PVR Plans to Open 125 Screens in FY23 - Top Indian Market Updates

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

PVR plans to open 125 screens in FY23 

PVR Limited expects the movie exhibition industry to bounce back "dynamically" in FY23 and plans to open around 125 screens during the year. The multiplex operator expects business to grow in the coming quarters, supported by the growth in the average ticket price (ATP) and spend per head (SPH) already witnessed in Q3 & Q4 FY 2021-22.

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Airtel Payments Bank partners with Axis Bank to digitize last-mile cash collection

Airtel Payments Bank has partnered with Axis Bank to digitise the cash collection system in India’s Tier-III cities and semi-urban regions. The payments bank will leverage the extensive reach of its digital-led neighborhood banking model to support Axis Bank with the digitization of last-mile cash collections. This partnership will help Axis Bank build operational efficiencies in the cash management process.

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Steel prices likely to go up again from July 1 on high input cost: JSPL MD

Steel prices are expected to rise from July due to high input costs, said Jindal Steel & Power Ltd (JSPL) Managing Director V R Sharma. "The prices have already bottomed out. There is no chance of reducing them further. There will be an upward price correction from Friday, July 1 by primary players mainly on account of higher input costs," he said. Secondary steel makers have already increased the price of rebars by Rs 2,000 to Rs 55,000 per tonne in the last four days.

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Minda Industries acquires 5.2% stake in FRIWO for €15 million

Minda Industries Ltd (MIL) has acquired a 5.24% stake in Germany-based FRIWO AG by investing 14.99 million euros. FRIWO AG designs, develops, and manufactures power supply systems, chargers, and motor control units. It is a public listed company, and its principal place of business is in Ostbevern, Germany.

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Tata Steel to spend Rs 1,200 crore on new tech development over 4 years

Tata Steel Ltd has announced plans to invest Rs 1,200 crore in new technology development over the next 3-4 years. In the new materials business, the steel maker has been focusing on graphene, which can be mixed with plastic and recycled like brand-new products. Tata Steel has signed a pact with Digital University Kerala and the Centre for Materials for Electronics Technologies (C-MET) to establish the first graphene research and innovation centre in India.

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Hindalco to acquire 26% stake in Cleanwin Energy SIX

Hindalco Industries Ltd will acquire a 26% stake in renewable energy generation company Cleanwin Energy SIX in an all-cash deal worth Rs 71.5 lakh. The proposed deal is part of Hindalco’s approach to reducing energy costs through open access to renewable energy generators. Cleanwin Energy was established in December 2021 with the intention of producing 5 MW of wind power.

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Al Faisal Holding selects Ramco Systems to enhance its HR and payroll systems

Qatar-based Al Faisal Holding has chosen to implement Ramco Systems' Global Payroll & HR Solution to streamline and automate its HR and payroll operations. It will also implement Ramco’s facial recognition-based time & attendance system for real-time tracking of the employees. 

Innova Captab files DRHP for IPO with SEBI

Innova Captab Ltd has filed a Draft Red Herring Prospectus (DRHP) with markets regulator SEBI to raise ~Rs 900 crore through an Initial Public Offering (IPO). The proposed IPO comprises fresh issuance of equity shares worth Rs 400 crore. It also includes an Offer For Sale (OFS) of 96 lakh equity shares by promoters and other shareholders. Innova Captab provides research, product development, and manufacturing services to Indian pharma firms.

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Allied Digital Services secures contract worth Rs 49 crore

Allied Digital Services Ltd (ADSL) has received a Letter of Intent (LoI) for an order worth Rs 49 crore for the Solapur Smart City project. The scope of the project entails the setting up of a city communication network, command control center, and city-wide surveillance system. ADSL will also establish intelligent traffic management systems across the city.