As most global markets remained shut on Monday, investors lack fresh cues to anchor their sentiment on. Thus, caution will prevail and the market will keep an eye on any hints from central bankers and the Covid situation in China.
IEX forms subsidiary to explore business opportunities in carbon market
Indian Energy Exchange (IEX) on Tuesday announced setting up a wholly-owned subsidiary, International Carbon Exchange Private Ltd (ICX), to explore business opportunities in the voluntary carbon market.
The ICX will enable participants to buy and sell voluntary carbon credits at competitive prices through its transparent & reliable platform and facilitate the reduction of global GHG (greenhouse gases) emissions by 45 per cent by 2030 to get on track to limit global warming to 1.5 degrees, an IEX statement said.
The new company will facilitate corporates to meet their climate commitments goals. The Exchange platform will provide a robust market signal for attracting further investments in sustainable projects and help corporates to allocate capex towards energy transition in the most optimum manner, it added. (PTI)
India, amid building boom, overtakes China as ‘global steel saviour’: Report
With China’s massive construction sector still in a funk and the US and Europe likely heading into recessions, India has emerged as a saviour for flagging global steel demand. Poised to overtake China as the world’s most populous country next year, India is in the midst of a building boom. Prime Minister Narendra Modi is seeking to modernize roads, rail networks and ports in attempt to vie with China as a manufacturing hub. (Read More)
India makes inroads into Sri Lanka under China’s long shadow
When Sri Lanka slid into its worst economic crisis in seven decades leading to deadly riots and alarming shortages of fuel, food and medicines earlier this year, its giant northern neighbour stepped into the breach.
India provided about $4 billion in rapid assistance between January and July, including credit lines, a currency swap arrangement and deferred import payments, and sent a warship carrying essential drugs for the island’s 22 million people.
Now, as Sri Lanka closes in on a $2.9 billion loan deal from the International Monetary Fund (IMF) and its economy stabilises, India is seeking to land ambitious long-term investments, with an eye on countering the influence of regional rival China, a government minister and three sources said. (Reuters)
ONGC shines in today’s trading, jumps 2%
L&T wins contract to establish 90MW floating Solar PV plant at Omkareshwar dam
The Power Transmission & Distribution Business of L&T Construction has secured multiple EPC orders in India and overseas. The renewables arm of the Business has received an EPC order to establish a 90MW floating solar PV plant at the Omkareshwar dam reservoir, a large water body without much change in the water level throughout the year, in the Khandwa district of Madhya Pradesh.
“This water body is emerging as one of the largest floating solar parks in the world. Further, in western Uttar Pradesh, Larsen & Toubro will undertake works for the development of distribution infrastructure under the revamped reforms-linked distribution scheme. The scope of this loss reduction package includes asset mapping using Geospatial Information System (GIS),” the company said in a statement. (Read More)
KFin Technologies IPO’s shares listing likely this week. Check GMP
The initial public offering (IPO) of KFin Technologies was subscribed 2.59 times on the last day of offer that closed on Wednesday, December 21, 2022. The issue received bids for 6,14,67,520 shares against 2,37,75,215 shares on offer. The three-day public issue’s price range was fixed at ₹347-366 a share.
As per market observers, KFin Technologies shares’ premium (GMP) have slipped to discount of ₹5 in the grey market today. Meanwhile, the shares of the company are expected to list on stock exchanges BSE and NSE this week on Thursday, December 29, 2022. (Read More)
Housing sales in Mumbai, Delhi-NCR and 5 other cities jump 54% to 3.64 lakh units in 2022: Report
Housing sales in seven Indian cities have set a new record in 2022–breaching the previous high of 2014, according to a report by Anarock. The property consultants firm said that around 3,64,000 units were sold in 2022 against 2,36,500 units in 2021 across the top 7 cities – rising by 54% on Y-o-Y. The last peak was seen in 2014 when 3.43 lakh units were sold across the top 7 cities.
