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BUSINESS

GAIL and BPCL handshake is worth ₹63,000 crores!

What Happened

In a financial twist that could make even a billionaire's head spin, state-run GAIL (India) Ltd. and Bharat Petroleum Corp. Ltd. (BPCL) have sealed a 15-year agreement worth over ₹63,000 crore.


This deal involves GAIL sourcing a whopping 600 KTPA (that's kilotons per annum) of propane from BPCL's LPG import unit in Uran, Maharashtra. Well, it's all part of GAIL's grand plan to support their upcoming petrochemical facility in Usar, Maharashtra, which is set to be a game-changer in the Indian market


The BPCL LPG import unit, which is currently handling 1 million metric tonnes of propane and butane, will pump up its capacity to a massive 3 million metric tonnes. This expansion means they'll be swimming in propane and butane, essential raw materials for petrochemical wizardry.


Why It Matters

GAIL is about to unveil India's first-ever Usar-based propane dehydrogenation unit. What a mouthful! But in simpler terms, they're setting up a plant that will convert propane into propylene, a key ingredient in making polypropylene.

Polypropylene is used in everything from packaging to car parts, and the demand for this magical material is expected to skyrocket to a whopping 6.3 million tonnes by 2025. 

Zooming Out

Let's take a step back and look at the bigger picture. GAIL is not just a gas company; they are turning into a petrochemical powerhouse. In their FY23 annual report, they made it clear that they are all about new business initiatives.


All in all, GAIL is on a journey to propane paradise, and its deal with BPCL is just one step on this path. The future is bright for propane, petrochemicals, and, of course, GAIL. So, stay tuned for more thrilling developments in the world of propane-powered profits!

BIG MONEY MOVES

₹538 Crore Seized in Jet Airways Money Laundering Case

In connection with a money laundering case linked to Jet Airways, India's Enforcement Directorate has seized properties valued at over ₹538 crore.

These properties include 17 residential flats, bungalows, and commercial buildings, some of which are registered with Jet Airways' Naresh Goyal. The ED filed a chargesheet against Mr Goyal and five others for alleged fraud against Canara Bank.


Tata Steel reports a massive Rs 6,511 crore loss

On November 1, 2023, Tata Steel reported a consolidated net loss of Rs 6,511 crore for the second quarter of 2023-24, a significant turnaround from a net profit of Rs 1,297 crore in the previous year.

The company's European operations were the main drag on performance. Analysts had predicted a consolidated loss of Rs 700 crore due to weak European results.

BUSINESS

Reliance's ₹15,000 Crore Local-Currency Bond Gambit

What Happened

In a move that's causing quite a stir in the financial world, Reliance Industries, headed by the legendary Indian tycoon Mukesh Ambani, is contemplating raising a whopping ₹15,000 crore through a local currency bond.

Why It Matters

Well, this move, if it goes through, will be the biggest rupee sale ever for Reliance.

And their business interests are so vast that it's like they have a buffet of moneymaking schemes, from 5G services to green energy and financial services. The deal could play an essential role in further expansion and infrastructure development for the indian giant conglomerate.

Zoom out

 This move by Reliance Industries shows that they're gearing up for some exciting financial adventures. Their recent financial report is a testament to their prowess – they saw a 27% rise in their consolidated profit during the September quarter of FY24.
And their gross revenue? It jumped by 1.2%. It's like they're making money while they sleep!

BIG PICTURE

Manoranjan Mishra steps in as Executive Director 

The Reserve Bank of India has welcomed Manoranjan Mishra as an Executive Director (ED) starting November 1, 2023. Mishra's new role will involve overseeing the Enforcement Department, Risk Monitoring Department, and Department of External Investments & Operations.

With extensive experience spanning nearly three decades in the RBI, Mishra has contributed to shaping regulatory and supervisory policies on both national and international levels.


Pakistan and IMF Kick Off Talks for $710M Second Loan Tranche

Pakistan is entering negotiations with the International Monetary Fund (IMF) to secure the release of  $710 million out of a $3 billion loan.

The funds are vital for stabilizing Pakistan's debt-laden economy, particularly as elections loom in January. If the IMF review mission approves of Pakistan's actions, the tranche is expected to be released in December. 

BUSINESS

India Exim Bank's $1B Bond Hits LSE

What Happened

In a financial milestone, the Export-Import Bank of India (India Exim Bank) debuted on the London Stock Exchange (LSE) by listing its maiden 10-year $1 billion sustainability bond.

These sustainability bonds are like financial superheroes, as the funds raised are used for a mix of green and social projects.

India Exim Bank is all about financing and facilitating India's international trade. They first raised $1 billion in January, issuing this sustainability bond, which is part of their Environmental Social Governance (ESG) framework. 


Why it Matters

This listing opens up new horizons for India Exim Bank. It's like joining an exclusive club where they can access a vast pool of capital and attract a broader range of investors. In essence, it's an expansion of their financial playground.

The bond was also listed on the India International Exchange (INX), the country's first international exchange. And not to forget that it also signifies the strong collaboration between India and the UK in the financial sector.


Zooming Out

The financial world is evolving, and sustainability bonds are taking center stage. According to a report by S&P Global, we can expect to see a whopping $900 billion to $1 trillion in green, social, sustainable, and sustainability-linked bond (GSSSB) issuance in 2023.

The financial realm is gearing up for a sustainable makeover, and India Exim Bank's move is just one piece of this global puzzle.

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