Daily Research Report || January. 05, 2023

The Tamil Nadu Cabinet on Wednesday approved industrial projects to the tune of ₹15,610.43 crore. The projects involved electric vehicle manufacturing, a cell-manufacturing plant, an automobile, wireless technology, an oxygen plant, and textiles. The projects are spread across the State and will come up in the districts of Krishnagiri, Theni, Pudukottai, and in suburban Chennai.

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved a scheme worth ₹2,539.61 crores for Doordarshan (DD) and All India Radio (AIR), in a boost to public sector broadcasting in the country. The investment announced under the Central Sector ‘Broadcasting Infrastructure and Network Development (BIND)’ scheme, will be up to 2025-26 and will aim to modernise the two entities run by Prasar Bharati. It is also the largest investment outlay by the government for the two public broadcasters under the BIND scheme.
 
The government on Wednesday said it has approved ₹28.11 crores to extend the interest-free loan to tobacco farmers of Andhra Pradesh.  This measure will help the FCV (Flue Cured Virginia) tobacco farmers overcome the damage caused by Mandous Cyclonic rains. The interest-free loan to the eligible farmers will be administered by the Tobacco Board

The government on Wednesday approved ₹2,614.51 crores investment for the 382 MW Sunni Dam Hydro Electric Project by state-owned SJVN Ltd in Himachal Pradesh. The Cabinet Committee on Economic Affairs chaired by Prime Minister Narendra Modi has approved the investment for 382 MW Sunni Dam Hydro Electric Project in Himachal Pradesh by SJVN Ltd, for an estimated cost of ₹2,614.51 crore, including ₹13.80 crore as budgetary support from Government of India for the cost of enabling infrastructure.
 

Telecom infrastructure company Indus Towers on Wednesday said it has appointed Prachur Sah as managing director and chief executive officer of the company with effect from January 3, 2023. The position had been vacant since the resignation of Bimal Dayal in July. Prior to his appointment as MD and CEO of Indus Towers, Sah led the oil and gas vertical of Vedanta, Cairn.

German automotive group Volkswagen's sales in India grew 85.48% to 1,01,270 units in 2022. The group's sales in India stood at 54,598 units in 2021. The strategy of the group, which is present in India through brands SKODA, Volkswagen, Audi, Porsche and Lamborghini, is spearheaded by SKODA AUTO Volkswagen India Pvt (SAVWIPL).

Business conglomerate Shapoorji Pallonji's housing platform Joyville will invest around ₹750 crores to develop a new housing project in Pune. Joyville Shapoorji Housing is a $200 million platform set up by Shapoorji Pallonji, ADB, IFC and Actis to develop housing projects. The company will develop nearly 1,350 housing units, including duplexes and penthouses, in this new 9-acre project with an estimated sales revenue of over ₹1,000 crores.

Varun Beverages, ABB India, Page Industries, and four other companies (Tata Elxsi, Bosch, Trent, and PI Industries) have entered the mutual fund (MF) industry’s large-cap companies list after a strong run-up in share price in the last six months of Calendar 2022 (CY22). They have replaced Muthoot Finance, Paytm, Bandhan Bank, Mphasis, Gland Pharma, and Piramal Enterprises, now consigned to the mid-cap bin. Shares of Varun Beverages surged 67% in the July-December period; ABB India rose 17%. Other additions to the list like PI Industries and Trent gained 34% and 26%, respectively.