India’s services PMI falls to lowest level in 11 months in June

India’s services sector activities fell to their lowest level in 11 months as new businesses and output declined. The IHS Markit India Services Purchasing Managers’ Index (PMI) stood at 41.2 in June, compared to 46.4 in May. PMI is a month-on-month calculation and a value below 50 represents contraction when compared to the previous month. International demand for Indian services continued to deteriorate in June, with new export orders falling for the 16th consecutive month.

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Govt to sell up to 7.49% stake in NMDC via OFS on Tuesday

The government will sell up to a 7.49% stake in National Mineral Development Corp (NMDC) through an offer for sale (OFS) on Tuesday (July 6). The Centre will sell its 4% stake (or 11.72 crore equity shares) in NMDC at a floor price of Rs 165 per share. The floor price is set at a nearly 6% discount to Monday’s closing price. The OFS also includes a greenshoe option to sell an additional 3.49% stake (or 10.22 crore shares) of NMDC. After the completion of the OFS, the government’s shareholding in NMDC will reduce to 60.8%.

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MCX signs pact with Europe’s EEX to share expertise on electricity derivative products

Multi Commodity Exchange of India (MCX) has signed a Memorandum of Understanding (MoU) with European Energy Exchange AG (EEX) to share knowledge and expertise on electricity derivative products. The MoU will facilitate cooperation between the two exchanges in areas such as education & training and organising events in the domain of electricity derivatives. EEX is a leading energy exchange in Europe that develops, operates, and connects secure and transparent markets for power and other energy products.

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ITD Cementation secures orders worth Rs 585 crore

ITD Cementation India Ltd has secured two orders worth approximately Rs 585 crore. The first order consists of the development and construction of ‘Dream City Depot’, including electrical and mechanical works, in connection with Phase-1 of the Surat Metro Rail Project. The second order has been received from Military Engineer Services for the construction of an Aero Space Museum at Air Force Station in Palam, Delhi. It also includes the installation of mechanical and electrical systems, a rainwater harvesting system, etc. 

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Tata Communications introduces Virtual Video Assisted Referee solution

Tata Communications Ltd announced the launch of a Virtual Video Assisted Referee (V-VAR) solution. It enables an unlimited number of referees, judges to connect remotely from anywhere across the globe and assess/analyse sporting events. SailGP (a global sailing championship) will be the first sports event to deploy the company’s V-VAR solution. 

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Sales volume in IEX real-time power market jumps 3-fold in June

The sales volume of the real-time power market (RTM) jumped over three-fold year-on-year (YoY) to 1,726 million units (MU) in June 2021 at the Indian Energy Exchange (IEX). RTM allows consumers to buy power just one hour below delivery. IEX traded 7,093 MU of electricity volume in June, registering a 48% YoY growth. The term-ahead market (comprising intraday, contingency, daily & weekly contracts) traded 641 MU last month, recording a 539% YoY growth.

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Heranba Industries gets environmental clearance for Rs 110 crore expansion

Heranba Industries Ltd has received environmental clearance from the Ministry of Environment, Forest, and Climate Change for the expansion of manufacturing capacity at its facility in Gujarat. The expansion plan consists of setting up an additional manufacturing capacity of 24,900 tonnes per annum (TPA) for producing insecticides, fungicides, and pesticide intermediates. The estimated cost for the project is Rs 110 crore.

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Godrej Consumer expects double-digit sales growth in Q1 

Godrej Consumer Products Ltd (GCPL) said it expects strong double-digit growth in sales at the consolidated level for the quarter ended June (Q1 FY22). The demand trends in various categories remained steady across all countries the company operates in. GCPL’s home care segment saw strong sales growth in Q1, led by household insecticides. There was high demand for personal care and hygiene products as well.

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Religare’s shareholders approve Rs 570 crore preferential issue

The shareholders of Religare Enterprises Limited (REL) have approved the preferential issue of fresh equity shares worth Rs 570 crore. The company will allot 5.41 crore equity shares at Rs 105.25 per share to existing shareholders, including Burman Family, Ares SSG Capital, and select marquee investors. Noida-based Religare Enterprises provides broking services for equities, currencies, and commodities. It also offers financial services for small and medium enterprises (SMEs).

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HDFC Bank reports 14% YoY loan growth in Q1

HDFC Bank reported a 14% YoY growth in its loan book to Rs 11.47 lakh crore for the quarter ended June 30 (Q1 FY22). Loan advances grew 1.3% when compared to the previous quarter. The bank’s deposits grew over 13% YoY (or 0.8% QoQ) to Rs 13.4 lakh crore in Q1. Total retail disbursements at the end of Q1 stood at Rs 43,600 crore, a growth of 202% YoY. During the same period, HDFC Bank purchased loans aggregating to Rs 5,489 crore through a direct assignment route under a home loan arrangement with HDFC Limited.  

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SEBI announces new rules to make MIIs pay for technical glitches

Market regulator SEBI has issued a detailed framework for penalising market infrastructure institutions (MIIs) for technical glitches. MIIs include stock exchanges, clearing corporations, and depositories. Under the new framework, MIIs will have to pay Rs 1 lakh per day in case of delay in submission or incomplete submission of root cause analysis (RCA). A comprehensive RCA report needs to be submitted within 21 days of an incident. The failure to timely address a technical glitch will attract Rs 2 lakh per day for the first 15 days.

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