Under new owner Tata Group, Air India targets 30% local market share in the next 5 years, versus its 8.4% share as of July.
Plan focussed on profitability and commercial efficiency.
Initiatives in areas like refurbishing cabins, serviceable seats, in-flight entertainment systems already underway, CEO Campbell Wilson said.
Source: Statement
We will revive the $70 billion west-coast refinery.
Identifying the location, it can be at same place or another location will be worked out.
We also want to offer some help to oil companies, otherwise they may default.
UpGrad has acquired corporate training firm Centum Learning in a share swap deal.
With this transaction, Bharti Enterprises Limited and its affiliates are joining upGrad’s cap table.
Centum’s business will continue to operate independently under the current CEO.
Centum is expected to clock a revenue of Rs 170 crore in FY23.
Source: Company statement
Shares of Tamilnad Mercantile Bank listed at Rs 510 apiece on the BSE, a discount of 2.85% to its upper band IPO price of Rs 525.
The stock fell 3.2% over its IPO price in early trade.
Source: BSE
Fitch estimates India to grow 7% in the year ending March 2023.
In June Fitch had estimated a growth rate of 7.8% for the year.
FY24 growth forecast also cut to 6.7% from 7.4% before
Source: Fitch statement
The broader indices outperformed their larger peers, rising nearly 1%. All 19 sectoral indices compiled by BSE advanced with telecom gauge adding over 1%.
The market breadth is skewed in the favour of bulls. About 2,069 stocks rose, 546 fell and 105 remained unchanged.
Yield on the 10-year bond fell 1bps to 7.11%, at the open.
Source: Bloomberg
U.S. Dollar Index at 109.67
U.S. 10-year bond yield at 3.40% on Wednesday
Brent crude up 0.48% to $94.55 per barrel
Nymex crude at $89.01 per barrel
SGX Nifty down 0.03% to 17,985.5 as of 6:05 a.m
Bitcoin up 1.33% to $20,211.7
Rupee depreciated 9 paise to 79.53, at the open.
Source: Bloomberg
GR Infraprojects: The company’s shareholders are offering upto 6.8% stake via offer for sale. Base offer consists of 57.04 lakh shares representing 5.9% stake and Greenshoe option of 8.7 lakh shares. Floor price is Rs 1,260 apiece, a discount of 9.3% on Wednesday's closing price. OFS will open on Sept. 15 for non-retail investors and Sept. 16 for retail investors.
HFCL: The company has received advance purchase order of Rs 341.26 crore from Bharat Sanchar Nigam Ltd. and of Rs.106.55 crore from RailTel Corporation of India Ltd.
KPI Green: The company has received order for executing Wind-Solar Hybrid Power Project of 4.2MW capacity from Nouveau Jewellery, Surat.
Tata Steel: The company has approved raising of funds of Rs 2,000 crore through non-convertible debentures.
Balaji Amines: The company completed first phase of 90-acre Greenfield Project and the di-methyl carbonate, propylene carbonate, and propylene glycol plant will be ready to commence commercial production by the end of September 2022. It also started construction in Phase 2 of Greenfield Project for Methyl Amine and Methyl Amine plants.
Asian stocks rose after their worst sell-off in two weeks. U.S. equities rebounded. The dollar was little changed.
Benchmarks in Japan, Australia and South Korea advanced. Indexes in Hong Kong and the mainland also gained after the People’s Bank of China kept its key rate unchanged. US futures climbed after the S&P 500 closed in the green thanks to dip buyers late in the session.
At 8:55 a.m., the Singapore-traded SGX Nifty--an early barometer of India's benchmark Nifty 50--traded 0.28% higher at 18,040.50 points.
Crude oil fluctuated amid optimism for demand with China easing Covid restrictions in the megacity of Chengdu.