Hero MotoCorp partners with BPCL to set up EV charging infra across India

Hero MotoCorp has partnered with Bharat Petroleum Corp Ltd (BPCL) to set up charging infrastructure for electric two-wheelers across India. The two entities will first establish a substantial charging infrastructure within the existing nationwide energy station network. They may broaden the collaboration to develop more synergies within the EV ecosystem and adjacent business verticals.

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Godrej Agrovet introduces new insecticide, eyes increased market presence

Godrej Agrovet Ltd (GAVL) has announced the launch of Gracia, an insecticide that helps control chewing and sucking pests in a variety of pulses and vegetable crops. The company believes the product will help strengthen its presence in the insecticides market. Gracia is a wide-spectrum product discovered and developed by Nissan Chemical Corporation Japan.

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Wipro invests in US-based AI start-up vFunction to boost cloud migration

Wipro Ltd has formed a joint go-to-market partnership with vFunction, a US-based start-up that has developed a scalable, AI-based technology platform. The partnership aims at modernising Java applications and accelerating migration to the cloud. Wipro Ventures, the IT major’s corporate investment arm, has invested in vFunction’s Series A funding round to deepen the strategic partnership.

Adani Group signs MoU with Ballard Power for hydrogen fuel cell JV

The Adani Group has signed a non-binding Memorandum of Understanding (MoU) with Ballard Power Systems to evaluate making a joint investment for the commercialization of hydrogen fuel cells in various mobility and industrial applications in India. Both parties will examine several options to cooperate, including potential collaboration for fuel cell manufacturing. Efforts under this MoU will be anchored by Adani New Industries Ltd (ANIL), a newly formed subsidiary of Adani Enterprises Ltd.

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Bharti Airtel likely to raise up to Rs 5,000 crore via rupee bonds

According to an ET report, Bharti Airtel Ltd is likely to raise up to Rs 5,000 crore through rupee-denominated bonds from the local market. The telco seeks to refinance high-cost debt and strengthen its balance sheet ahead of the 5G spectrum auction. It will be part of the Rs 7,500 crore fundraising plan announced by Bharti Airtel earlier this month.

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India expects fuel demand to grow 5.5% in FY23

Initial government estimates show that India’s fuel demand is likely to grow 5.5% in the next financial year (FY23). This reflects a pick-up in industrial activity and mobility after months of stagnation. India’s fuel consumption in FY23 (a proxy for oil demand) could rise to 214.5 million tonnes (MT) from the revised estimates of 203.3 MT for the current fiscal year. The estimates were released by the Petroleum Planning and Analysis Cell (PPAC).

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Marksans Pharma gets UK MHRA approval for Bells Healthcare’s all-in-one oral solution

Marksans Pharma Ltd. announced that UK Medicines and Healthcare products Regulatory Agency (MHRA) has granted market authorization to its subsidiary Bell Sons & Co. (Druggists) Ltd for Bells Healthcare All-in-One Oral Solution. The drug provides short-term symptomatic relief for colds, chill, and influenza. Mumbai-based Marksans Pharma is a global pharmaceutical company.

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There is a buzz and interest in market for LIC IPO, will go ahead with it: FM Sitharaman

Finance Minister Nirmala Sitharaman said the government will go ahead with the initial public offering (IPO) of Life Insurance Corp. of India despite market volatilities. “There is a buzz and interest in the market for the LIC IPO and we will be going ahead with it,” she said. LIC filed the draft red herring prospectus (DRHP) for its IPO with market regulator SEBI earlier this month.

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Samco Mutual Fund under fire from SEBI for misleading investors

Newly launched asset management company (AMC) Samco Mutual Fund has come under fire from SEBI for misleading investors during their maiden New Fund Offer (NFO). In January, Samco MF had kicked off their first NFO, Samco Flexi Cap Fund, publicizing it as a ‘pure’ equity scheme. 

Besides the equity component, the scheme intended to allocate up to 35% in TREPS (Tri-party repo dealing & settlement). Any allocation to TREPS is considered a cash call by the mutual fund scheme. Thus, SEBI is of the view was that any scheme with such a high cash allocation fails to be called a ‘pure’ equity scheme.