 "Top headlines: Jio Financial India's most valued NBFC, turmeric prices soar")
Jio Financial Services becomes India's most valued NBFC behind Bajaj twins
Jio Financial Services, a unit of Mukesh Ambani’s Reliance Industries (RIL), got valued at Rs 1.66 trillion ($20 billion) following an hour-long special trading session conducted by stock exchanges on Thursday. Shares of RIL’s unit got priced at Rs 261.85 apiece — higher than analysts’ expectations of Rs 134-224 per share. The price was arrived at after calculating the difference between RIL’s Wednesday close of Rs 2,840 and Rs 2,580, the price discovered during the first-of-its-kind pre-trade session. Read more
To 'green up' portfolio, REC to sign Rs 2 trn pacts with 20 renewable firms
REC, one of the biggest lenders to India’s power sector, is planning to sign memoranda of understanding (MoUs) worth Rs 2 trillion with close to 20 renewable energy companies (both public and private sector) to fund their energy transition projects. These include solar, wind power, green hydrogen, decarbonisation, and battery storage, among others. Read more
Tata subsidiary likely to invest $1 billion in battery units in first year
Agratas Energy Storage Solutions, a subsidiary of Tata Sons, plans to invest up to $1 billion in the first year to set up two battery giga-factories in the United Kingdom (UK) and Gujarat, industry sources said. Apart from getting sops from both the governments, Agratas may raise funds from London-based banks and its promoter Tata Sons. The key selling point of the company while raising funds would be guaranteed sales to its anchor customers, Jaguar Land Rover (JLR) and Tata Motors. Read more
Centre bans export of non-basmati white rice to boost domestic supply
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The Centre on Thursday banned the export of non-basmati white rice with immediate effect to boost domestic supply and help control inflation. Non-basmati white rice accounts for nearly 25-30 per cent of total rice exported from the country. The total exports of non-basmati white rice from India was $4.2 million in 2022-23, as against $2.62 million in the preceding year. Major destinations of India's non-basmati white rice exports include Thailand, Italy, Spain, Sri Lanka and the USA. Read more
After tomato and cumin seeds, turmeric prices soar on delayed sowing
After cumin seeds (jeera), tomatoes, and pulses, it is now the turn of turmeric to ride the inflation wave, with prices jumping nearly 42 per cent in less than a month due to delayed sowing in key regions, deficient stocks with traders, and talk of some shift in acreage attributable to low returns in the past few seasons. Some traders said there is some holding also happening of the pipeline stocks as realisations have improved after many years. On June 20, spot turmeric prices were roughly Rs 8,100 per quintal, which jumped to nearly Rs 11,500 per quintal (as on July 19), according to exchange data. Read more