Maruti Suzuki to Recall 9,125 Vehicles - Top Indian Market Updates

Here are some of the major updates that could move the markets tomorrow:

Maruti Suzuki to recall 9,125 vehicles to fix possible defects in seat belts

Maruti Suzuki India will recall 9,125 units of Ciaz, Brezza, Ertiga, XL6, and Grand Vitara models to fix possible defects in a part of the front row seat belts. The affected vehicles were manufactured between November 2-28, 2022. The automaker has decided to recall the suspected vehicles for inspection and replacement of the faulty part, free of cost.

Read more here.

Global airline industry to post $6.9 billion loss in 2022: IATA

The global airline industry is projected to report a lower loss of $6.9 billion in 2022, according to International Air Transport Association (IATA). There were stronger passenger yields and cost control measures by airlines amid rising fuel prices. The industry registered a loss of $42 billion and $137.7 billion in 2021 and 2020, respectively. IATA said the global airline industry is expected to return to profitability in 2023 and post a small net profit of $4.7 billion.

Read more here.

Bharti Airtel launches WorldPass, a data pack for roaming across 184 countries

Bharti Airtel has revamped its international roaming (IR) offerings under the newly launched WorldPass, which offers IR services in 184 countries. A customer with a layover at an international airport or travelling to two or more countries can use one plan for the entire trip. The pass also gives customers access to 24x7 call centre support from any corner of the world free of cost on call and WhatsApp.

Read more here.

ABFRL leads race to acquire TCNS Clothing

Aditya Birla Fashion & Retail Ltd (ABFRL) is now the frontrunner to acquire TCNS Clothing Co, owner of the listed women’s branded apparel retailer that owns brands such as W, Elleven, and Aurelia. This could well be the largest branded apparel buyout by the $60-billion Aditya Birla Group. Promoters of the retailer (New Delhi-based Pasricha family) and private equity investor TA Associates together own 61.24% of TCNS Clothing.

Read more here.

World Bank upgrades India's GDP growth forecast to 6.9% for FY23

The World Bank cut India's gross domestic product (GDP) growth forecast for FY23 from 7.5% to 6.5% in October. Now, it has upgraded the projection to 6.9% for FY2022-23 (April 2022-March 2023). A senior economist at the WB said that India is better positioned than its peers to weather external financial shocks this financial year.

Read more here.

India's thermal power generation rises 16% YoY in Nov

India's thermal power generation rose 16.28% year-on-year (YoY) to 87,687 million units (MU) in November. The country's overall power generation increased by 14.63% YoY to 1,18,029 MU last month. Power utilities' despatch rose 3.55% YoY to 62.34 million tonnes (MT) during November 2022. Total coal output also rose 11.66% YoY to 75.87 MT.

Read more here.

Gravita India begins production at recycling plant in West Africa

Gravita India Ltd (GIL) has started commercial production of aluminium cast alloys from a new recycling plant in Togo, West Africa. The plant is operated by Gravita Togo SAU, a step-down subsidiary of GIL. With an annual capacity of 4,000 million tonnes per annum (MTPA), it can produce aluminium cast alloys in Phase 1. The company forecasts an additional revenue of ₹60 crore per annum from the new capacity.

Read more here.

Adani Green raises Japanese Yen-denominated refinancing facility

Adani Green Energy Ltd, through its subsidiary Adani Solar Energy AP Six Pvt Ltd, has raised Japanese Yen-denominated facility to refinance its existing debt. The facility comprises JPY 27,954 million (or $200 million) amortising project loan facility. The project loan facility is supported by AGEL’s strong relationship with MUFG Bank Ltd and Sumitomo Mitsui Banking Corp, with equal participation.

Read more here.

IDFC First partners with Sa-Dhan to provide digital microfinance solutions

IDFC First Bank has partnered with the association of microfinance institutions (MFI) Sa-Dhan and Delhi-based fintech solutions provider NextGen to provide digital microfinance solutions to feature phone users. This partnership will help in developing a new payment and collection system by using feature phones. It will provide additional benefits for entities in the MFI ecosystem, including UPI, banking & wallets, bill payment systems, and individual & merchant money transfers. 

Read more here.