Among the seven cities, the Mumbai Metropolitan Region (MMR) witnessed the highest sales of 1,09,700 units (approx) in 2022, followed by Delhi NCR with 63,700 units (approx).
Pune recorded sales of around 57,200 units in 2022, an increase of 59% over 2021. While Bengaluru reported sales of 49,500 units (approx) in 2022- an annual increase of 50%. Hyderabad recorded sales of approx. 47,500 units in 2022, a yearly increase of 87% over 2021. Kolkata recorded sales of approx. 21,200 units in 2022, an annual increase of 62% from the previous year. And, 16,100 units were sold in Chennai in 2022, a yearly jump of 29% over 2021. (Read More)
Bharat Biotech’s intranasal covid vaccine priced at ₹325 for govt hospitals
Bharat Biotech’s intranasal covid-19 vaccine–iNCOVACC (BBV154)–will be available for ₹325 per dose at government hospitals, and for ₹800 in private settings, the pharma major said on Tuesday. iNCOVACC will also be available on the CoWin platform and will be rolled out in the fourth week of January. Bharat Biotech’s intranasal vaccine was approved by the Union health ministry as a booster dose for those aged 18 years and above. (Read More)
Oil prices rise as China eases COVID curbs, U.S. storm fuels supply worries
Oil prices rose to three-week highs on Tuesday as China’s latest easing of COVID-19 restrictions spurred fuel demand hopes, while concerns that winter storms across the United States are affecting energy production continued to support prices.
Brent crude was up 52 cents, or 0.6%, at $84.44 a barrel by 0712 GMT, while U.S. West Texas Intermediate crude was at $80.04 a barrel, up 48 cents, or 0.6%. They hit their highest since Dec. 5 earlier in the session.
On Friday, Brent rose 3.6%, while WTI gained 2.7%, as they recorded their biggest weekly gains since October.
British and U.S. markets were closed on Monday for the Christmas holiday. (Reuters)
Time Technoplast shares zoom over 19% on order win from Adani Total Gas
Shares of Time Technoplast Ltd zoomed as much as 19% to ₹99 apiece on the BSE in Tuesday’s early trading session after the company announced an order win from Adani Total Gas Ltd.
“We have pleasure to inform that the Company has received prestigious repeat order from ADANI TOTAL GAS LIMITED for supply of CNG Cascades made from Type-IV Composite Cylinder for a total value of Rs. 75 Crores (appx). The delivery of these cascades will begin from January 2023,” the company informed in an exchange filing today. (Read More)
Tergene Biotech gets recommendation from CDSCO subject expert committee for pneumococcal 15-valent vaccine
Aurobindo Pharma Ltd on Tuesday said its joint venture firm, Tergene Biotech, has received recommendation from subject expert committee of the Central Drugs Standard Control Organisation (CDSCO) for pneumococcal 15-valent (PCV15) vaccine.
The subject expert committee (SEC) at its meeting held on December 21, 2022, has recommended grant of permission to Tergene to manufacture and market 15-valent Pneumococcal Polysaccharide conjugate vaccine with three dose schedule for administration into the pediatric age group of 6, 10 and 14 weeks, Aurobindo Pharma said in a regulatory filing.
The PCV15 vaccine has been developed by Tergene Biotech and manufactured at AuroVaccines Pvt Ltd, a wholly-owned subsidiary of Aurobindo Pharma with capabilities in vaccines development and manufacturing, it added. (PTI)
Kotak Securities sees big upside in infra stock that has risen 450% in 3 years
IRB Infrastructure Developers shares are one of those stocks on Dalal Street that has generated alpha return in post-Covid rally in last three years. The stock has rallied from around ₹55 to ₹290 levels in near three years, ascending to the tune of 450 per cent in this time horizon. However, Kotak Securities believes that the multibagger stock is still left with upside steam. As per the Kotak Securities research report, the multibagger infra stock is expected to go up to ₹340 in next 12 months, delivering around 20 per cent to its shareholders in long term. The brokerage said that ₹269 will be a good accumulation zone for the…
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