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Reliance Industries announces new giga factory for power electronics.
Reliance Acrylonitrile production to start next year.
Solar giga plant in Jamnagar to start output in 2024.
Jamnagar solar module factory to have 20 Giga Watt per year by 2026.
Formed partnerships with Lithiumwerks, Faradion and Ambri
Aim to start battery pack production by 2023.
Reliance Industries in talks with partners for collaboration on electrolysers.
Reliance Industries aims to start transition from Grey to Green Hydrogen by 2025.
Reliance Industries to set up 20 Giga Watt solar generation capacity.
REC Solar expanding capacity to 1.8 Giga Watt in Singapore.
Reliance aims to raise battery pack producing capacity to 50 GWh by 2027.
RIL To Invest Rs 75,000 Crore In O2C value chains.
KG-D6 currently contributing 20% of India's gas production
Reliance aims to add plants in Vinyl chain
RIL to maximise oil-to-chemicals integration.
Reliance to produce carbon fiber composites
To invest to double PET recycling capacity
RIL to triple vinyl chain capacity.
PTA, PET plants targetted to be completed by 2026.
Working with Google on ultra-affordable 5G phones.
Jio 5G partners include Meta, Google, Intel, Microsoft.
Reliance Jio announces partnership with Qualcomm.
Working with Intel on several applications.
Mukesh Ambani, Chairman, Reliance Industries
Federal Reserve Chairman Powell finally spoke firmly to fight inflation. Reminds us of Paul Volcker who broke the back of US inflation in 70s/80s. Watch out for Quantitative Tightening ( QT). US rules the financial world. Opiated markets will wake up and smell the coffee!Uday Kotak, CEO, Kotak Mahindra Bank
ED Anil Kumar Sharma noted that the RBI is working on a Fraud Registry
The registry will be complied with phone numbers, location and IP addresses used by fraudsters collected from banks.
Source: RBI media interaction
Shares of Syngene International jumped 2% in intraday trade, in a weak market to Rs 612.4 apiece.
The company entered into an agreement to acquire renewable power by buying up to 26% stake ion O2 Renewable Energy II Pvt Ltd. for Rs 3 crore.
O2 Reneable Energy is a special purpose vehicle formed by O2 Energy SG Pte, to generate and supply renewable power. Syngene International said that the acquisition is done to enhance renewable based power consumption. The shares will be acquired in one or two tranches.
Of the 10 analysts tracking the company, nine maintain 'buy', one recommends 'hold' and two suggest 'sell'. The return potential of the stock is 13.7%.
Source: Exchange filing, Bloomberg
The broader indices almost mirrored the larger peers with MidCap gauge falling 1.1% and SmallCap measure slipping 0.8%. Sixteen of the 19 sectoral indices compiled by BSE Ltd. declined with IT index dragging the pack with a 3.42% fall.
The market breadth is skewed in the favour of the bears. About 2,190 stocks fell, 1,182 rose and 189 remained unchanged.
ICICI Bank Coral RuPay Credit Card to be followed up with Rubyx and Sapphiro variants.
ICICI Bank is the second largest credit card issuer in the country with 1.37 crore cards in force in July.
Source: ICICI Bank statement
U.S. FDA has issued Form 483 with one observation after completion of inspection at Aurobindo Pharma's subsidiary Aurolife Pharma's Raleigh Plant in North Carolina.
The North Carolina plant is established for manufacturing metered dose inhalers (MDI) and derma products. So far, the unit has filed two derma products and one MDI product.
Aurobindo Pharma said that the observation by U.S. drug regulator is procedural in nature and there were no data integrity issues. The company also said it will work close with U.S. FDA to address the observation at the earliest.
Source: Exchange filing
Global investment firm KKR has launched Highways Infrastructure Trust, a roads infrastructure investment trust.
HIT is KKR’s third InvIT in India, in addition to Virescent Renewable Energy Trust and India Grid Trust.
