Month: September 2023

Godrej Properties Acquires 109-Acre Land Parcel in Nagpur for Residential Plots

In a strategic move, Godrej Properties has acquired a vast 109-acre land parcel in Nagpur, signaling its commitment to the growing demand for residential plots in the post-COVID era. The development plans for this land include primarily plotted residential units, boasting an estimated saleable area of 2.2 million square feet. While the deal's exact worth and seller's identity remain undisclosed, insiders suggest a transaction value of around Rs 200 crore. This acquisition aligns with Godrej Properties' aggressive expansion strategy, aiming to strengthen its presence in Nagpur and other key Indian markets. Despite pandemic challenges, the company reported robust financial performance, with strong growth projections for this fiscal year.
Adani Group Firms’ Stocks Dip as Abu Dhabi’s International Holding Company Plans Stake Sale

Shares of two prominent Adani Group firms declined over 2 percent on September 29th due to an announcement by International Holding Company (IHC) regarding its intention to divest stakes in Adani Green Energy and Adani Energy Solutions. IHC's move is part of a broader portfolio rebalancing strategy. IHC's subsidiaries have entered into an agreement with an undisclosed buyer to sell their investments in these Adani companies, valued at significant amounts. Notably, IHC had made substantial investments in these firms in April 2022, indicating a potential loss on the stake sale. The Adani Group's strategic moves in the renewable energy sector remain a point of interest.
Potential Rollback of 40% Export Duty on Onions

In a bid to control rising onion prices, the Indian government imposed a hefty 40% export duty on Bangalore rose onions from Karnataka and Krishnapuram rose onions from Andhra Pradesh in August 2023. This decision sent shockwaves through the onion export market, resulting in a staggering 70% drop in exports. Meanwhile, a group of onion traders in Nashik initiated a strike on September 20, 2023, in protest of the export duty, though experts believe its impact on national onion prices will be limited. Rose onion exporters, represented by the Agri Commodities Exporters' Association, have formally requested the government to allow duty-free exports of 10,000 tonnes of these onions from October to December. The fate of this export duty remains uncertain, leaving stakeholders in the onion industry eagerly awaiting a government decision.
Muthoot Finance Ltd’s 32nd NCD Issue: A Lucrative Investment Opportunity

Muthoot Finance Ltd's 32nd NCD issue offers a secure investment opportunity with ICRA's high AA+ (Stable) rating. With an extended subscription period until October 6, investors can earn attractive interest rates ranging from 8.75% to 9% p.a. Retail investors enjoy an extra 1% p.a., making it even more appealing. This NCD offering provides flexibility with seven investment options and supports the company's lending activities
Government Allocates Rs 20,000 Crore for Kisan Credit Card Loans: Boosting Agricultural Support

In a significant move to bolster agricultural support, Union Agriculture Minister Narendra Singh Tomar recently unveiled a comprehensive plan aimed at uplifting the farming community. This initiative involves a substantial allocation of Rs 20,000 crore towards Kisan Credit Card (KCC) loans. Under this revitalized scheme, eligible beneficiaries will have access to loans of up to Rs 3 lakh. Another noteworthy aspect of the government's commitment to the welfare of farmers is the PM Fasal Bima Yojana. To date, an astounding Rs 1.41 lakh crore has been disbursed under this scheme, surpassing the premium collection of Rs 29,000 crore.
SpiceJet Ltd’s Compliance with Supreme Court Order: Payment to Credit Suisse

SpiceJet Ltd. has promptly complied with the Supreme Court's order, settling a $1.5 million debt owed to Credit Suisse. The payment was executed on September 14th, as per the court's directive. Failure to comply with the court's order could have resulted in "drastic action." This compliance signifies SpiceJet's commitment to resolving financial disputes legally.
Grasim Industries Dives into Decorative Paints with Birla Opus: A Strategic Move into India’s Thriving Market

Grasim Industries Limited, a prominent player in the Indian business landscape, is gearing up for an exciting venture with the launch of Birla Opus. This strategic move into the decorative paints segment reflects their ambition to become a significant player in India's burgeoning consumer market. With substantial investments, innovative products, and successful pilots in key metros, Grasim is poised to make its mark. Their state-of-the-art manufacturing facilities and a dedicated R&D center signal a commitment to excellence. As the decorative paints industry witnesses robust growth, Grasim's entry promises to bring fresh competition and quality choices to consumers.
RBI Directs Banks and NBFCs to Release Property Documents Swiftly Upon Loan Repayment

In a significant move to enhance borrower satisfaction and streamline lending practices, the Reserve Bank of India (RBI) has issued directives to banks and non-banking finance companies (NBFCs). These directives mandate the swift release of original movable and immovable property documents within 30 days of full loan repayment. Borrowers now have the choice to collect their documents from the loan-servicing branch or any other office of the regulated entity. Delays in document release, if attributable to the lender, will incur a daily compensation of ₹5,000. These changes will be effective for cases due on or after December 1, 2023, promising a more efficient and transparent lending experience for borrowers.
India’s Proposed 10% GST on Diesel Vehicles: A Push for Greener Roads

In a bold move aimed at curbing vehicular pollution, India's Road Transport Minister, Nitin Gadkari, is proposing a 10% additional Goods and Services Tax (GST) on diesel engine vehicles. This 'pollution tax' seeks to encourage the adoption of cleaner transportation alternatives in one of the world's most polluted countries. Gadkari is urging the automobile industry to shift its focus towards electric and bio-fuel vehicles as a solution to reduce diesel vehicle production. However, concerns have arisen within the industry about the potential negative impact on sales, particularly for commercial vehicles that predominantly rely on diesel. As discussions continue, the proposal highlights the growing global concern for environmental sustainability in the automotive sector.
Coinbase Discontinues Services in India: Withdraw Your Funds by September 25

In a surprising move, Coinbase, the global cryptocurrency exchange, has announced the cessation of its services in India, effective September 25, 2023. This decision comes amidst the backdrop of regulatory uncertainties within the Indian crypto landscape. Users are urged to swiftly withdraw their funds from Coinbase accounts before the impending deadline, emphasizing the importance of proactive action in the ever-evolving world of digital assets.