Business News at 10:00 am on 28th March, 2024

“Let’s begin with major Stock market news-The Bombay Stock Exchange on Wednesday announced that it has included Bajaj Auto, Bharat Petroleum, State Bank of India, and 3 Tata group companies among the 25 stocks eligible for optional T+0 settlement starting from March 28. Earlier this month, the capital markets regulator implemented a framework to introduce the beta version of the T+0 trade settlement cycle, initially on an optional basis. Initially, this option will be accessible for a restricted group of 25 scrips and with a limited number of brokers. Additionally, the adoption of the T+0 settlement system has the potential to offer investors increased trading prospects and decreased settlement risks, industry experts noted.” Up next – Adani Green Energy Limited on Wednesday announced that it has commissioned a 180 MW solar power plant at Devikot in Jaisalmer, Rajasthan. The plant has a 25-year power purchase agreement with the Solar Energy Corporation of India, it stated. The 180 MW solar plant, the company added, will produce approximately 540 million electricity units annually, powering over 1.1 lakh homes and reducing around 0.39 million tonnes of CO2 emissions. AGEL has deployed next-generation bifacial solar PV modules and horizontal single-axis solar trackers (HSAT) to maximise generation through better efficiency of modules and tracking the sun throughout the day. The plant is equipped with waterless robotic module cleaning systems, enabling water conservation in the barren region of Jaisalmer Moving on to the development in cricketing world – Sony Pictures Networks India has acquired the television and digital rights to broadcast and stream all New Zealand-based Blackcaps and White Ferns matches into India and associated territories for the next seven years. “We are looking forward to announcing our new partnership with New Zealand Cricket. I believe New Zealand is renowned for its sportsmanship and strength,” NP Singh, managing director and CEO of SPNI, stated. The deal, from May 1, 2024 to April 30, 2031, will include India’s tours of New Zealand in the 2026-27 and 2030-31 summers, as well as other bilateral Tests, ODIs, and T20Is played in New Zealand during the designated period. “In other major news – Larsen and Toubro announced today that its buildings and factories vertical within L&T Construction have secured numerous orders valued between Rs 2,500 crore to Rs 5,000 crore from both domestic and international markets. According to L&T’s categorization, orders falling within the Rs 2,500 crore to Rs 5,000 crore range are classified as ‘large’ orders. Among these recent wins, L&T will undertake the construction of the 165-bed Al Namaa General Hospital in Oman, commissioned by the Ministry of Health of the Sultanate of Oman. This project, scheduled to be completed within 30 months, encompasses civil structures, MEP services, medical equipment installation, finishing works, and external development, including landscaping.” “Moving ahead – IndiGo is planning to expand in size by adding new international and domestic routes, as the airline is set to meet the global aim of matching itself with India’s economic development, said CEO Pieter Elbers. In an interview, Elbers said that the next big leap for the country’s largest airline will be to increase two-fold by the end of the decade. By expanding its overseas business, IndiGo is looking forward to A321 XLR aircraft as it is going to be part of the airline by 2025. The airline has a market share of 60%. Further, the airline plans to have a combination of new domestic and international routes.” In Auto News – The 5-door Force Gurkha has been in development for ages. The standard 3-door version of the compact off-roading SUV was given a major overhaul in 2021, and soon after the launch, Force announced the development of a larger 5-door version of the same. Ever since then, test mules of the 5-door Gurkha have been spied on numerous occasions on the roads. However, it wasn’t until now when we received an idea about its prospective launch. The Pune-based automaker has sent “block your date invites” to media houses scheduled for the end of April. Hence, we expect Force to launch the 5-door Gurkha during this period or at the start of May 2024. Lastly – India has taken ‘strong objection’ to the remarks of the Spokesperson of the US State Department about certain legal proceedings in India. The Acting US Deputy Ambassador Gloria and was summoned by the Ministry of External Affairs to address concerns regarding comments made by the State Department over the recent arrest of Delhi Chief Minister Arvind Kejriwal. The meeting lasted for around 40 minutes and, India expressed “strong displeasure”. The Ministry added that “states are expected to be respectful of the sovereignty and internal affairs of others.” This development comes a few days after Georg Enzweiler, German Deputy Chief of Mission in New Delhi, was summoned. And India had conveyed strong protest regarding their Foreign Office Spokesperson’s comments on its internal affairs.