Adani Wilmar Slashes Edible Oil Prices - Top Indian Market Updates

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

Adani Wilmar cuts edible oil prices by Rs 30 per litre

Adani Wilmar Ltd has announced a reduction in cooking oil prices by up to Rs 30 per litre amidst a fall in global prices. The price of Adani Wilmar’s Fortune soyabean oil has been revised from Rs 195 per litre to Rs 165 per litre. The sunflower oil rate has been reduced from Rs 210 per litre to Rs 199 per litre. The move comes after the Indian government had slashed import duties by 5.5% and asked manufacturers to pass it on to consumers.

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JSW Steel collaborates with BCG to work on decarbonisation goals

JSW Steel Ltd has partnered with US-based Boston Consulting Group (BCG) to meet its decarbonisation goals. The steelmaker has an ambitious target of reducing its carbon emission by 42% YoY by 2029-30 (compared to the base year 2005). This collaboration will focus on applying digital and analytics to track, measure, and enhance JSW Steel’s environmental performance.

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Bank of Maharashtra Q1 Results: Net profit doubles to Rs 452 crore

Bank of Maharashtra reported a 117% YoY jump in net profit to Rs 451.9 crore for the quarter ended June (Q1 FY23). Total income fell 0.5% YoY to Rs 3,774.32 crore during the same period. The bank’s gross non-performing assets (GNPA) ratio stood at 3.74% in Q1 FY23, compared to 6.35% in Q1 FY22. Provisions fell 27% YoY to Rs 548.41 crore.

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Jio puts in highest EMD at Rs 14,000 crore for 5G spectrum sale

Reliance Jio Infocomm, Bharti Airtel, Adani Data Networks, and Vodafone Idea (Vi) have put in earnest money deposits (EMDs) of Rs 14,000 crore, Rs 5,500 crore, Rs 100 crore, and Rs 2,200 crore, respectively. The EMDs are part of applications that the applicants filed to the Department of Telecommunications (DoT) to participate in the upcoming 5G spectrum sale, starting July 26.

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Hindalco partners with Israel's Phinergy to develop aluminium-air batteries for EVs in India

Hindalco Ltd has signed a Memorandum of Understanding (MoU) with Israel-based metal-air battery technology pioneer Phinergy to develop and pilot the production of aluminium (Al) plates for aluminium-air batteries in India. In an aluminium-air battery, energy is released when Al reacts with oxygen in ambient air to produce aluminium hydroxide. Due to its lightweight and high energy density, such a battery becomes ideal for electric vehicles (EVs).

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Cyient partners with Honeywell to make cloud-connected cockpit system

Cyient Ltd has partnered with Honeywell to manufacture the aviation industry's first cloud-connected cockpit system— The Honeywell Anthem. It will be driven by a versatile software platform that can be modified for every type of aircraft, including passenger & cargo planes, business jets, and helicopters. The proposed flight deck will have an intuitive interface modeled after smart devices, powered by good connectivity.

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Jindal Stainless to supply 3,500 tonnes stainless steel for railway link tunnel project

Jindal Stainless Ltd will supply 3,500 tonnes stainless steel for the Indian Railway's Udhampur-Srinagar-Baramulla Railway Link (USBRL) tunnel project. This will be the first-ever application of stainless steel cable trays in an Indian railway project. The USBRL tunnel project is a 272 km-long railway link between Jammu and Kashmir. It will provide an all-weather and reliable connectivity between the two cities.

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Zydus Lifesciences gets USFDA approval to market generic antifungal medication

Zydus Lifesciences Ltd’s subsidiary has received approval from the US Food & Drug Administration (USFDA) to market antifungal Efinaconazole Topical solution. The pharma group will produce the drug at its topical manufacturing facility in Ahmedabad. As per IQVIA MAT May 2022 data, the generic version of the drug had annual sales of $292 million in the US.

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HCL Technologies wins multi-year deal from DSM

HCL Technologies Ltd has signed a multi-year deal to drive the modernization of the core IT business systems of Dutch health and nutrition multinational DSM. The company will implement IT service delivery solutions for approximately 18,000 end users across 200 sites in more than 50 countries. HCL’s Fenix 2.0 digital execution framework will drive transformation at scale across DSM’s business units and product lines.

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