Newswala aaya, subah ki chai ke saath fresh news laya. Good Morning!
 

MARKETS

Markets: The Indian equity market rebounded as banking stocks led the recovery, with the Nifty closing above 21,700. The Sensex gained 482 points to reach 71,555.19, and the Nifty Bank index rose by 1.38%, closing at 45,502.40. In sector performance, all indices, except metals (down 2%), closed positively. The banking, healthcare, information technology, and capital goods sectors showed gains ranging from 0.4 to 1.5%.

BUSINESS

Kalyani Group's ₹26,000 Crore Odyssey in Odisha

What happened

Kalyani Steel Limited is set to invest a whopping ₹26,000 crore in establishing a state-of-the-art manufacturing complex in Gajamara, Odisha. The complex will focus on crafting titanium metal, aerospace components, integrated advanced speciality steel, and automotive components. This ambitious venture, approved by the state cabinet, marks a significant milestone as the first aerospace and defence manufacturing complex in Odisha.

Why it matters

The approval comes with a special incentive, highlighting Odisha's dedication to fostering growth and innovation, especially in high-potential sectors like aerospace, defence, and automotive manufacturing. 

• With a combined investment exceeding ₹26,000 crore and the promise of over 12,000 job opportunities, the projects are poised to revolutionize industrial growth and employment prospects in the state.

The project extends beyond Kalyani Group, as it is expected to bring in vendors in the manufacturing and service sectors, providing a boost to local MSMEs and start-ups. This ripple effect in employment and entrepreneurship is a strategic move that aligns with the state's enthusiasm for collaboration and support for the Kalyani Group's initiatives.

Zoom out

Odisha's collaboration with the Kalyani Group reflects a forward-looking approach, anticipating manifold benefits for the state. The project not only marks a significant economic boost but also positions Odisha as a hub of manufacturing excellence. As Kalyani Group embarks on this multi-billion rupee odyssey, the state eagerly anticipates the positive impact on job creation, skills development, and local business empowerment. 

BIG MONEY MOVES

Mizuho Bank invests ₹1,200 crore, acquires 15% stake in Credit Saison India

Japan's Mizuho Bank has acquired a 15% stake in Credit Saison India for ₹1,200 crore, marking Credit Saison's first external investment. The strategic move supports CS India's goal to become a diversified lending franchise, emphasising growth and profitability. With an NBFC license since September 2019, CS India boasts 1.2 million active loans, valued at over ₹10,000 crore.

Nvidia surges past Amazon in market valuation race, hits $1.78 trillion

In a remarkable surge, Nvidia surpassed Amazon in market value, reaching $1.78 trillion, making it the fourth most valuable US-listed company. Fueled by high demand for its AI computing chips, Nvidia's shares rose nearly 50% in the new year. Nvidia's ascent reflects the ongoing AI boom, with substantial capital investments in data centres driving its impressive growth.

BUSINESS

Hindalco Strikes Gold in Q3, Profits Skyrocket by 71%

What happened

Aditya Birla Group's Hindalco Industries just pulled off a profit spectacle. The company reported a staggering 71% YoY rise in consolidated net profit, hitting a cool ₹2,331 crore in the December quarter. Hindalco's Managing Director, Satish Pai, attributed this financial magic to record-breaking performances in their copper and aluminium businesses.

Why it matters

The company’s consolidated revenue did a tiny shuffle, down by 0.6% to ₹52,808 crore, but the real showstopper is the profit surge. 

• The copper business's EBITDA soared by 20% YoY, thanks to robust operations and volume growth. 

• Not to be overlooked, the Aluminium Upstream business danced its way to a 54% YoY rise in EBITDA, flaunting stable operations and lower raw material costs. 

It seems they're comfortably sitting in the first quartile of the global cost curve. While the shares initially did the cha-cha downwards by 12% post-announcement, let's not forget the extended applause for Satish Pai. The board, clearly impressed by the financial magic, has given a standing ovation in the form of extending Pai's term for another four years.

Zoom out

Hindalco stands as the global leader in aluminium, boasting the highest revenues in the industry. Additionally, it holds a prominent position in the copper sector, meeting over 50% of the nation's copper demand. Despite the brief shares stumble, Hindalco's Q3 performance takes centre stage, proving that even in the world of numbers, a little magic can go a long way.

BIG PICTURE

🫣 EU proposes sanctions on Indian and Chinese companies

The European Union is considering sanctions on two dozen companies, including one from India and three from China, accusing them of supporting Russia's war in Ukraine. Trade restrictions are proposed for these firms engaged in technology and electronics, allegedly contributing to Russia's military capabilities.

The move aims to curb Russia's access to sanctioned goods through third-country entities, posing a significant challenge to the EU's relationship with China.

🖥️ Vedanta Aluminium unveils cutting-edge e-commerce platform

Vedanta Aluminium has stepped into the digital realm with the launch of 'Vedanta Metal Bazaar,' an e-commerce platform featuring over 750 primary aluminium products. The platform promises just-in-time delivery, real-time AI-driven pricing, and end-to-end visibility.

Pioneering global-first features, it offers online price discovery, live shipment tracking, and seamless financial reconciliation. This move marks a significant leap in the procurement landscape, providing customers with a streamlined and tech-savvy avenue for their aluminium needs.

BUSINESS

SII Aims High with Plan to Produce 70 Million HPV Vaccine Doses 

What happened

The Serum Institute of India (SII), based in Pune, is gearing up to elevate its annual production capacity for quadrivalent human papillomavirus (HPV) vaccines to a staggering 70 million doses. This decision aligns seamlessly with the government's initiative to introduce the HPV vaccine, aimed at combating cervical cancer among girls aged 9-14 years. The company currently produces 2-3 million doses of the Cervavac vaccine and eyes a significant expansion.

Why it matters

SII's ambitious plan rides on the coattails of the government's commitment to incorporating the HPV vaccine into the universal immunization program (UIP). The National Technical Advisory Group on Immunization (NTAGI) has given a nod for the vaccine's inclusion, potentially transforming accessibility. Discussions on pricing for the government set-up are underway, promising a positive impact on vaccine accessibility and the fight against cervical cancer.

The Cervavac vaccine, priced at ₹2,000 for two doses in private hospitals, could witness a surge in availability and affordability with its potential inclusion in the UIP. SII's collaboration with the Union Health Ministry sets the stage for a significant stride in public health.

Zoom out

As SII sets the stage for a massive surge in HPV vaccine production, the battle against cervical cancer receives a potent ally. The strategic alignment with government initiatives opens doors for wider vaccine accessibility, potentially turning the tide against a prevalent health concern. With discussions ongoing, the move not only marks a significant leap in vaccine production but also positions SII as a pivotal player in India's healthcare narrative.

MIRCH MASALA

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