Morning Alert..
* Indo-Russian joint venture begins manufacturing Kalashnikov AK-203: Rostec*
An Indo-Russian joint venture has started manufacturing Kalashnikov AK-203 assault rifles in Uttar Pradesh's Amethi, a move that will lend greater firepower to the Indian armed forces. Indo-Russian Rifles Private Limited plans to ensure 100 per cent localisation of the production of AK-203 rifles in India. In future, the company may also increase output and upgrade its production facilities to produce advanced rifles based on the Kalashnikov assault rifle platform, Rostec State Corporation said in a statement. The joint venture, registered and located in India, whose founders on the Russian side are Rosoboronexport and Kalashnikov Concern (both subsidiaries of the Rostec State Corporation), has started producing Kalashnikov assault rifles, it said.
* Sebi returns Lava Intl's draft IPO papers; asks to refile with updates*
Capital markets regulator Sebi has returned the draft IPO papers of Lava International and asked the home-grown mobile maker to file documents again with certain updates. The move might delay the company's initial public offering (IPO). Lava International had filed draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) in September 2021 to raise funds through an initial share-sale. The proposed IPO comprises fresh issuance of equity shares worth up to Rs 500 crore and an offer for sale (OFS) component of 4,37,27,603 equity shares.
* Rupee slides 0.5% as importers continue to lock in dollar purchases*
The rupee extended its losing streak this week, shedding 0.5 per cent versus the US dollar over the past couple of days, as importers continued to lock in dollar purchases after a sharp appreciation in the domestic currency last week. The rupee settled at 81.77 per US dollar on Tuesday as against 81.62 per US dollar on Monday. The domestic currency had closed at 81.34 per US dollar at the end of the previous week. The rupee had strengthened 1.7 per cent versus the dollar last week. Purchases of the US dollar by the Reserve Bank of India and persistent outflows of overseas investment also dragged the rupee lower, currency traders and analysts said.
*Commodity play*
Gold – Rs 56550/10gm, Silver – Rs 68598/kg, Brcrude – Rs 6440/barrel, Degumsyoil – Rs 1296/10kg, Copper – Rs 764/kg.
*Corporate News*
ICICI Prudential Life Insurance net profit drops 29% YoY in Dec quarter.
Infosys inks MoU with JNTU-K to accelerate digital, life skills development.
NCLT sanctions amalgamation of Equitas Holdings and Equitas SFB.
SGX Nifty indicates positive start to Indian markets trading at 18116 levels up by 0.22% or 40 points. Dow Jones ended yesterdays session in red down by 1.14% at close.
Sector in focus – Banks, Telecommunications, Power & Chemicals.
