‘We are going to have hybrid cars, which, as far as I know, none of our competition is working on, and this includes ethanol.’
Posts tagged Rediff
FPIs keep debt market bets steady (16-08-2023)
Despite the narrowing spread of yields between the benchmark 10-year Indian government bond and the 10-year US Treasury bond, foreign portfolio investors (FPIs) are continuing to invest in the domestic debt market this year — a trend backed by a stable currency and a less volatile bond market. FPIs have been net buyers in the debt market in 2023 so far, marking the first time since 2019. The yield spread between the 10-year Indian government bond and the 10-year US Treasury note stood at 3.14 per cent on August 8 – the narrowest in over a decade.
Procedural delays likely in IDBI Bank stake sale (16-08-2023)
The strategic sale of government and state-owned Life Insurance Corporation (LIC) of India stakes in IDBI Bank might encounter procedural delays, potentially pushing the timeline for expected financial bids to the third quarter of the current financial year (2023-24, or FY24), according to sources familiar with the development. Financial bids constitute the second significant step in the divestment process, following expressions of interest (EoIs) from potential bidders. In this phase, bidders are required to quote transactional fee as a percentage of the divestment proceeds, which are then added to the government’s kitty after completion of the transaction.
Foxconn may invest ‘billions of dollars’ in India (15-08-2023)
Taiwanese electronics manufacturing giant Foxconn sees potential of investing several billions of dollars in India if it gets to completely implement its plan, a top official of the company said. Hon Hai Technology Group (Foxconn) chairman and CEO Young Liu during the company’s second quarter earnings call on Friday said that the company’s Indian arm has achieved the turnover of close to $10 billion on an annual basis and there is a lot of investment potential in India. “Foxconn annual revenue was $200 billion.
Tata Steel to bid for iron ore mines (15-08-2023)
Tata Steel has built an iron ore chest of nearly 600 million tonnes (mt) and will look for more as it prepares for life beyond 2030 when its legacy captive mines come up for auction. The lease for four of its existing iron ore mines — Joda East, Noamundi, Katamati, and Khondbond — that feed the domestic operation with low-cost iron ore is going to expire in 2030, following changes in mining regulations. The year will also coincide with Tata Steel’s ambitious target of doubling steelmaking capacity in India to 40 mt, increasing the need for iron ore. The company is pushing the pedal to ensure that it has enough resources to meet enhanced needs.
Q1 results: India Inc profit surges 65% but… (15-08-2023)
There has been a sharp recovery in the headline corporate earnings in the April-June 2023 quarter (Q1FY24), after a dismal showing by early bird companies. The combined net profit of the 983 listed companies that have declared their quarterly results, so far, was up 64.7 per cent year-on-year to record a high of Rs 2.68 trillion in the first quarter, but growth in earnings remained lopsided because most of the incremental gains came from a handful of companies. Moreover, the quarterly numbers showed a continued slowdown in revenue growth.
ICICI Pru: ‘Focus is on value of new business growth’ (15-08-2023)
‘If through growth and serving the customer we become number one, we will be very happy and very proud.’
FPIs: The back-seat driver in market dashboard (15-08-2023)
After pumping in close to $20 billion in the preceding five months, foreign portfolio investors (FPIs) have yanked out $220 million from domestic stocks this month. The selling by overseas funds has led to turbulence in the domestic markets, with benchmark indices swinging wildly recently.
Govt hikes windfall tax on crude to Rs 7,100/tonne (14-08-2023)
The government on Monday hiked special additional excise duty on crude petroleum to Rs 7,100 per tonne with effect from August 15. In the last fortnightly review, windfall tax on domestically produced crude oil was set at Rs 4,250 per tonne.
Wholesale price inflation stays in negative territory (14-08-2023)
Wholesale price inflation remained in the negative territory for the fourth month in a row in July at (-)1.36 per cent, even though prices of food items, especially vegetables, skyrocketed. The inflation, however, has inched up from (-)4.12 per cent recorded in June fuelled by 62.12 per cent rise in vegetable prices. In July last year, wholesale price index (WPI) was 14.07 per cent.