisation's highest statistical body after a gap of two decades in a “competitive" election.
In the election, South Korea won over China for the other seat in the Asia Pacific States category through a draw of lots after inconclusive rounds of secret-ballot voting.
India was elected by the UN Economic and Social Council (ECOSOC) as a member of the UN Statistical Commission, the Commission on Narcotic Drugs and the Programme Coordinating Board of the Joint UN Programme on HIV/AIDS (UNAIDS), an important subsidiary body of the UN organ focussed on economic, social and environmental issues.
In a highly competitive election for membership to the Statistical Commission, India secured an overwhelming 46 out of 53 votes in a secret ballot. India, along with South Korea, UAE and China were in the fray for two seats from the Asia Pacific States category. (PTI)
Stoxbox Market View for Today's Trading: On Wednesday, the BSE Sensex closed 582.87 points higher at 59,689, while the Nifty closed 159 points higher at 17,557.05. On Wednesday, after taking continued support on the trend line in the Monthly chart, Nifty had opened with Gap-Up above 17,450 after that made a day low of 17,402.70 in the morning trade. Nifty closed with a big positive higher high candle on the daily chart, which indicates a long signal, with the Nifty resistance level at 17,573. Intraday traders can look for long opportunities only above the resistance level of 17,600 only if the closing comes above 17,600 in 15 min chart. Traders can look for fresh shorts only if nifty breaks the 17,350 level & it remains below for 15 min to ensure short.
After a second round of mass layoffs at Amazon Inc, the e-commerce giant would now reduce employee stock awards as the company navigates an uncertain economy, the spokesperson said in an official statement without specifying the period of the final outlook year.
"We made the decision to reduce RSU (restricted stock units) awards in the final outlook year by a small amount (other years are not impacted)," an Amazon spokesperson said as quoted by Reuters. (Read More)
Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd: NIFTY: Nifty opened on a positive note above 17400 zone and gradually picked up momentum as the day progressed to move past the confluence of moving averages of 200DMA and 50EMA near 17500 levels and ended on a strong note near 17550 levels ahead of the RBI Policy outcome. The index needs to sustain above the 17500 zone which would establish conviction and strength for further upward move ahead in the coming days for next target of 16750-16800 zone. The support for the day is seen at 17400 levels while the resistance is seen at 17700 levels.
India may look at importing dairy products like butter and ghee if needed as there is a supply constraint for such items due to stagnant milk production in the last fiscal year, a top government official said on Wednesday.
After assessing the stock position of milk in Southern states where the flushing season has started, the government will intervene to import dairy products, he said, adding that the country's milk production was static in 2022-23 due to lumpy skin disease in cattle. (Read More)
Leading retailer Reliance Retail has roped in RS Sodhi, the former MD of Gujarat Cooperative Milk Marketing Federation Ltd (GCMMF) that markets its products under the Amul brand.
Sodhi, a dairy industry veteran, will work with Reliance Retail's fruit and vegetable category of its Grocery division, said an industry source.
His presence would help Reliance Retail to bolster its Grocery division, which runs Smart Bazar and Smart Point stores, he added.
An email sent to Reliance Retail over the development did not elicit any response by the time of filing the story.
Earlier, in January this year, Sodhi resigned as Managing Director of GCMMF after serving for almost four decades. (PTI)
The RBI will announce its bi-monthly monetary policy review on Thursday. Experts expect that RBI’s monetary policy committee will go for another 25 bps rate hike this time. However, this time, many are hoping that April 2023 policy will be the last rate hike of the latest cycle (Read More)
The initial public offering (IPO) of Avalon Technologies Limited opened for subscription on 3rd April 2023 and it will remain open for bidding till 6th April 2023. This means today is the last date to apply for the public issue worth ₹865 crore. Meanwhile, after the trend reversal on Dalal Street, the grey market is also dropping positive signals in regard to Avalon Technologies IPO. According to market observers, shares of Avalon Technologies Limited are available at a premium of ₹30 in the grey market today. However, Avalon Technologies IPO subscription status after two days of bidding is not promising. After day 2 of bidding, the public issue has been subscribed 0.10 times whereas its retail portion has been subscribed 0.48 times.
According to market observers, Avalon Technologies IPO grey market premium (GMP) today is ₹30, which is ₹5 higher than its yesterday's close. (Read More)
Apple Inc. will open its first flagship retail store in India in Mumbai, marking a significant milestone for the US giant as part of its efforts to ramp up both sales and manufacturing activities in the country.
The highly anticipated Apple store will come up at the Mukesh Ambani-owned Jio World Drive Mall in Mumbai’s upscale Bandra Kurla Complex commercial hub. The company already sells directly to customers through its online platform and third-party resellers. (Read More)
Unseasonal rains in March have lifted reservoir levels, easing temperatures and boosting hydropower supply, offering some respite from the impending summer heat, even as the wet weather destroyed winter crops in their wake.
Hydropower usually comes into play in June as rains begin; however, as of 31 March, live storage at 146 reservoirs monitored by the Central Water Commission (CWC) was 76.058 billion cubic meters (BCM), which is 94% of the storage a year ago, and 118% of the average of last 10 years. Of these 146 reservoirs, 18 are hydropower projects with a total live storage capacity of 34.960 BCM. (Read More)
