Jio and BlackRock had announced setting up a JV for asset management business in India in July 2023
Dow registers record high close as US jobs data eases economic worries (05-10-2024)
The data “basically tells us economic activity in the fourth quarter is likely to remain at a solid pace,” said Peter Cardillo, chief market economist at Spartan Capital Securities in New York.
Risk reward unfavourble for IT stocks, says Investec (05-10-2024)
The Nifty IT Index surged 19.6% in the last 6 months against an up move of 11.1% in the benchmark Nifty Index in the same period. Investec said that the surge in the IT stocks has been in anticipation of a recovery despite the earning downgrades.
Auto Industry in India – We had a chequered Past, can we expect a bright future? (05-10-2024)
A new Revised PM E-DRIVE scheme announced: The Revised New plan to subsidise charging stations for 2 and 3-wheelers- to be implemented effective Dec ,2024
The Centre has overhauled its plan to deploy electric vehicle (EV) charging stations by including subsidies for setting up two- and three-wheeler chargers. This is a significant development since earlier iterations of the EV subsidy scheme, called Faster Adoption and Manufacturing of Electric Vehicles (FAME), did not support deployment of two- or three-wheeler charging stations.
The government introduces subsidies for two- and three-wheeler EV chargers in a ₹10,900 crore plan under the PM E-DRIVE scheme. The initiative supports 72,300 public charging stations, prioritizes daytime solar charging, and mandates 50% domestic value addition in chargers from December 2024.
Up to 80% of back-end infrastructure development costs will be subsidised under the newly launched ₹10,900 crore PM E-DRIVE scheme. Besides, NHAI -National Highways Authority of India, Indian railway , Oil marketing companies and state governments will also be engaged in this scheme.
The guidelines propose that government or public entities offer land at subsidized rates to private operators in exchange for a share of the revenue over a 10-year period,
Increasing EV adoption is going to drive the electric Power requirement. In order to encourage usage of Solar energy for EV charging and with an aim to lower the EV charging rates, the charging rates have been slashed.
The new rates for fast charging have been lowered from the previous range of Rs18 to Rs 24 per unit to Rs11.00 per unit during solar hours and Rs 13.00 per unit during non-solar hours.
For slow charging—the rates are set at Rs 3.00 per unit for solar-based charging and Rs 4.00 per unit for non-solar charging
Distribution Licensees will charge 0.7 times the Average Cost of Supply (ACoS) during solar hours (9:00 AM to 4:00 PM) and 1.3 times ACoS during non-solar hours.
Aim is to quickly establish at least one public charging station must be established within a 1 km x 1 km grid in urban areas. Along highways, charging stations are to be located every 20 km for regular EVs and every 100 km for long-range and heavy-duty vehicles, such as buses and trucks. All OMC’s have been asked to implement this within set timelines.
Please read the two press notes to get more insights…
Kiri Industries: Loan reduction and demand surge (05-10-2024)
Not so much of an example but the laws of the land, read RBI and SEBI permit pledge of shares for overseas borrowings from foreign lenders by listed companies/or their promoters only when certain conditions are met … so encumbrance is a round about way to assure a foreign lender that as personal guarantee of M Kiri has been given, there is encumbrance on his shareholding of the company
Gold up Rs 10, silver falls Rs 100; yellow metal trading at Rs 77,680 (05-10-2024)
The price of 22-carat gold also rose by Rs 100, with ten grams of the yellow metal selling at Rs 71,210
Piramal Finance raises $150 million from international market (05-10-2024)
The bonds, issued at a yield of 7.078% for a remaining tenor of 3.32 years, follow the company’s $300-million debut in the international market with a sustainability bond in July 2024.