Tata Motors to Supply 1,000 Buses to Haryana Govt - Top Indian Market Updates

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

Tata Motors to supply 1,000 buses to Haryana govt

Tata Motors Ltd has secured an order for 1,000 buses from Haryana Roadways. The company will supply 52-seater fully-built diesel buses in a phased manner. The buses offer superior passenger comfort, high fuel efficiency, reliability, and low total cost of ownership. The bidding process was carried out through the state government’s e-tender process.

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Ashok Leyland delivers 150 vehicles to Tanzania Police Force

Ashok Leyland Ltd has delivered 150 trucks and buses to the Tanzania Police Force. The supplies are part of a contract signed between Ashok Leyland and the Ministry of Home Affairs, Tanzania. It is financed through a long-term soft loan extended by the Export-Import (EXIM) Bank of India. Currently, the Tanzania Police Force has a fleet of 625 Ashok Leyland vehicles.

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Kolte Patil Developers raise ₹206Cr from Marubeni Corporation for new residential project

Kolte Patil Developers Ltd has raised ₹206 crore from Japan-based Marubeni Corporation for its upcoming residential project located in Pimple Nilakh micro market, Pune. Based on the agreement, Marubeni Corporation will be entitled to 2.85 lakh sq. ft. of saleable area. The Pimple-Nilakh residential project has a total development potential of nearly 8 lakh sq. ft.

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Maruti Suzuki partners with IIT Bombay to drive innovation programs for startups

Maruti Suzuki India Ltd (MSIL) has partnered with the Indian Institute of Technology, Bombay to drive innovation programs for startups. MSIL and the Society for Innovation & Entrepreneurship (SNIE) at IIT Bombay will jointly shortlist startups for some of the complex business problems identified by the automaker. SNIE will also support outreach and incubation of potential startups who can be part of MSIL’s innovation programs.

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Govt hikes windfall tax on domestically produced crude

The Indian government has raised the windfall tax on domestically produced crude oil from ₹9,500 per tonne to ₹10,200 per tonne. [A windfall tax is a higher tax rate levied by governments against certain industries when economic conditions allow those industries to experience above-average profits.] The Centre has also reduced the special additional excise duty on the export of diesel from ₹13.00 per litre to ₹10.50 per litre. The duty on aviation turbine fuel exports remains unchanged at ₹5 a litre.

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Jewellery industry estimated to register 60% growth in Q2 FY 2023: ICRA

According to rating agency ICRA, the domestic jewellery industry is estimated to have registered a healthy growth of 60% in Q2 FY23 compared to pre-Covid levels (Q2 FY20). On a year-on-year basis, the demand recorded a contraction of 2% in Q2 due to a high base. The industry grew 70% YoY in Q2 FY22 due to pent-up demand after easing of Covid-19-related restrictions.

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Blackstone acquires majority stake in R Systems for ₹2,904 crore

Global investment fund Blackstone has acquired a majority stake in R Systems International Ltd for $359 million (~Rs 2,904 crore). R Systems is a leading provider of IT services, specializing in digital product engineering. It serves over 250 customers in the technology, media, telecom, and financial services sectors globally. Blackstone acquired the stake from founder Satinder Singh Rekhi and other current promoters.

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RateGain partners with Booking.com for AI-powered solutions

RateGain Travel Technologies Ltd’s Content AI platform has established a new and improved integration with online travel agency Booking.com. The integration will help in seamless content distribution and easier property management. The Content AI platform will save customers’ time and allow travellers to see up-to-date content and images from the accommodation on Booking.com.

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TCS expands deal with HR services company Randstad

Tata Consultancy Services (TCS) has expanded an existing deal from Dutch multinational human resource consulting firm Randstad. The IT company will modernize Randstad’s application estate on the cloud, strengthen the security posture, and accelerate its transformation journey. Randstad selected TCS as a strategic transformation partner in 2016 to digitise its sourcing solutions.

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Bharti Airtel launches 5G services at Pune airport

Bharti Airtel has deployed its Airtel 5G Plus service at Pune Lohegaon Airport, making it the first airport in Maharashtra to enjoy ultrafast 5G services. Airtel customers with 5G smartphones will enjoy high-speed 5G service on their existing data plans. With this launch, Airtel has deployed its 5G network in 11 cities. 

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ABFRL to bring French Galeries Lafayette stores to Delhi, Mumbai

Aditya Birla Fashion & Retail Ltd (ABFRL) and Galeries Lafayette have entered into a partnership to open stores of the French luxury retailer in India in the next 2-3 years. They will also open a dedicated e-commerce platform. Galeries Lafayette is known for its luxury store at Boulevard Haussmann in Paris. The flagship stores in India will bring more than 200 luxury and designer brands under one roof.

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