30/09/2024
- The bigger short term concern is the rise in crude oil prices. Though crude oil prices are high at present, they may not sustain at higher levels. If the crude oil producers keep crude oil prices at elevated levels for long, the transition to electric vehicles will be fast.
- US Fed has kept the rates unchanged but have maintained a hawkish stance and there is a chance of 25-50 bps rate hikes more, if the inflation does not come under control. This factor should suppress commodity prices sooner than later.
- Delhi Government may incentivise retrofitting of vehicles with electric kit.
- The Ministry of Heavy Industries is planning to hike funds for electric two wheelers in the FAME Phase II scheme by 165%.
- Forex reserves have dipped to $593 billion this week.
- Inclusion of Indian bonds in JP Morgan Index to widen investor base, may boost rupee in the long run. After JP Morgan, even Bloomberg index may add India to its bonds index.
- The Government might introduce more PLI schemes for chemicals, shipping containers and inputs for vaccines.
- Infosys, NVIDIA to collaborate for generative AI applications and solutions.
- Total Energies, Adani Green Energy announces new JV for $300 million investment.
- Ice Cream topping crackle likely to attract 18% GST on AAR ruling.
- Tata Passenger Electric Mobility Limited CPO has said that electric vehicle battery prices may soon stabilize and as a result, some EVs would gain parity with ICE vehicles in price. Once that happens, conversion will be quick.
- India will make it mandatory for drug makers to audit their raw material suppliers at least once a year.
- In a major boost to Modi government’s Make-In-India initiative, Taiwanese laptop giant Asus has announced plans to relocate key component suppliers from its primary manufacturing hub in China to India. The company is collaborating with contract manufacturer Flex to establish a new factory in Chennai, capitalizing on the government’s revamped Rs 17,000-crore production-linked incentive (PLI) scheme for IT hardware.
- Tesla proposes building battery storage factory in India.
- SEBI has approved a proposal to provide flexibility to large corporations to meet their financing needs from debt market.
- The RBI on Thursday proposed that the lenders should label defaulting borrowers as ‘wilful defaulters’ within six months of an account turning NPA. The RBI has said that even NBFCs should tag accounts using the same parameters.
- JSW group is in early talks with LG Energy of Korea to manufacture electric vehicle batteries in India.
- A Canada based associate firm of M&M, Resson Aerospace has wound up. M&M had a 11.8% stake in the firm. Will get Rs 28.7 crore on dissolution.
- India’s net direct tax revenue up about 23.5% so far this FY. So, really good jump both due to growth and due to better compliance.
- In its relentless pursuit of a formidable blue water force, the Indian Navy has placed orders for 68 warships and vessels valued at approximately Rs 2 lakh crores.
- Torrent Pharma is in advanced negotiations with CVC Capital Partners to form a consortium and raise at least $1.2-1.5 billion from the European buyout fund as the Ahmedabad based pharma power conglomerate puts together a Rs 60000 crore acquisition financing package.
- Saudi mobility solutions player Petromin Corporation KSA in partnership with HPCL will invest $700 million in three strategic areas—fuel stations, multi brand vehicle service workshops and EV Charging stations.