Adani Ports & Special Economic Zone emerges as the top gainer in the market, with a significant increase in trading volume.
Tata Motors announces the construction of a state-of-the-art vehicle manufacturing facility in Ranipet, Tamil Nadu. The plant, the second in southern India, will create around 5,000 job opportunities. The investment strengthens Tamil Nadu’s position as the automobile capital of India, reminiscent of Hyundai’s transformative impact on the region during Kalaignar’s tenure.
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The Assam cabinet has approved incentives for the Tata Semiconductor Assembly and Test project, which received a 27,000 crore investment approval from the Union Cabinet. In addition, the cabinet introduced new projects including the introduction of the Meitei/Manipuri Mayek script and the beautification of Rang Ghar. The cabinet also cleared the draft Assam State Prosecution Service (Amendment) Rules.
The Karnataka government has given approval to six new projects and eight additional investment proposals, amounting to ₹17,835.9 crore. These projects are expected to generate around 27,000 employment opportunities across the state. The State High-Level Clearance Committee, led by Chief Minister Siddaramaiah, cleared these business proposals in its 63rd meeting. The government aims to promote economic growth by decongesting the capital city and spreading development ‘Beyond Bengaluru’
China’s BYD, the world’s largest electric car maker, will focus on strengthening its position in the luxury electric vehicle segment in India. The senior vice-president of BYD India’s electric passenger vehicle business stated that the company will showcase its technology and focus on premium electric vehicles priced above Rs 30 lakh. With India being a big market and the fourth largest for passenger vehicles globally, BYD sees long-term prospects in this market. However, the Indian government’s scrutiny of investments from China has affected BYD’s immediate growth plans in the country.
Siddhant Chhabria, Fund Manager at Mirae Asset Investment Managers, believes in the long-term growth of consumer discretionary, new-age, and building materials sectors. He discusses the moderation in real consumption growth, the shift towards discretionary items, and the uneven recovery in consumption post-Covid. Chhabria also highlights the opportunities in the real estate upcycle and the potential of building materials as a proxy to play the upcycle. He emphasizes the attractiveness of the consumer theme and the key drivers behind its growth.
Flipkart Internet, the marketplace arm of Walmart-owned ecommerce firm Flipkart, received a cash infusion of about Rs 924 crore ($111 million) from its related entities based in Singapore. This investment comes as rival Amazon has invested over Rs 1,000 crore in its India entities this year. Flipkart is also in talks to raise $1 billion, with parent Walmart committing to inject $600 million. This article discusses the recent investments in Flipkart and its plans for future fundraising.
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