Storage tanks at the Reliance Industries Ltd. oil refinery in Jamnagar, Gujarat, India, on Saturday, July 31, 2021. Image: Dhiraj Singh/Bloomberg via Getty Imagesaj Singh/Bloomberg via Getty Images
Indian economy to grow rapidly in the next three years
India is likely to remain the fastest-growing major economy for the next three years, according to S&P. For FY24 the agency has retained its earlier forecast of 6 percent, and projected 6.9 percent for FY25 and FY26. Two factors aiding growth are falling crude prices and the consequent lowering of inflation. Vietnam and the Philippines are two other economies with a growth projection in excess of 6 percent.
(Economic Times, Mint)
ICICI Securities shares jump 11 percent on delisting plans
Shares of ICICI Securities rose 11 percent after the company announced it would explore plans to delist from the exchanges. The company, which had listed in 2018, has a market cap of Rs 20,000 crore. As of now, it is unclear whether shareholders will get a cash payout for their shares or if shares will be converted to shares in ICICI Bank. Since it is a wholly owned subsidiary of the bank it does not have to go through a reverse book-building process to delist.
(Economic Times, Mint, Business Standard)
SEBI to introduce ASBA-like facility for the secondary market
SEBI plans to introduce an ASBA (application supported by blocked amount) facility for the secondary market, whereby funds are not immediately transferred to the trading member. Under this, funds would be blocked until the clearing corporation releases the block of securities. The new facility would be for transactions done under UPI and would be available from January 2024.
(Hindu BusinessLine, Financial Express)
Demand for Tata Motors’ CNG variants surges
Tata Motors expects 10 to 12 percent of its sales to come from CNG vehicles in FY24. This is an increase from 6 percent in FY23. The company recently launched a CNG version of its small car Altroz and says that the differential between petrol and CNG is still substantial. CNG accounted for 13 percent of total vehicles sold in the country in the first two months FYY24, up from 3.5 percent in 2019.