Adani Group to Invest Over $100 billion in Next Decade - Top Indian Market Updates

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

Adani Group to invest over $100 billion in next decade

The Adani Group will invest more than $100 billion in the next decade, said Chairman Gautam Adani at the Forbes Global CEO Conference in Singapore. Nearly 70% of this investment will be in the energy transition space. The group will add 45 gigawatts of hybrid renewable power generation capacity and build 3 giga factories to manufacture solar panels, wind turbines, and hydrogen electrolysers.

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Torrent Pharma to acquire Curatio Health for $245 million

Torrent Pharmaceuticals Ltd will acquire skincare major Curatio Health Care (I) for ₹2,000 crores. Following the Curatio deal, Torrent Pharma will be among the top 10 companies in the dermatology segment in India. Sequoia Capital-backed Curatio has a portfolio of over 50 brands that are marketed in India.

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Reliance Retail launches first outlet of 'Reliance Centro'

Reliance Retail Ventures Ltd announced the launch of its fashion & lifestyle departmental store “Reliance Centro” in Vasant Kunj, Delhi. Centro’s core offerings are curated to make it a one-stop fashion destination for mid-premium segment customers. The store offers categories including apparel, footwear, cosmetics, lingerie, sportswear, and accessories with over 300 Indian and international brands.

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Axis Bank eyes general insurance space: MD

Axis Bank MD & CEO Amitabh Chaudhry indicated that the lender may be interested in investing in a general insurance company if a good opportunity comes up. Under Chaudhry’s leadership, Axis Bank has been expanding its footprint in the financial sector space as it aims to challenge bigger rivals like SBI, HDFC Bank, and ICICI Bank to become a one-stop service provider.

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BHEL secures order for 2x660 MW Talcher Thermal Power Project Stage-III

Bharat Heavy Electricals Ltd (BHEL) has received a prestigious order for setting up the 2x660 megawatts (MW) Talcher Thermal Power Project Stage-III from NTPC Ltd. State-owned NTPC is investing ₹11,843.75 crore for this project. BHEL is an Indian government-owned engineering and manufacturing enterprise based in New Delhi, India. 

Power Grid to invest Rs 327.7 crore in Gujarat transmission line

Power Grid Corporation of India Ltd’s (PGCIL) board has approved an investment of ₹327.71 crore for the transmission project line in Gujarat. PGCIL will link its pooling station with Reliance Industries Ltd's Jamnagar oil refinery in Gujarat. The scheduled commissioning date is September 2023.

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Muthoot Finance signs MoU with Lulu International Exchange for ease of money transfer

Muthoot Finance has signed a Memorandum of Understanding (MoU) with UAE-based Lulu International Exchange to work as its collection partner. Through this partnership, Muthoot Fiance aims to drive convenience and ease of money transfer for over four lakh NRIs in the UAE region whose relatives have availed gold loans back home. NRIs can avail the service at any of the 89 branches of Lulu Exchange spread across the UAE. 

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HFCL secures orders worth ₹202 crore

HFCL Ltd has secured orders worth ₹202.6 crore from three customers. The company has received a purchase order of ₹167.60 crore from Reliance Retail and Reliance Projects & Property Management Services for the supply of optical fibre cables (OFC). It has also bagged an order of ₹35 crore from one of its overseas customers for the supply of OFCs and related accessories. 

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India's inclusion into key government bond index pushed back to next year: Report

As per a Reuters report, Indian government bonds will likely only be included in the JPMorgan emerging market global index early next year as the govt. still needs to address various operational issues. Investors had expected a decision on this could come this month when operators meet to review the composition of the index and after Russia's exit earlier this year. The rupee turned lower and bond yields rose after news of the delay in inclusion. 

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