Reliance Jio Rolls Out 5G Services in 20 Cities - Top Indian Market Updates

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

Reliance Jio rolls out 5G services in 20 more cities

Reliance Jio has expanded its 5G services to 20 more cities across 11 states and Union Territories. With the launch, Jio 5G services are now available in 277 cities. The new cities where Jio today launched its 5G services include Sivasagar, Bhagalpur, Mormugao, Diu, Gandhidham, Bokaro Steel City, Hazaribag, Raichur, Satna, Chandrapur, Faizabad, Firozabad, Muzaffarnagar.

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NTPC Green Energy to raise up to Rs 9,000 crore term loan

NTPC’s subsidiary NTPC Green Energy Ltd (NGEL) has invited bids for rupee-denominated term loan of up to Rs 9,000 crore. NGEL intends to raise fresh debt and repay outstanding liability of Rs 8,200 crore towards NTPC by March 31, 2023, along with applicable interest costs. Funds to the tune of Rs 800 crore would be required for additional debt liability and balance capex payments of projects which are yet to achieve full commercial operations.

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Lumax Auto Technologies signs pact to acquire majority stake in IAC International Automotive India

Lumax Auto Technologies signed an agreement to acquire a majority stake in IAC International Automotive India from the International Automotive Components (IAC) Group at an equity valuation of Rs 587 crore. As part of this deal, 75% of the stake will be bought through an acquisition vehicle at Rs 440 crore, which will be paid in cash funded by debt and internal accruals. 

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HPCL switching from dollar to dirham & rouble to pay for Russian oil to avoid price cap issues

Hindustan Petroleum Corp Ltd (HPCL) is increasingly switching from dollar to dirham and rouble to pay for Russian oil to avoid trouble arising from the price cap imposed by the G-7 countries. HPCL is shifting to the currencies of the UAE and Russia following foreign banks' refusal to process payments in dollars.

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EV sales rise 28% in Q4 in India, mostly electric two-wheelers: Report

The sale of electric vehicles rose 28.86% quarter-on-quarter (QoQ) in Q4 2022 (October-December), according to the latest report of JMK research. The report claimed that a total of 3,57,248 EVs were sold in the quarter, the majority of which were electric two-wheelers. Nine electric two-wheeler models, six electric three-wheeler models, and five electric cars were launched in Q4

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HPCL’s Rajasthan Refinery Project to be fully functional by 2024

Union Petroleum Minister Hardeep Puri said the HPCL Rajasthan Refinery Ltd (HRRL) project will be ready by January 2024 and fully functional by 2024. The project cost was Rs 43,000 crore in 2018 and now, it has gone up to Rs 72,000 due to cost escalation. The minister also said this refinery would bring down India's import bill by Rs 26,000 crore.

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NSE in preliminary discussions with market participants for extending trading hours

The National Stock Exchange (NSE) is in preliminary discussions with market participants regarding extending trading hours for equity derivative contracts. Exchanges are of the view that the current trading hours are pushing volumes offshore. The discussions are centered around extending trading hours for equity derivative contracts, which could potentially allow investors to react to global events faster.

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Cyient partners with Thingtrax to enable manufacturers cut costs

Cyient Ltd. has entered into a partnership with Thingtrax to improve efficiency and cut costs for manufacturers. With the help of artificial intelligence-led data, the Cyient-Thingtrax partnership will enable manufacturers globally to improve their performance throughout the entire range of manufacturing operations.

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Adani staff manipulated information, removed warnings on website: Wikipedia

Nearly a month after Hindenburg Research posted serious allegations against billionaire Gautam Adani, Wikipedia editors now said employees of the Adani Group have "almost certainly" manipulated Wikipedia entries with non-neutral PR versions. Short-seller Nate Anderson (founder of the Hindenburg Research) said the new article shows how Adani systematically manipulated its Wikipedia entries using sock puppet accounts and undisclosed paid editors.

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