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CORPORATE AND ECONOMY NEWS

* Rail Vikas Nigam: The company has been appointed as the implementation agency for the UTF Harbor Project in Maldives, worth Rs 1,544.60 crore. This is a strategic project of the Government of India.

* India Pesticides: The company’s subsidiary Shalvis Specialities has received environmental clearance for setting up manufacturing plant of agrochemicals and intermediates, API ingredients and intermediates and fine chemicals manufacturing unit in Hamirpur, Uttar Pradesh.

* Suryoday Small Finance Bank: The Reserve Bank of India has approved the reappointment of Baskar Babu Ramachandran as the MD and CEO of Suryoday Small Finance Bank. He will be the MD and CEO for another three years, with effect from January 23, 2023.

* Kwality Pharmaceuticals: The company has received an acknowledgement from Bulgarian Drug Agency for carrying out an inspection of its cephalosporin and oncology plant in Himachal Pradesh. It had made an EU Compliance application to Republic of Bulgaria for carrying out an inspection of Unit II in Himachal Pradesh, and Republic of Bulgaria accepted the application for EU Audit visit.

* Veritas India: Investor Swan Energy has raised its stake in Veritas India to over 40 percent, at 40.54%, from 36.40% earlier, whereas promoter Niti Nitinkumar Didwania's shareholding reduced by same percentage points to 16.96%, down from 21.1%, as per their share purchase agreement.

* MOIL: The company has received intimation from Government of India through the steel ministry appointing Ajit Kumar Saxena as chairman-cum-managing director. The appointment is till the date of his superannuation (December 31, 2025) or until further orders, whichever is earlier.

* Hariom Pipe Industries: The company has decided to acquire operating assets of RP Metal Sections. It has entered into asset transfer agreement with RP Metal Sections, the galvanized pipe and cold roll coil manufacturer, to purchase its operating asset. This unit is spread across 13.83 acres of land in Perundurai, Tamilnadu. The transaction cost is Rs 55 crore.

* BSE: Gets final approval from the market regulator SEBI to introduce Social Stock Exchange as a separate segment on the BSE.

* Hindustan Petroleum Corporation: Amit Garg appointed as director (marketing) on the board of the company till March 31, 2027.

* Punjab & Sind Bank: The board will meet on Friday to consider and approve raising Rs 250 crore through equity and debt instruments. As on September 30, the public sector lender’s capital adequacy ratio was 15.68%.

* RIL/Adani Enterprises/BPCL/GAIL: India is planning a $2 billion incentive programme for the green hydrogen industry, three sources told Reuters, in a bid to cut emissions and become a major export player in the field. The ?180-billion ($2.2 billion) incentive aims to reduce the production cost of green hydrogen by a fifth over the next five years, said a senior government official and an industry manager working in renewable energy. It would do this in part by increasing the scale of the industry, they said.

* Indian Energy Exchange: Indian Energy Exchange (IEX) on Tuesday announced the setting up of a wholly-owned subsidiary, International Carbon Exchange Private Ltd (ICX), to explore business opportunities in the voluntary carbon market. ICX will enable participants to buy and sell voluntary carbon credits at competitive prices through its transparent and reliable platform and facilitate the reduction of global GHG (greenhouse gases) emissions by 45% by 2030 to get on track to limit global warming to 1.5 degrees, IEX said in a statement.

* Coal India: Coal India Chairman Pramod Agrawal on Tuesday exuded confidence that the PSU will achieve the production target of 700 million tonnes for the current financial year.

GLOBAL MARKETS

Global Market Update

Wall Street ended lower at the beginning of a holiday-shortened week on Tuesday, as rising US Treasury yields pressured interest rate sensitive megacap shares. The Dow Jones Industrial Average rose 37.63 points, or 0.11 percent, to 33,241.56, the S&P 500 lost 15.57 points, or 0.40 percent, to 3,829.25 and the Nasdaq Composite dropped 144.64 points, or 1.38 percent, to 10,353.23.

Crude Oil

Oil prices were steady after hitting a three-week high on Tuesday as restarts at some US energy plants shut by winter storms offset gains stemming from hopes of a demand recovery as China eases its Covid-19 restrictions. Brent crude was up 41 cents, or 0.5 percent, at $84.33 a barrel, while the US West Texas Intermediate crude settled 3 cents lower at $79.53 per barrel.

SGX Nifty:

Trends in the SGX Nifty indicate a flat to negative start for the broader index in India with a loss of 64.50 points. The Nifty futures were trading around 18,081.50 levels on the Singaporean exchange.

Nifty Outlook:

Nifty opened gap up on Tuesday at 17890, made a high of 18149, made a low of 17967, and closed on a positive note at 18132 levels. For the day, support for the Nifty exists at 18000 and 17900 levels, whereas resistance for the Nifty stands at 18300 and 18400 levels.

Bank Nifty Outlook:

Bank Nifty opened gap up on Tuesday at 42828 made a high of 42927, made a low of 42394, and closed on a positive note at 42859 levels. For the day, support for Bank Nifty exists at 42500 and 42000 levels, whereas resistance for Bank Nifty stands at 43500 and 43800 levels.

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