Vedanta Secures Two Coal Mines in E-Auction - Top Indian Market Updates

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

Vedanta secures two coal mines in Odisha in e-auction

Vedanta Ltd has emerged as the highest bidder for two coal mines in Odisha on the second day of the commercial coal mines e-auction. The company won the bid for Ghogharpalli and its dip extension mines. Both coal mines are fully explored and have a peak rate capacity (PRC) of 20 million tonnes per annum. The government placed 10 coal mines on sale on Tuesday and Wednesday. 

Read more here.

Tube Investments to leverage Murugappa Group firms to boost EV business

Tube Investments of India (TII) is looking to leverage the expertise of all the companies within the Murugappa Group as it sets a roadmap for its electric vehicles (EV) business. The financing expertise of Cholamandalam Investment & Finance Co will help the company fund its customers. Group firms CG Power and Shanthi Gears can help make motors and gearboxes for electric vehicles. TII also plans to invest up to ₹1,000 crore in its EV business.

Read more here.

Tata Power Solar Systems to set up 100 MW project for SJVN in Gujarat

Tata Power Solar Systems Ltd (TPSSL) will set up a 100 megawatts (MW) ground-mounted solar project for SJVN Ltd in Gujarat for ₹612 crore. The project will get commissioned within 11 months. With this order win, TPSSL’s total portfolio will touch 9.9 gigawatt-peak (GWp). The company’s total order book currently stands at ₹15,520 crore.

Read more here.

Tamilnad Mercantile Bank to focus on phygital platform, network expansion: CEO

Tamilnad Mercantile Bank (TMB) will focus on strengthening its exposure in the phygital platform and expand its branch network during the current financial year (FY23), said MD & CEO S Krishnan. Retail, agriculture, and micro, small and medium enterprises (MSME) segments would be the bank’s focus areas, as this vertical comprises 88% of its exposure.

Shares of TMB made a muted debut on the NSE today, falling by 2.94% from the issue price. 

Read more here.

New momentum of auto industry's innovation for greener alternatives need of the hour: PM Modi

Prime Minister Narendra Modi stressed the need for the automobile industry's innovation for green alternatives to ensure environmental protection and help make India self-reliant. In a written address to the annual session of the Society of Indian Automobile Manufacturers (SIAM), he said the automobile sector has contributed to the all-round development and growth of the economy through new avenues for employment generation. 

Meanwhile, Kenichi Ayukawa, MD & CEO of Maruti Suzuki, said the Indian auto sector will be near 100% self-reliant by 2047.

Read more here.

Reliance Jio adds 29.4 lakh subscribers in July; Vi loses 15.4 lakh users

Reliance Jio added 29.4 lakh mobile subscribers in July 2022, taking its total subscription base to 41.59 crore. Bharti Airtel added 5.1 lakh subscribers, and its total user base stood at 36.34 crore. Meanwhile, Vodafone Idea (Vi) lost 15.4 lakh mobile customers in July, and its user base fell to 25.5 crore. Jio and Airtel further widened their market shares to 36.23% and 31.66%, respectively. Vi’s share narrowed to 22.22% in July.

Read more here.

L&T Construction secures significant orders

Larsen & Toubro Ltd’s (L&T) construction arm has secured a significant order (in the range of ₹1,000-2,500 crore). The Water & Effluent Treatment business has received an order from the Government of Odisha to execute a pressurized underground pipeline irrigation network system for the Lower Suktel Irrigation project. The project aims to provide water to irrigate 27,000 hectares of Culturable Command Area (CCA) in the Balangir district, Odisha. 

Read more here.

Mindtree designs remote digital solution for L&T green hydrogen plant in Gujarat

Mindtree Ltd has implemented a digital command and control solution for L&T’s recently-commissioned green hydrogen plant in Hazira, Gujarat. The solution enables remote monitoring and control of all services at the plant. It helps optimise operational and energy costs and drive effective utilisation of resources such as solar energy and battery energy storage systems.

Read more here.

BPCL divestment not on the table as of now: Oil Minister

The divestment of Bharat Petroleum Corporation Ltd (BPCL) is not on the table as of now, said Minister of Petroleum and Natural Gas Hardeep Singh Puri. In August, the Centre told Parliament that it will decide on re-initiating the process of BPCL strategic sale based on a review of the situation in due course.

In May 2022, the govt. formally withdrew its offer to sell its entire 52.98% stake in BPCL. A majority of bidders had expressed their inability to participate in the current privatisation process due to prevailing conditions in the global energy market.

Read more here.

UPL acquires 26% stake in Clean Max Kratos

UPL Ltd has acquired a 26% stake in renewable energy firm Clean Max Kratos Pvt Ltd. Clean Max was incorporated on July 28 with paid-up capital of ₹1 lakh. The company will develop and maintain a hybrid 28.05 MW solar and 33 MW wind power project. This project will enable UPL to increase its renewable energy usage to 30% of its total global power consumption (from the current level of 8%).

Read more here.

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