LOCAL COMPANIES
Green bonds - Municipal bodies think change, climate change
Brihanmumbai's ₹10,224 crore FY25 climate budget signifies Indian municipal bodies' shift to sustainability. With Solapur, Vadodara, Bhopal, Indore, and Pimpri-Chinchwad leading green initiatives, CEO Masood Mallick highlights Swachh Bharat Mission, regulatory evolution, and public-private partnerships. NGT's environmental compensation emphasizes compliance, increasing the need for green financing.
Streaming giants challenge new Canadian revenue-sharing rules
Netflix, Disney, Paramount, and NBCUniversal challenge CRTC rules requiring 5% revenue be contributed to local news, Indigenous, and French content. The Motion Picture Association-Canada seeks federal court judicial review, questioning legal basis. Effective September, the regulation supports Canadian music, broadcasting, and is expected to raise C$200 million annually under Canadian federal law.
VinFast set to drive into India with locally assembled cars
VinFast, the EV arm of Vietnam's biggest conglomerate Vingroup, is expected to launch its first locally assembled car during the 2025 festive season. It is likely to sell its vehicles in the ₹25-30 lakh range, placing them in the premium affordable segment of India's burgeoning market for EVs. The models are likely to have a range of 300-500 kilometres.
Big Boost to Rudra and Prachand helicopters: Adani Defence and Thales Group to manufacture 70mm rockets in India
Adani Defence & Aerospace has partnered with Thales Group to produce 70mm rockets in India, supporting the "Make in India" initiative. This collaboration aims to enhance India's defence capabilities with locally produced rockets for HAL Rudra and Prachand helicopters, while also boosting the country's defence manufacturing sector and creating employment opportunities.
Mankind Pharma scouts for M&A deals to boost local branded biz
Mankind Pharma, the fourth-largest pharmaceutical company in India, led by Rajeev Juneja, is seeking mergers, acquisitions, and in-licensing deals to enhance its branded formulation business.
Brakes India forms JV with Japanese firm for advanced braking products
Brakes India and ADVICS announced a joint venture to develop and manufacture advanced braking products for the Indian light vehicle market, investing Rs 500 crore over three years. The partnership will focus on Electronic Stability Control (ESC) and leverage strengths in technology, localisation, and manufacturing processes. Products will initially target hybrid and electric vehicles, with plans to supply to the Indian market.
Govt seeks updates from hardware PLI beneficiaries
The Indian government is monitoring imports of laptops, tablets, and servers, focusing on 27 companies under the Production linked incentive (PLI) scheme 2.0 for IT hardware. The government is preparing to replace the current import management system with an import authorisation mechanism to make the country a global manufacturing hub. PLI-approved companies are required to submit monthly updates on their local manufacturing plans, such as the establishment of assembly lines, investments, and jobs.
Malaysia targets over $100 billion in semiconductor industry investment
Malaysia aims for $107 billion investment in its semiconductor industry, led by Prime Minister Anwar Ibrahim, targeting design, packaging, and manufacturing. The country is a key player globally, attracting major investments from firms like Intel and Infineon.
Indian entrepreneur shares plight of Schengen Visa delays, says even Rs 4 lakh and months of waiting aren't enough
An Indian investor based in London, Aashima Arora, missed an international flight despite spending over Rs 4 lakh and waiting months for a Schengen visa to visit Denmark. Arora, a venture capitalist at LocalGlobe, expressed frustration over the lengthy visa process, highlighting the impact on her business plans. The wait time for Schengen visas remains particularly high for Indian travelers.
Local pharma companies queue up for JB Chemicals & Pharmaceuticals
Mankind Pharma, Dr Reddy's Laboratories, and Torrent Pharma are interested in acquiring JB Chemicals & Pharmaceuticals from KKR. KKR's investment arm, TAU Investment, owns 53.78% in JB Chemicals, worth Rs 14,020 crore. The company's revenue doubled to Rs 3,484 crore in FY24 under KKR's ownership. JB Chemicals has made four acquisitions in the last four years, investing $200 million. However, global private equity funds are not pushing for JB Chemicals due to high valuations.
Companies knowingly violated FAME subsidy scheme, finds panel
The report, submitted by the panel earlier this month, counters findings of an earlier probe by a joint secretary in the Ministry of Heavy Industries (MHI) that said some key terms in the FAME were not clearly defined.
Expecting good response from many companies on EV policy: DPIIT Secy
India expects positive responses from automobile companies on its electric-vehicle policy to attract global players like Tesla through tariff tweaks. The government aims to encourage manufacturers to establish bases in India without incurring costs. Duty concessions and investment commitments are key incentives for setting up manufacturing units. Companies can import CBUs at reduced customs duty.
Indian IT’s reliance on H-1B dropped 56% over past 8 years
Indian IT companies’ reliance on H-1B visas has fallen over the years as they have ramped up local hiring in the US. High denial rates during the Trump administration along with tightening of the immigration regime have also decreased visa usage, experts said.
FMCG giants bite price bullet to keep small companies off their turfs
Market researcherfirm Kantar reports that local businesses operating in a single area increased their market shares by over 13% in the year that ended in April 2023, while national brands expanded by 9% in the same period. Kantar examined 13 categories in the personal care, home care, and food and beverage industries. Regional brands that operate in many markets experienced a 2% decline in market share, whilst unbranded enterprises witnessed a 5% decline in market share.
Tipplers toast local labels as big brands lose way in policy maze
State liquor policy changes result in scarcity of popular brands like Royal Stag, Budweiser, and Old Monk. Liquor stores push new brands due to supply chain disruptions. Mainstream brands limit supplies leading to a shift towards local brands, impacting the industry supply chains.
Local funds’ equity holding tops FPI assets for first time in April
A rising clout of the local funds augurs well for the Indian stock market since it helps in reducing the impact of the selling pressure by FPIs in times of global economic and geopolitical uncertainties. The DII share in the total institutional equities AUM of Rs 179 lakh crore rose by 172 basis points to a record 37.2%.
Health Insurance Claim: 43% policyholders faced difficulties, some had to wait an extra day at hospital, survey
Health Insurance claim: Many people in India are facing difficulties in getting their health insurance claim processed. "43% health insurance policyholders who filed a claim in the last three years struggled with getting it processed," as per a report by LocalCircles.
Local funds keep shopping despite market volatility
The domestic funds invested net Rs 32,823 crore in April 2024 taking the total investment in the current calendar year to Rs 1.2 lakh crore, which was about 68% of the total investment in the previous year.
Big 4's dominance: Local companies call for level playing field
Indian auditing firms are pushing for fair competition with multinational counterparts, expressing concerns over the Big Four's increasing dominance and alleged manipulation of regulatory loopholes. The Institute of Chartered Accountants of India (ICAI) recently investigated affiliates of EY, Deloitte, PwC, and KPMG, where the firms were able to obtain court stays against disciplinary actions by the ICAI disciplinary committee after years of scrutiny, according to local rivals.
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