HIT’s initial portfolio comprises six road assets with a length of over 450 kilometres across six states. The assets include a diversified mix of toll and annuity roads.
HIT is considering a pipeline of acquisition targets, including through its sponsor and seeks to invest in high-quality assets, including through bolt-on acquisitions.
Source: Press release
The market breadth is skewed in the favour of bears. About 542 stocks rose, 2,256 fell and 128 remained unchanged.
The deal pertains to providing high end engineering services for the company's suite of infotainment consoles for BMW's hybrid vehicles.
L&T Technology will provide services in areas of software build, integration, infotainment validation and defect management.
Source: Exchange filing
Yield on the 10-year bond rose 4bps to 7.26%, at the open.
Source: Bloomberg
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
Shares of Indian digital payment service providers are in focus after Finance Minister said that the time was not right to impose charges on such transactions, reported Mint newspaper, citing news agency ANI report.
RBI had earlier sought feedback from people on various charges proposed in payment systems.
In focus: One 97 Communications, SBI Cards, HDFC Bank, Infibeam Avenues.
Tamilnad Mercantile Bank’s IPO to run from September 5 to September 7.
The IPO consists of a fresh issue of 1.58 crore shares.
Proceeds of the issue will be used to augment the bank’s Tier-1 capital base.
Source: Draft red herring prospectus
Sula Vineyards IPO On Track Despite Spike In Market Volatility, CEO Says
U.S. Dollar Index at 109.12
U.S. 10-year bond yield at 3.08% on Friday
Brent crude down 0.4% to $100.6 per barrel
Nymex crude at $93.05 per barrel
SGX Nifty down 1.2% to 17,444 as of 6:05 a.m
Bitcoin down 1.4% to $19,706.7
Reliance AGM 2022: What To Expect From Mukesh Ambani’s Speech
Alkem Lab: Macquarie initiates coverage of the stock with 'underperform'; target price set at Rs 2,475, an implied return of 15%.
Ipca Lab: Macquarie initiates coverage of the stock with 'underperform', target price set at Rs 785, an implied downside of 14%.
Zydus Lifesciences: Macquarie initiates coverage of the stock with 'underperform', price target set at Rs 315, an implied downside of 18%.
Aurobindo Pharma: Macquarie initiates coverage of the stock with 'underperform', price target set at Rs 475, an implied return of -14%.
Cipla: Macquarie reinstated coverage with 'outperform', target price set at Rs 1,205, an implied upside of 18%.
Dr. Reddy's: Macquarie reinstated coverage with 'outperform', target price set at Rs 4,805, an implied upside of 14%
Lupin: Macquarie reinstated coverage with 'outperform', target price set at Rs 790, an implied upside of 21%
Sun Pharma: Macquarie reinstated coverage with 'outperform', target price set at Rs 1,100, a return potential of 25%.
Source: Bloomberg
UltraTech: The company commissioned cement capacity of 1.3 MTPA at Dalla Cement Works, Uttar Pradesh taking the company’s total cement manufacturing capacity in India now stands at 115.85 MTPA.
RITES: The company secured order with for redevelopment of Kollam Railway Station for Rs. 361.18 crores from Southern Railway, Ernakulam, Kerala. The company’s share in the order is 51%.
SRF: The company commissioned second BOPP Film Line & Metallizer at Indore for an aggregate cost of Rs 446 crore.
Cipla: Says U.S. FDA made six observations on Goa facility. Company is working with U.S. FDA to address the issues within stipulated time.
Mahindra & Mahindra: Says SsangYong Motor 'Rehabilitation Plan' approved.
Manappuram Finance: To consider raising funds via debt in September.
NDTV: Shifts AGM date to September 27 from September 20.
Syngene International: To buy up to 26% stake in O2 renewable energy II for Rs 3 crore.
Tata Steel: Signs pact with Punjab for long-PDTS steel plant, to have scrap-based electric arc furnace.
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