According to a research, the auto parts industry’s sales are expected to climb by 58% in FY24, driven by higher domestic demand. With greater premiumization of automobiles, an emphasis on localization, and enhanced export and regulatory standards, the industry is anticipated to reach revenues of over 2.5 lakh crore. The sector’s income increased by more…
The second round of the production-linked incentive (PLI) plan for the solar industry has awarded contracts to up to 11 businesses, including Reliance, ReNew, Indosol, First Solar, Tata Power Solar, and Avaada, for solar photovoltaic (PV) manufacturing projects totaling 39,600 MW capacity. The positive tender response is anticipated to support India’s aspirations to establish a…
Tuesday, as the US dollar fell in the foreign exchange market, the rupee strengthened 15 paise to end the day at 82.16 (provisional). Global oil benchmark Brent crude futures decreased 0.42 percent to USD 77.79 per barrel. At the interbank foreign exchange market, the local unit started out at 82.20 against the dollar and ultimately…
In the fourth quarter of the current fiscal, compared to the third quarter, Coal India Ltd (CIL) is projected to see a close to 17% increase in coal despatch to clients in the non-regulated sector (NRS). In Q4 FY23, 3.67 lakh tonnes of coal have been delivered on average daily to NRS customers. With a…
State-owned CIL announced on Friday that it is stepping up output in an endeavor to enhance coal supplies to the unregulated sector (NRS) without compromising supplies to the power industry. The announcement follows the Maharatna firm’s announcement a few days prior that it is preparing to satisfy the demand for coal from the power industry…
Indian Oil Corporation Ltd. (IOCL), a state-run company, announced on Wednesday that its board of directors has approved the construction of a petrochemical complex at Paradip in the Indian state of Odisha, at an estimated cost of ₹ 61,077 crores. The PSU refiner said in a statement that the petrochemical complex will include a world-scale…
JK Tyres & Industries stated on Tuesday that the industry is anticipated to increase at a double-digit rate due to a rebound in demand for compact automobiles and two-wheelers in India during the past two years. “The last couple of years back, when the auto sector was experiencing a slight slowdown because of Covid, the…
Rupee remained unchanged on Tuesday and ended the day at 82.6662 versus the dollar. The Indian rupee has essentially been flat over the previous week, as we predicted. This happened in spite of solid foreign investment and falling crude oil prices. The net inflows of foreign portfolio investors were close to $600 million in the previous…
When the Federal Reserve and other major central banks declared a concerted push to enhance dollar flows into the global financial system, experts suggested the U.S. dollar index is expected to remain bearish in the upcoming days. The announcement was made on March 19 by the Bank of Canada, the Bank of England, the Bank…
Foreign portfolio investor (FPI) inflows have been impacted by the halting of the dollar-to-rupee carry trade, according to analysts. Statistics indicate that in 2022, FPIs sold more than $16.5 billion worth of Indian shares, or $68 million per day. Including GQG investments in the Adani Group, FPI sales in 2023 to date total more than…
